The Global Quantum Technology Market is predicted to reach US$ 32.96 billion by 2030 attaining a CAGR of 41.7 % during the forecast period from 2021- 2030.
Across the Global Quantum Technology Market, the Global Quantum Computing Market alone is expected to cross the market size of US$ 15 billion by 2030.
The quantum technology market is a bedrock for improving all digital communications, applications, content, and commerce, not just computing. Quantum technology will have an impact on everything from encryption to how signals are transferred from point A to point B in the field of communications. While still in the research and development stage, networked quantum information and communications technology (ICT) is expected to become a commercial reality that will revolutionize almost every area of ICT.
The market for quantum technologies will be a major enabler of significantly enhanced sensing and instrumentation. Quantum sensing, for example, might greatly improve the precision of gravity sensors. Quantum electromagnetic sensing allows for the detection of minute variations in the electromagnetic field. This will have a wide range of uses, including in the medical field, where quantum electromagnetic sensing will allow for substantially enhanced mapping of essential organs. Quantum sensing will also find use in a variety of other areas, including transportation, where it has the potential to significantly improve safety, particularly for self-driving vehicles.
However, there will be a need to integrate quantum technologies into the ICT supply chain in a way that does not aim to replace all aspects of classical computing but instead uses a hybrid computational framework. Traditional high-performance computing (HPC) will continue to be employed for many present problems in the near future, but quantum technologies will be used to secure communications, signalling, and will be the basic basis for all commerce transactions in the future. This does not imply that quantum encryption will replace blockchain technology, but rather that it will improve its encryption.
In 2022, IBM aims to release Osprey, a 433-qubit CPU. Osprey has a smaller chip, which allows for more logical qubits without sacrificing performance. Scaling up future processors will not degrade the performance of individual qubits, thanks to efficient and compact controllers and a cryogenic infrastructure. IBM's scientists will seek to address fabrication, cryogenics/electronics, and software capabilities such as error-correction coding issues. To succeed Osprey, the company expects to release Condor, a 1,121-qubit processor, in 2023. IBM estimates that by the time Condor is launched, they will have achieved a "quantum advantage," or the point where quantum computers surpass classical computers.
Xanadu developed the world's first cloud-based photonics-based quantum computing platform. Photonics-based devices run at ambient temperature because they utilise light rather than typical superconductors. DARPA provided the corporation with $45 million in funding. Bessemer Venture Partners led a $100 million financing round in May 2021, with Bessemer Venture Partners as the lead investor. Xanadu's platform is open-source, giving developers and partners complete access to its quantum computing capabilities.
The quantum imaging industry has a wide range of commercial applications, including exploration, monitoring, and safety. Gas image processing, for example, may detect minute changes that could lead to the early discovery of tank collapse or harmful chemical presence. Quantum imaging, in combination with quantum sensing, could aid in a variety of public safety applications, such as search and rescue. Although certain problems are impossible to calculate, they can be simulated and represented.
Quantum simulations and modelling is a field that uses quantum technology to create simulators that can represent complicated systems that are beyond the capability of traditional high-performance computing (HPC). Many problems in atomic physics, condensed matter physics, and high-energy physics are difficult to represent even with today's fastest supercomputers.
Based on regional insights, the global quantum technology market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Prominent players inducing the Global Quantum Technology Market are 1QB Information Technologies Inc., ABB (Keymile), Adtech Optics Inc., AEGIQ, Airbus Group, Akela Laser Corporation, Alibaba Group Holding Limited, Aliro Quantum, Alpes Lasers SA, Altairnano, AmberFlux, Amgen Inc., Anhui Qasky Science and Technology, Anyon Systems Inc., AOSense Inc., Apple Inc. (InVisage Technologies), AT&T, Biogen Inc., Block Engineering, BOLTZ.AI, Booz Allen Hamilton Inc., Boxcat Inc., BT Group, Cambridge Quantum Computing Ltd., Carl Zeiss AG, Chinese Academy of Sciences, Classiq, CogniFrame Inc., ColdQuanta Inc., D-Wave Systems Inc., Elyah, Emerson Electric Corporation, Entropica Labs, Fujitsu Ltd., Gem Systems, GeoMetrics Inc., Google Inc., GWR Instruments Inc., Hamamatsu Photonics K.K., Hewlett Packard Enterprise, Honeywell International Inc., HP Development Company L.P., HRL Laboratories, Huawei Cloud, IBM Corporation, ID Quantique, imec, Infineon Technologies, Intel Corporation, IQM Quantum Computers, KEEQuant, KETS Quantum Security, KPN, LG Display Co. Ltd., Lockheed Martin Corporation, M-Squared Lasers Limited, MagiQ Technologies Inc., Marine Magnetics, McAfee LLC, MicroSemi Corporation, Microsoft Corporation, Mirsense, Mitsubishi Electric Corp., Muquans, Nanoco Group PLC, Nanoplus Nanosystems and Technologies GmbH, Nanosys Inc., NEC Corporation, Next Generation Quantum, Nippon Telegraph and Telephone Corporation, NN-Labs LLC., Nokia Corporation, NuCrypt, Ocean NanoTech LLC, Oki Electric, Oscilloquartz SA, OSRAM, PQ Solutions Limited (Post-Quantum), Pranalytica Inc., QC Ware Corp., QD Laser Co. Inc., QinetiQ, QRCrypto SA, QRDLab, Quantum Benchmark Labs, Quantum Brilliance, Quantum Circuits Inc., Quantum Computing Inc., Quantum Machines, Quantum Materials Corp., Quantum Thought, Qubitekk, Qubitrium, QuEra Computing, Quintessence Labs, Qunnect Inc., QuSpin, QxBranch LLC, Raytheon Company, Rigetti Computing, Robert Bosch GmbH, Samsung Electronics Co. Ltd. (QD Vision Inc.), SeQureNet (Telecom ParisTech), SK Telecom, STMicroelectronics, Taqbit Labs Pvt Ltd, Tencent Quantum Lab, Texas Instruments, Thorlabs Inc., Toshiba Corporation, Tristan Technologies, Turkcell, Twinleaf, Universal Quantum Devices, Volkswagen AG, Wavelength Electronics Inc., and ZTE Corporation among others.