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Posted in Information Technology by Adolf on Aug 29,2022 352
To start with, let us first understand what are Quantum Technologies? Quantum technologies are the most revolutionary technology that works by using the principles of quantum mechanics (the physics of sub-atomic particles), including quantum entanglement and quantum superposition.
There are 3 main domains of quantum technologies, which are Quantum computing (QC), Quantum sensing (QS) and Quantum communication (QComm). These technologies open up the entirely new and unexplored applications in the fields of measurement technology, secure communication, and highly complex calculations.
In the case of quantum computing, the result is far more powerful than conventional computers, allowing for faster decision-making and calculations by considering multiple alternatives simultaneously rather than one at a time. Quantum sensing allows for more accurate measurements of physical quantities such as temperature, pressure, gravitation, acceleration, time, etc., as compared to a conventional sensor. Lastly, quantum communication involves the development of strong encryption protocols that could greatly increase the security of sensitive information.
The unique capabilities, of QC, QS, and QComm could transform multiple markets, including Healthcare, Banking, Financial Services and Insurance (BFSI), Energy, Oil and Gas, Chemical & Material science, Logistics, and Distribution, Aerospace, Defense, and Others. The government is heavily investing in quantum technologies to obtain potential advantages of these technologies. Major technology companies such as Google, IBM, Amazon, and others are entering this field to explore the application of quantum technologies in various sectors of the industries. At the same time, many start-up companies are also raising in this field by receiving substantial funding from government and private ventures.
Growth Factors of the Quantum Technologies Global Market -
The Quantum Technologies Global Market is expected to grow at a high double digit CAGR of from 2021 to 2030 to reach US$3.51 billion by 2030. The factors such as growing government and private venture funding for quantum technologies, increasing R&D expenditure of major technology companies to develop quantum technologies, strategic collaboration, partnerships, and mergers for the quantum technologies are driving the quantum technologies global market. Whereas, the emergence of mobile and convenient quantum processors and the development of advanced quantum technologies provides immense growth opportunities for the market. However, there are certain factors that may hinder the market growth such as lack of skilled professionals; high cost and complexity associated with the development of quantum technologies, and cryptographic risk associated with quantum communications.
The market for quantum technologies is segmented based on technology, products, end-user and geography. Based on the technology, the market is segmented into Quantum Computing, Quantum Sensing, and Quantum Communication. Based on the types of sensors, the Quantum Sensing global market is further segmented into Atomic Clocks, Magnetic Sensors, PAR Sensors, and Others.
Quantum computing is further segmented based on application and based on deployment. Based On application, the quantum computing global market is segmented into Machine Learning, Optimization, and Simulations. Based on the deployment, the quantum computing global market is sub-segmented into on-premise and cloud-based.
Based on product the quantum technologies global market is divided into hardware, software, and services. While, based on end-users, the quantum technologies global market is segmented into Healthcare, Banking, Financial Services and Insurance (BFSI), Energy, Oil and Gas, Chemical & Material science, Logistics and Distribution, Aerospace, Defense, and Others.
Based on geography, the quantum technologies global market is segmented into North America (U.S. and Rest of North America), Europe (Germany, France, U.K., and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of APAC) and the Rest of the world. North America accounted for the largest revenue in 2021 and is expected to grow due to the increasing R&D expenditure, growing industries, the establishment of quantum research centres, development of national strategy by the government, the presence of major technology companies, increasing collaboration between quantum technology companies and industries, and the increasing number of quantum computing start-ups companies.
Following the lead, Europe is expected to grow at a high double digit CAGR from 2021 to 2030. The factors such as growing industry, the launch of quantum research programs with government investment, development of various consortiums by collaborating with large industrial partners, small and medium-sized enterprises (SMEs), start-ups, and research organizations to build a quantum computer into usable industrial applications, increasing private venture funding, the launch of new research programmers, increasing collaboration between quantum technology companies and industries, collaboration with other countries, merging between quantum technology companies to explore different application areas and growing start-up company activities.
The quantum technologies global market is competitive and all the players in this market are involved in strategic collaboration, partnership, mergers, and new product launches in quantum technologies to expand their product portfolio and maintain their market shares. The key players in the quantum technologies global market include International Business Machines Corporation (U.S.), Ix-Blue (France), Alphabet Inc. (Google) (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Amazon.com, Inc (U.S.), D-Wave Systems Inc. (Canada), AOSense, Inc (U.S.), LI-COR Biosciences (U.S.), Toshiba Corporation (Japan), Honeywell International Inc (U.S.), Rigetti Computing (U.S.) and Baidu, Inc. (China).