Quantum Technology Market, By Component, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Quantum Technology Market size was valued at USD 921.3 Million in 2022, expanding at a CAGR of 24.5% from 2023 to 2030.
Quantum technology is a comprehensive term that pertains to the practical implementation of the principles of quantum mechanics in order to create novel technologies or enhance existing ones. The applications of quantum technology span a wide range, encompassing secure communication, more accurate disaster management predictions, advanced computing, simulation, chemistry, healthcare, cryptography, and imaging, among others. The primary advantage of quantum technology lies in its exceptional speed and heightened computing power. The ongoing research and development in practical quantum technologies hold immense potential for revolutionizing numerous industries. These advancements have the capability to tackle currently unsolvable computational problems and augment the capabilities of current technologies. The extensive potential of quantum technology extends across various sectors, including pharmaceuticals, energy, finance, transportation, defense, communications, and healthcare.
Quantum Technology Market- Market Dynamics
The Quantum Technology market demand is expected to surge due to the rise in funding and investments from various sources, including governments, private companies, and venture capitalists.
Governments across the globe are acknowledging the strategic significance of quantum technology. Securing funding is also a critical factor for the expansion of quantum technology startups. In recent years, numerous innovative quantum companies have emerged, focusing on diverse aspects such as quantum computing, quantum communication, and quantum sensing. Quantum Computing Statistics predict that by 2030, the number of quantum computers worldwide could range between 2,000 and 5,000. Investments play a crucial role in providing these startups with the necessary resources to develop and commercialize their technologies. The development of more powerful and scalable quantum computers presents a significant opportunity. However, the research, development, and production of quantum technologies, particularly quantum computers, involve high costs, which may hinder market growth.
Quantum Technology Market- Key Insights
As per the analysis shared by our research analyst, the global Quantum Technology market is estimated to grow annually at a CAGR of around 24.5% over the forecast period (2023-2030)
Based on Application segmentation, computing segment was predicted to show maximum market share in the year 2022
On the basis of region, North America was the leading revenue generator in 2022
Quantum Technology Market- Segmentation Analysis:
The Global Quantum Technology Market is segmented on the basis of Component, Application, and Region.
The market is divided into three categories based on Component: Hardware. Software and services. The Quantum Technology industry encompasses hardware, software, and services, all of which have unique functions in the advancement, implementation, and utilization of quantum technologies. As the sector continues to evolve, the collaboration among hardware manufacturers, software developers, and service providers will be pivotal in unlocking the complete capabilities of quantum technologies.
The market is divided into two categories based on application: Defense, Internet-of-Things (IoT), Computing, Sensing, Supply Chain Logistics, Cyber Security, Meteorology Cryptography and Others. The market is largely controlled by the computing sector. Quantum computing has the capacity to influence a range of industries, such as finance, healthcare, optimization problems, and materials science. The dominance of the computing sector could be attributed to the immense anticipation surrounding the ability of quantum computers to solve problems exponentially faster than classical computers.
Quantum Technology Market- Geographical Insights
The Quantum Technology market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided into nations that contribute to the market. The North American region is expected to dominate the market growth, particularly in the healthcare sector, due to the increased adoption of quantum technology. The region hosts several healthcare innovation centers that focus on integrating advanced technologies into medical practices, making it a fertile ground for quantum technology adoption. The United States has invested heavily in medical and health research and development, with USD245.1 billion invested in 2020, an 11.1% increase from 2019. The public sector has also committed investments in quantum technology, with the United States committing an additional USD1.8 billion in funding in 2022, the European Union committing USD1.2 billion, and Canada committing USD100 million, according to Quantum Technology Monitor. Europe is the second-largest market in the forecast period, with growing investment in the Research and Innovation Ecosystem.
Quantum Technology Market- Competitive Landscape:
The quantum technology market is rapidly approaching commercialization, and those who recognize its unique problem-solving capabilities stand to gain significant advantages. The development of the quantum computing ecosystem is gaining momentum, with startups and collaborations between researchers and technology providers emerging to translate quantum research into practical applications for the business sector. Technology companies emerging quantum computers are currently partnering with companies to explore potential user cases, progress quantum algorithms, and test solutions on real quantum computers. This increasing involvement of businesses with quantum technology will expedite the introduction of the first commercial applications. As an example, on May 17, 2023, the U.S. and Japanese governments announced a quantum computing partnership with the University of Chicago and the University of Tokyo, committing together up to USD 100 million over ten years to support the joint commitment to quantum computing.
Recent Developments:
IBM announced at its annual Think conference in Orlando, Florida, on May 10, 2023, the introduction of new IBM Quantum Safe technology. This comprehensive suite of tools and capabilities, combined with IBM's extensive security expertise, is designed as an end-to-end solution to assist organizations, including governmental agencies, in preparing for the post-quantum era and ensuring quantum-safe operations.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL QUANTUM TECHNOLOGY MARKET KEY PLAYERS
Google
IBM
Alibaba Group
D-Wave Systems
Toshiba
IonQ
Rigetti Computing
QC Ware
Microsoft
Xanadu
Honeywell Quantum Solutions
Zapata Computing
Amazon Web Services
Rigetti Computing
Intel
Others
GLOBAL QUANTUM TECHNOLOGY MARKET, BY COMPONENT
Services
Hardware
Software
GLOBAL QUANTUM TECHNOLOGY MARKET, BY APPLICATION
Defense
Internet-of-Things (IoT)
Computing
Sensing
Supply Chain Logistics
Cyber Security
Meteorology
Cryptography
Others
GLOBAL QUANTUM TECHNOLOGY MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Quantum Technology Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Quantum Technology Market Snippet by Component
2.1.2. Quantum Technology Market Snippet by Application
2.1.3. Quantum Technology Market Snippet by Country
2.1.4. Quantum Technology Market Snippet by Region