What Has Been the Progress and Growth of the Quantum Technology Market in Recent Years?
The quantum technology market has seen considerable growth due to a variety of factors.
• The quantum technology market has experienced rapid growth in recent years and is expected to grow from $1.48 billion in 2024 to $1.88 billion in 2025, with a compound annual growth rate (CAGR) of 27.3%.
This expansion can be attributed to the rise of quantum software and applications, experimental demonstrations, interdisciplinary research, rising cybersecurity threats, and global initiatives.
What Can Be Expected from the Quantum Technology Market Size?
The quantum technology market is expected to maintain its strong growth trajectory in upcoming years.
• The quantum technology market is expected to reach $4.89 billion by 2029, growing at a CAGR of 26.9%.
Growth is driven by breakthroughs in quantum computing, quantum-secure communication networks, quantum sensing and metrology, and the growing need to secure financial transactions. Key trends will include exponential growth in quantum computing, advancements in quantum communication, quantum sensing, and the expansion of quantum cloud services.
What Are the Critical Driver Fuelling The Quantum Technology Market's Growth?
As cybercrimes and monetary scams escalate, a surge in the quantum technology market is anticipated. In the digital world, illegal activities such as hacking, identity thefts, phishing scams, data incursions, and spurious financial dealings fall under cybercrimes and financial fraud. An increase in these activities can be attributed to the rise in internet use, the digital revolution, robust cybersecurity measures, interconnected networking, and online anonymity. Quantum technology holds the promise to bring about transformative changes in the field of cybersecurity and fraud prevention in finance by presenting secure cryptographic paradigms, robust network frameworks, entropy-laden random number creations, privacy-focused computations and progressive fraud detection mechanisms. For instance, the Federal Bureau of Investigation, an American governmental organization, stated in March 2023 that investment fraud losses escalated by 38%, rising from $3.31 billion in 2022 to $4.57 billion in 2023. Additionally, AAG IT Services, a British technology firm offering computer assistance and services, reported in March 2024 that in 2023, 32% of British organizations experienced cyberattacks and security breaches. These percentages were significantly higher for medium and large companies, reaching 59% and 69% respectively. Therefore, the escalating trends of cybercrime and financial fraud are fostering the expansion of the quantum technology market.
How Is The Quantum Technology Market segmented?
The quantum technology market covered in this report is segmented –
1) By Type: Hardware, Software, Service
2)By Application: Cybersecurity, Drug Development, Financial Modeling, Artificial Intelligence, Other Applications
3) By End-User: Transport And Logistics, Banking And Finance, Aerospace And Defense, Education, Information technology (IT) And Telecommunication, Healthcare And Pharmaceuticals, Automotive, Other End-Users
Subsegments:
1) By Hardware: Quantum Computers, Quantum Sensors, Quantum Communication Systems
2) By Software: Quantum Algorithms, Quantum Simulation Software, Quantum Cryptography Software
3) By Service: Quantum Computing Services, Quantum Research And Development Services, Quantum Technology Consulting Services
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Which Emerging Market Trends Are Altering The Quantum Technology Industry?
Prominent enterprises in the quantum technology market are driving innovation through advanced technology such as quantum optimization platforms to maintain their market position. Quantum optimization platforms refer to computing systems or software infrastructures that leverage quantum computing concepts to tackle optimization issues. For example, in February 2024, the US-based software firm, Quantum Computing Inc., unveiled the Dirac-3 (Dirac) entropy quantum computer (EQC). This equipment makes use of nonlinear quantum optics to unravel complex problems involving more variables that necessitate unconventional solutions. This distinctive characteristic expands the usability of quantum technology, surpassing the existing market's quantum computing devices harnessing quantum bits (qubits) and a broad class of optimization issues. The Dirac system functions at room temperature, it can be installed in-house, and it doesn't need additional infrastructure for regular operation.
Who Are the Key Players In The Quantum Technology Market?
Major companies operating in the quantum technology market are:
• Huawei Technologies Co. Ltd.
• Samsung Electronics
• Microsoft Corporation
• Dell Technologies Inc.
• Amazon Web Services
• Hitachi Ltd.
• Siemens AG
• Raytheon Technologies Corporation
• Lockheed Martin Corporation
• General Electric Company (GE)
• Intel Corporation
• Airbus SE
• Accenture plc
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Mitsubishi Electric Corporation
• Honeywell International Inc.
• Fujitsu Limited
• Nokia Corporation
• BAE Systems plc
• Toshiba Corporation
• NEC Corporation
• Thales Group
• Quantum Computing Inc.
What Is The Most Dominant Region In The Quantum Technology Market?
North America was the largest region in the quantum technology market in 2023. The regions covered in the quantum technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
