Quantum technology has emerged as a game-changer across various industries, including finance, defense, aerospace, energy, infrastructure, and telecommunications. With its unparalleled computing power and advanced capabilities, quantum technology is set to revolutionize these sectors, driving innovation, enhancing efficiency, and unlocking new possibilities. In this article, we will explore the growth and potential of the global quantum technology market within these key sectors.
The Quantum technologies field comprises four domains: Quantum Communication, where individual or entangled photons are used to transmit data in a provably secure way; Quantum Simulation, where well-controlled quantum systems are used to reproduce the behavior of other, less accessible quantum systems; Quantum Computation, which employs quantum effects to dramatically speed up certain calculations, such as number factoring; and Quantum Sensing & Metrology, where the high sensitivity of coherent quantum systems to external perturbations is exploited to enhance the performance of measurements of physical quantities.
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Quantum Computing Quantum Computing Technology: Advancements, Applications and Engineering
Quantum computing and quantum information processing are next revolutionary technology expected to have immense impact. Quantum computers will be able to perform tasks too hard for even the most powerful conventional supercomputer and have a host of specific applications, from code-breaking and cyber security to medical diagnostics, big data analysis and logistics.
Global Quantum computing market is projected to grow more than $14 billion in 2025. Quantum cryptography will be worth $25 billion, and Quantum Sensors Market is expected to reach more than USD 700 million.
The reason that so much money is being invested in quantum technology is because there is a firm belief that quantum science, such as advanced material science (e.g. quantum computing used in molecular chemistry), will lead to commercially beneficial quantum technologies, such as dramatically improved materials for manufacture of consumer, enterprise, industrial, and governmental goods. Quantum computers could accelerate the discovery of new materials, chemicals and drugs. They could dramatically reduce the current high costs and long lead times involved in developing new drugs.
- Finance Sector: The finance industry is experiencing a significant transformation with the adoption of quantum technology. Quantum computing’s ability to perform complex calculations at an unprecedented speed enables faster financial modeling, risk analysis, and portfolio optimization. It can revolutionize algorithmic trading, fraud detection, and optimization of investment strategies. Quantum cryptography offers enhanced security measures, ensuring robust encryption and secure transactions in the financial ecosystem.
- Defense and Aerospace Sectors: Quantum technology presents new opportunities in defense and aerospace sectors. Quantum sensors and quantum imaging techniques can enhance surveillance, detection, and targeting capabilities, enabling more accurate and efficient defense systems. Quantum communication systems ensure secure and tamper-proof information exchange between military units and satellites. Quantum computing provides advanced modeling and simulations for optimizing aircraft designs, space missions, and logistics planning.
- Energy Sector: The energy sector stands to benefit from quantum technology in multiple ways. Quantum sensors and quantum metrology enable more precise measurements and monitoring of energy infrastructure, enhancing efficiency and reliability. Quantum algorithms can optimize energy distribution, grid management, and power system planning. Quantum materials research may lead to breakthroughs in renewable energy generation and energy storage technologies, boosting sustainability efforts.
- Infrastructure Sector: Quantum technology offers potential applications in the infrastructure sector, revolutionizing areas such as traffic management, logistics, and urban planning. Quantum algorithms can optimize transportation networks, minimizing congestion and improving resource allocation. Quantum-based simulations aid in designing resilient infrastructure systems, optimizing energy consumption, and enhancing disaster response strategies.
- Telecommunications Sector: Quantum technology holds immense promise for the telecommunications industry. Quantum communication networks provide unparalleled security, protecting sensitive data transmission from eavesdropping and hacking attempts. Quantum cryptography enables the development of unbreakable encryption methods, ensuring secure communications for businesses and individuals. Quantum sensors enhance network monitoring, optimizing performance and troubleshooting capabilities.
Quantum is dual use technology, it present both a risk as well as opportunity, has both commercial as well as military applications. Quantum technologies will revolutionize warfare by introducing new capabilities such as quantum computers, quantum radar, and quantum key distribution, increase effectiveness of the current technologies such as quantum optimization, quantum machine learning, quantum cryptoanalysis, sensing capabilities and accuracy of position, navigation, and timing services.
Global Quantum Race
The economic and military advantages are driving intense Quantum race among countries, led by China, United States, Europe, Canada, and Australia.
In race to develop first large-scale programmable quantum computer, Google took lead in 2019 when it launched Sycamore, a 53 physical superconducting qubits Quantum computer. Further it claimed quantum supremacy by carrying out a calculation in 200 seconds compared to estimated 10,000 years what the world’s most powerful supercomputer Summit, would take.
Recently IBM has unveiled Eagle, a 127-qubit quantum processor. Expectations are to reach 1 million physical qubits in 10 years. Quantum computing is a critical dual use technology with myriad potential civilian and military applications, ranging from drug discovery to encryption, hence the quantum revolution has many security implications. The advances in quantum computing would lead to any and all previously encrypted sensitive communications (from government and military secrets to bank transactions) vulnerable to be compromised.
In 2021, China claimed to test two different quantum computers on more challenging tasks than Sycamore faced and showed faster results. Zuchongzi, a 56 superconducting qubits computer completed a task of sampling, a given spread of probabilities. In another study, the scientists tested Jiuzhang 2.0, a photonic quantum computer, on Gaussian boson sampling, task where the machine analyzes random patches of data. They estimated Jiuzhang 2.0 could solve the problem roughly 10 raised to 24 times faster than classical supercomputers. They note their work points to “an unambiguous quantum computational advantage.”
In addition another important Quantum area is Quantum key Distribution(QKD) which leads to unhackable communications. Governments are interested in quantum technology because of the many military/defense and overall security implications. For example, quantum computing can render all existing encryption useless and exposed to hacking and infiltration. This means that all financial transactions and state secrets are potentially at risk with quantum computing.
Coming to Global Quantum communications race, China has taken early lead and US, Europe, Japan and others are trying to catch up. China has created a 2000 Km fiber based Quantum network linking four fiber-based quantum metropolitan area networks (QMANs) and a quantum satellite link spanning 2600 km between two observatories.
The quantum fiber network comprises more than 700 fibre links supported by 32 “trusted relay nodes” and serves about 150 users. China was also first country to launch a quantum communication satellite in 2016 known as Micius. They established a secure satellite link between two ground stations, separated by over 1,100km. using entangled particles for simultaneous transmission of keys. They have also conducted the world’s first quantum-secured video call.
Pan and his team are aiming to launch a constellation of satellites and a nationwide fiber-optic network for creation of unbreakable quantum communication networks. China will transition its military telecommunications to the quantum networks, making it hack proof.
Third importanat area is Quantum sensors which are leading to many military and security sensors such as submarine detection. Quantum gravity sensors, quantum navigators, and quantum imaging systems are available and transitioning to consumer products.
Quantum technologies are rapidly developing globally with a huge disruptive potential. The next generation transformative technologies that will receive a push under this mission include quantum computers and computing, quantum communication, quantum key distribution, encryption, crypt analysis, quantum devices, quantum sensing, quantum materials, quantum clock and so on. The areas of focus for the Mission will be in fundamental science, translation, technology development, human and infrastructural resource generation, innovation and start-ups to address issues concerning national priorities.
The quantum technology market will be a substantial enabler of dramatically improved sensing and instrumentation. For example, gravity sensors may be made significantly more precise through quantum sensing. Quantum electromagnetic sensing provides the ability to detect minute differences in the electromagnetic field.
Canada is considered one of the world’s leading nations in quantum research. It has invested more than $1b in quantum research over the past decade. Canada has a growing private sector impact, outstanding research expertise, and extensive government commitments to innovation. This places the country in a very strong position to drive quantum technology development.
The UK began its first five-year phase in 2015, and after it’s success, announced the second five-year phase at the end of 2019. The first phase consisted of over £385m investment across several UK government agencies. During this phase, the UK created a vision for its National strategy for quantum technologies. Four hubs involving around 30 universities including associated companies and government organisations were established. The four research ‘Hubs’ consisted of research programmes, comprising academics with industry and government partners.
In 2018, the German Federal Government announced a Framework Programme to bring quantum technologies to market. They also allocated 650m € funding to its quantum technologies Programme
It is estimated that the Chinese government has invested around $10b in quantum technologies, however this figure has not been officially confirmed. By 2030, China aims to have expanded its national quantum communications infrastructure, developed a general quantum computer prototype, and constructed a practical quantum simulator.
Russian scientists have been developing cornerstones of quantum technologies for many decades. Quantum research in Russia is supported by both governmental and industrial entities. The Russian government announced in 2019 that it will invest around 50b roubles ($663m) over the next 5 years into basic and applied quantum research carried out at leading Russian laboratories
Global quantum technology market
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 computing will lead the market at $16.1 billion by 2027 and 39.4% CAGR.
The growth of the quantum technology market is being driven by the increasing demand for quantum computers, quantum sensors, and quantum communication systems. Quantum computers are expected to revolutionize the way we solve complex problems in areas such as artificial intelligence, drug discovery, and financial services. Quantum sensors are being used in a variety of applications, such as medical imaging, navigation, and environmental monitoring. Quantum communication systems are being used to develop secure and tamper-proof communication networks.
The share of investments in quantum coming from venture-capital and other private-capital entities increased in the second half of 2021 and now account for more than 70 percent of investments (up from 50 percent in September 2021), suggesting growing confidence that the technology will provide returns.
Globally, the greatest share of these private investments (49 percent) is still in companies in the United States, followed by those in the United Kingdom (17 percent) and Canada (14 percent). Only about 6 percent of private investments in the field to date are in China. With the additional $1.9 billion in global public funding announced in the second half of 2021, the total announced funding for quantum technologies overall since 2001 now sits at about $31 billion.
Of the three main areas of quantum technologies, quantum computing continues to attract the most investment, with $3 billion raised by the end of 2021, which makes sense given it also represents the largest potential market, estimated to be upward of $90 billion annually by 2040 (see sidebar, “About the Quantum Technology Monitor,” for an overview of the three areas).
Quantum sensing and quantum communications both experienced increased investment activity in the second half of 2021, reaching totals of $400 million and $700 million in total investment, respectively (compared to $300 million and $600 million in the prior six-month period). We find that in the United States, the government is more willing than private investors to fund efforts in these areas, but still more than half of US public funding is dedicated to quantum computing, with the remainder going to quantum sensing and communications together.
The quantum sensing market will reach $989 million globally by 2027, nearly twice the size of the quantum imaging market The quantum magnetometer market will reach $925 million globally by 2027, led by superconducting quantum interference devices.
Quantum Technology Market: Growth Drivers
Technological advancements in all sectors to aid global market growth
The global quantum technology market is expected to grow owing to the increasing need for innovation and development. This can only be achieved by investing heavily in systems that can solve the most complex problems and quantum mechanics-operated technologies have the potential to do so. Governments, international organizations, and private institutes are deploying all necessary resources to aid the adoption of quantum technology in all fields, especially in defense, healthcare, disaster management, and space exploration. Quantum technologies are used to make accurate predictions about upcoming disasters and their scale by learning from previous data and analyzing it. This is expected to assist economies to be better prepared for the future. Space exploration-related problems cannot be solved by normal computers or physics and agencies need extremely advanced technology to assist the process. Quantum physics has answers to most of the space-related concerns and exhaustive research on shifting quantum physics to technology-driven systems is expected to aid the global market expansion.
Post-2020, there are rising efforts to learn about biological threats against the global population. Quantum imaging and sensing are being used drastically to help this global initiative. Quantum imaging techniques are used to study microscopic elements since they can detect minute details that would otherwise go unnoticed thus propelling the global market growth
Quantum Technology Market: Restraints
High cost related to quantum technology to restrict the global market growth
Quantum technologies are expensive and require a high initial investment. It also needs professionals who understand the technology thoroughly and can efficiently operate these systems. The analysis of reports generated through quantum technologies requires experts who also charge heft amounts. Thus operational and installation cost of quantum technologies poses affordability issues, especially in developing nations. This may restrict their adoption thus retraining the global market growth.
The maintenance of quantum mechanics-run systems is difficult and requires constant work to help the systems run smoothly which may further hamper the global market growth.
Quantum Technology Market: Opportunities
Applications in secure communication to provide growth opportunities in the global market
The rising political unrest across the world has propelled governments to upgrade their defense systems and communication becoming the most critical aspect of safety-related concerns. Given the advancements and efforts of terrorist or anti-national groups to penetrate the defense section or any nation, there is a rising need to improve the channels of secure communication and quantum technologies are being explored to build safe communication systems that cannot be hampered by external agencies thus providing for global quantum technology market growth opportunities during the forecast period.
Rising fraud cases in online transactions are also anticipated to aid the expansion opportunities since quantum systems can be used to encrypt details that cannot be easily decoded, hence assisting in the creation of improved blockchain technology.
Quantum Technology Market: Challenges
Complex nature of quantum technology to challenge the global market expansion
There are not a sufficient number of individuals who understand the concepts of quantum mechanics thoroughly. There are even fewer experts in this field. Since quantum physics and application, quantum technologies are complex in nature, their operation becomes a tedious task and may pose challenges in the global market growth. However, since it is a promising field, there is an increase in the number of organizations that deal with quantum technologies, and the future of the global market has high growth potential.
Quantum Technology Market: Segmentation
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.
The global quantum technology market will reach $31.57 billion by 2026. Quantum computing will lead the market at $14.25 billion by 2026 and 38.4% CAGRts market will reach $12.71 billion by 2026, growing a 25.1% CAGR and led by displays.
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.
According to the market research report published by P&S Intelligence, the global quantum computing market share was valued at $507.1 million in 2019 and is expected to post $64,988.3 million by 2030, growing at a CAGR of 56.0% during the forecast period (2020–2030). The need for robust computing that has the potential to overcome the difficulties involved in discovering drugs to target specific cancers and evaluating portfolio risk prominently contributes to the market growth. The machine learning (ML) category under application segment is expected to record the fastest growth during the forecast period. This can be primarily owing to the large potential of ML technologies that can be incorporated with the quantum computing systems for enhancing their use case. The QCaaS market is expected to grow from USD 4 million by 2019 to USD 13 million by 2024 at a CAGR of 26.8%.
The quantum annealing category held the largest share under the technology segment in 2019. This is attributed to successful overcoming of physical challenges to develop this technology and further incorporated in bigger systems. The BFSI category held the largest share in the quantum computing market in 2019. This is owing to the fact that the industry is growing positively across the globe, and large banks are focusing on investing in this potential technology that can enable them to streamline their business processes, along with unbeatable levels of security.
Among the end-user industries considered, space and defense is the largest contributor to the overall quantum computing market, and it is expected to account for a maximum share of the market in 2019. The need for secure communications and data transfer, with the demand in faster data operations, is expected to boost the demand for quantum computing consulting solutions in this industry. The market for the automotive industry is expected to grow at the highest CAGR from 2019 to 2024.
The quantum sensors market is expected to register a CAGR of almost 4% during 2020-2024, as per the latest research report by Technavio.Quantum Sensors Market is segmented into Atomic Clocks, PAR Quantum Sensors, Gravity Sensors, Magnetic Sensors and others. The use of NV color centers for manufacturing quantum sensors has been an instrumental factor in influencing the growth of quantum sensors market. Other market drivers include a growing number of research activities in the market and the introduction of new technologies in the market. Technavio offers custom research analysis on the crucial pointers to highlight the impact of COVID-19 on the market across the supply chain.
Commercial applications for the quantum imaging market are potentially wide-ranging including exploration, monitoring, and safety. For example, gas image processing may detect minute changes that could lead to early detection of tank failure or the presence of toxic chemicals. In concert with quantum sensing, quantum imaging may also help with various public safety-related applications such as search and rescue.
Market research firm Technavio has projected the global quantum cryptography solutions market 2018-2022 to grow at an impressive CAGR of close to 39%. This can be attributed to the growing interest in quantum technologies, which has led governments across the world to invest billions of dollars in research to promote quantum computing, quantum sensing for industries, and quantum communications.
Quantum cryptography relies on the quantum state of photons to exchange key data, thereby assuring data privacy. The increasing focus on IT security and data privacy will increase the adoption of quantum computing by organizations. Some of the key trends impacting the quantum cryptography solutions market are as follows: Emergence of QKD as a service , Extending the range of secure communication using twin field QKD, and Increasing popularity of free-space QKD
Much more than only computing, the quantum technology market provides a foundation for improving all digital communications, applications, content, and commerce. In the realm of communications, quantum technology will influence everything from encryption to the way that signals are passed from point A to point B. While currently in the R&D phase, networked quantum information and communications technology (ICT) is anticipated to become a commercial reality that will represent nothing less than a revolution for virtually every aspect of ICT.
However, there will be a need to integrate the ICT supply chain with quantum technologies in a manner that does not attempt to replace every aspect of classical computing but instead leverages a hybrid computational framework. Traditional High-Performance Computing (HPC) will continue to be used for many existing problems for the foreseeable future, while quantum technologies will be used for encrypting communications, signaling, and will be the underlying basis in the future for all commerce transactions. This does not mean that quantum encryption will replace Blockchain, but rather provide improved encryption for blockchain technology.
In terms of commercializing quantum technologies, there will be a need to evolve quantum science to an ROI-focused quantum technology market. We see this happening in many ways including industrial-academic collaboration and public-private partnerships, many of which will require governmental funding, stimulated by a desire to substantially improve both digital and physical infrastructure.
One of the key drivers for this developing market opportunity will be future 6G technology market solutions. This is because 6G will provide the potential for many new applications, services, and solutions related benefits such as substantive improvements in the areas of sensing, imaging, and location determination. Higher frequencies will enable much faster sampling rates as well as significantly greater accuracy, down to the centimeter level. The combination of sub-mmWave (e.g. wavelengths smaller than one millimeter) and the use of frequency selectivity to determine relative electromagnetic absorption rates will lead to potentially significant advances in wireless sensing solutions.
These solutions will produce enormous amounts of data. While some of this data will necessarily be handled by edge computing resources, much of it will require processing by more centralized high performance computing resources. However, classical HPC will not be suited to process data in many scenarios. Accordingly, the quantum technology market will be driven largely based on the development of 6G wireless capabilities and associated emerging use cases involving sensing, detection, identification, and imaging.
The demand for optimization and material simulation applications on quantum computers is likely to increase rapidly in the coming years. The demand to solve complex problems with simultaneous operations, and simulate molecules and materials to gain an accurate output is helping these applications to find opportunities in end-user industries such as automotive, chemicals, energy and power, and healthcare. The extensive R&D and growth strategies adopted by the companies and research labs operating in the ecosystem are likely to foster the growth of the quantum computing market in the coming years.
Some problems are too difficult to calculate but can be simulated and modeled. Quantum simulations and modeling is an area that involves the use of quantum technology to enable simulators that can model complex systems that are beyond the capabilities of classical HPC. Even the fastest supercomputers today cannot adequately model many problems such as those found in atomic physics, condensed-matter physics, and high-energy physics.
Quantum Technology Market: Regional Analysis
North America to lead the global market during the projection period
The global quantum technology market is expected to be dominated by North America because of increased funding received for quantum technology advancements as well as the rising interest of key players in the field. The rising space exploration program of the USA is expected to aid regional growth along with increased adoption of quantum technology in the healthcare sector. Since regions in North America are economically equipped to bear the high cost of quantum technology installation, they are projected to register the highest global market revenue.
Europe region will account for the highest incremental growth in Quantum Sensors due to the increasing investments in satellite communication and the rising number of satellite launches that are used to gather intelligence and enable navigation and military communications. Germany will lead the European quantum technology market at $2.45 billion by 2026 with 30.3% CAGR
Together, North America and Europe are expected to hold over 78% share cumulatively in the quantum computing market in 2030. All the major investments are being recorded in the U.S., Canada, Germany, the U.K., and Russia. In the U.S., National Aeronautics and Space Administration (NASA), the National Security Agency (NSA), and the Los Alamos National Laboratory are involved in this technology related projects.
Asia-Pacific is also showing signs of healthy growth in the coming years mainly due to advancing technological sectors of regions like China and India, along with promising aerospace programs scheduled in the coming years. The regional growth may also be attributed to increasing research activities along with strategic mergers and acquisitions witnessed in Asia-Pacific.
China will lead the APAC quantum technology market at $4.44 billion by 2026 with 30.8% CAGR. China, where significant government funding has helped accelerate scientific progress and the development of quantum technologies. As part of its 14th five-year plan for quantum technology (2021–2025), China has announced the most public funding to date of any country, more than double the investments by EU governments ($15.3 billion compared to $7.2 billion) and eight times more than US government investments
This has spurred the development of a dozen Chinese research institutes for quantum technologies along with the country’s first doctoral program in quantum technologies, creating a culture conducive to rapid advances. Today China holds more than half of the patents in quantum technologies, compared to about 11 percent by the European Union and 10 percent by the United States
Among the 3 major regions, the quantum computing consulting solution market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is a leading hub for several industries, including healthcare, banking, automotive, and chemicals. This region is the largest automobile producer in the world. Also, countries such as China, Japan, and South Korea are leading manufacturers of consumer electronics devices, including smartphones, laptops, and gaming consoles, in this region. There is a need to solve various complications related to application such as optimization, material simulation, and machine learning across these industries. The large-scale development exhibited by the emerging economies in APAC with the use of advanced technologies adopted in the manufacturing sector is contributing to the development of large and medium enterprises, which is also boosting the growth.
Key Industry players
Some of the key companies in Quantum field are 1QB Information Technologies Inc. (IQbit); Airbus Group; Alibaba Group Holding Limited; Altairnano; Amgen Inc.; Anhui Qasky Science & Technology Limited Liability Company (Qasky); Anyon Systems Inc.; AOSense Inc.; Apple Inc. (InVisage Technologies); Biogen Inc.; Booz Allen Hamilton Inc.; BT Group; Cambridge Quantum Computing Ltd. (CQC); D-Wave Systems Inc.; Fujitsu Ltd.;Google Inc.;GWR Instruments Inc.;Hewlett Packard Enterprise (HPE);Honeywell International Inc.;HP Development Company L.P.;IBM Corporation ;ID Quantique (IDQ); Infineon Technologies; Intel Corporation; KPN; LG Display Co. Ltd.; Lockheed Martin Corporation; M-Squared Lasers Limited; MagiQ Technologies Inc.; McAfee LLC; MicroSemi Corporation; Microsoft Corporation; Mitsubishi Electric Corp.; Muquans; Nanoco Group PLC; Nanosys Inc.; NEC Corporation; Nippon Telegraph and Telephone Corporation (NTT); NN-Labs LLC; Nokia Corporation; Ocean NanoTech LLC;Oscilloquartz S.A.; OSRAM; PQ Solutions Limited (Post-Quantum); QC Ware Corp.;QD Laser Co. Inc.; Quantum Circuits Inc.; Quantum Materials Corp. (QMC); Qubitekk;Quintessence Labs; QxBranch LLC; Raytheon Company; Rigetti Computing; Robert Bosch GmbH; Samsung Electronics Co. Ltd. (QD Vision Inc.) ;SK Telecom
ST Microelectronics; Texas Instruments;Toshiba Corporation and Volkswagen AG.
The quantum computing market is highly competitive with high strategic stakes and product differentiation. Some of the key market players include International Business Machines (IBM) Corporation, Telstra Corporation Limited, IonQ Inc., Silicon Quantum Computing, Huawei Investment & Holding Co. Ltd., Alphabet Inc., Rigetti & Co Inc., Microsoft Corporation, D-Wave Systems Inc., Zapata Computing Inc., and Intel Corporation.
The quantum sensor market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Key players in the market have been launching several initiatives and introducing innovative products and services to cater to a larger target audience during the pandemic. Major market participants include ADVA Optical Networking SE, AOSense Inc., Apogee Instruments Inc., GWR Instruments Inc., Kipp & Zonen BV, LI-COR Inc., Microchip Technology Inc., M-Squared Lasers Ltd., Muquans, and Skye Instruments Ltd.
In May 2022, IBM unveiled a roadmap for the production of Osprey, a 433-qubit processor consisting of smaller chips that will produce more logical qubits without hampering the performance. The company has made arrangements for an efficient team that will be expected to work and solve the problems related to cryogenics, electronics, and fabrication while also providing improved software that will aid error-corrected coding.
In December 2021, Q-CTRL which is a leading quantum solutions provider, reported funding of over $25M by Airbus Ventures, allowing Q-CTRL to develop advanced service marketplace data by making use of quantum sensors for generating desired magnetic fields, acceleration, and gravity.
Market Growth and Future Outlook:
The global quantum technology market is experiencing rapid growth, driven by increased investments, research collaborations, and advancements in quantum computing, communication, and sensing technologies. According to market reports, the market size is projected to reach billions of dollars in the coming years, with a compound annual growth rate (CAGR) of significant value.
Government initiatives, academic partnerships, and collaborations between industry leaders are fueling the advancement and commercialization of quantum technology. Major players in the tech industry are investing heavily in quantum research and development, aiming to bring practical quantum solutions to market.
The potential applications of quantum technology in finance, defense, aerospace, energy, infrastructure, and telecommunications sectors are vast and diverse. As the technology matures, its impact on these sectors will become more profound, leading to increased efficiency, improved security, and transformative breakthroughs.
The global quantum technology market is witnessing remarkable growth and is poised to revolutionize various sectors, including finance, defense, aerospace, energy, infrastructure, and telecommunications. Quantum computing, sensing, and communication capabilities are transforming traditional practices, enhancing efficiency, security, and decision-making processes.
With ongoing research, investment, and collaboration, the future of quantum technology looks promising. As its adoption continues, businesses and industries must stay abreast of the latest advancements and explore how quantum technology can be leveraged to gain a competitive edge, drive innovation, and shape a technologically advanced and sustainable future.