12-Jul-2022 | Market Research Store
The global quantum technology market was at a market value of $10B in 2021 and is expected to generate a revenue of over $44B by 2028 while growing at a CAGR of 30.2% during the forecast period.
Quantum technologies run on the concepts of quantum mechanics, an advanced field of physics and engineering. Quantum technologies can solve problems and provide solutions with more accuracy, and efficiency, and consume less time to produce the results as compared to traditional counterparts. Quantum technologies have managed to open doors to previously unexplored applications and have changed the game in the IT sector because of their capabilities to handle complex problems with absolute ease.
The three main topics of discussion in quantum technology are quantum sensing, computing, and communication. Quantum sensing aids the accurate measurements of quantities like temperature, gravitation, and acceleration, and can detect even slight changes. Quantum computing is extremely powerful as compared to conventional computers, thus aiding quicker calculation and resulting in efficient decision making while considering multiple variables at the same time, something that normal computers are not capable of. Quantum communication assists the production of deeply and strongly coded information that cannot be decoded easily thus providing secure communication.
Covid-19 propelled the global market growth to a certain extent. One of the main reasons for global market growth was the application of quantum computing related to the Exchange-Traded Fund and stocks in multiple nations were sky-rocketing thus pushing the governments to increase their expenditure on developing technologies.
The global quantum technology market growth can be attributed to the rising R&D activities in many nations to aid healthcare infrastructure advancements. Quantum technologies like imaging systems are witnessing a rise in adoption because of their efficient output. Since the healthcare industry is facing extreme volatility as of 2022, owing to the rise in different and unique medical cases, the sector may benefit exponentially from the application of quantum technology. The global market may also grow because of positive outcomes of the application of quantum technology in digital communications because of its ability to transfer strongly encrypted data. In the coming years, there is a possibility of networked quantum information becoming a reality which will be nothing less than a revolution in the field. The rising applications of quantum sensors in the electromagnetic field along with quantum modeling and simulations are expected to aid global market growth during the projection period.
The high cost related to quantum technology may restrict the global market growth.
The rising applications in secure communication are anticipated to provide growth opportunities in the global market.
The complex nature of quantum technology may challenge the global market expansion.
The global quantum technology market is segmented by technology, product, end-users, and region.
By technology, the global market is segmented into quantum sensing, quantum communication, and quantum computing. By 2028, the global market is expected to be led by quantum computing and it is anticipated to generate total revenue of over $16B in the coming years. This is owed to the rising application of quantum computing in almost all sectors along with the promising results shown by quantum mechanics-run computer systems.
By product, the global market segments are services, hardware, and software. The global market was dominated by the hardware segment in 2021 and is projected to follow the same trend during the forecast period.
By end-users, the segments in the global market are energy, financial services & banking, aerospace, healthcare, defense, chemical & material science, and logistics. Aerospace segments are showing promising signs of growth owing to rising efforts by governments to upgrade their space exploration programs.
North America is anticipated to dominate the global quantum technology market during the projection period owing to an increase in investments for space programs along with advanced healthcare infrastructure and the increasing number of players trying to leave a market in the global market with constant innovation and technological upgradation.
Asia-Pacific may also generate high revenue owing to IT advancements. China is expected to lead the regional growth because of the rising investments in the healthcare and research sectors of the region along with growing concerns related to the defense sector and the need for secure communication. In Europe, Germany is projected to lead the regional growth as of 2028.
The global quantum technology market is dominated by players like Quantica Computacao, Google LLC, Intel Corporation, XANADU, Zapata Computing, D-Wave Systems Inc., IBM Corporation, Cambridge Quantum Computing Ltd., and Accenture PLC.
Browse the full “Global Quantum Technology Market By Technology (Quantum Sensing, Quantum Communication, and Quantum Computing), By Product (Services, Hardware, and Software), By End-Users (Energy, Financial Services & Banking, Aerospace, Healthcare, Defense, Chemical & Material Science, and Logistics), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.marketresearchstore.com/market-insights/global-quantum-technology-market-market-830633
Global quantum technology market is segmented as:
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