A new report from Astute Analytica reveals that the global market for quantum technologies will reach $21.38 billion by 2031. (2023)

It has been publishedMay 10, 2023od GoPhotonicsEditorial office

A new report from Astute Analytica reveals that the global market for quantum technologies will reach $21.38 billion by 2031. (1)

Smart analyticsrecently published a report on“Global Quantum Technologies Market: By Applications. End user? Region – Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2023 – 2031.”. According to the report,GLocal market of quantum technologiesarrival is expected21.38 billion US dollars by 2031, up from US$3.87 billion in 2022, growing by aCAGR 21,47%during the forecast period 2023-2031.

The market for quantum technologies is developing rapidly due to advances in quantum computing, quantum communications and quantum sensing technologies. The market is expected to continue to expand as more companies invest in the development of these technologies.

North America is the largest region with higher investments in quantum technologies due to the presence of major players and investments by governments and private organizations. The US government has invested heavily in quantum research and development, with a budget of USD 1.2 billion over five years, and Canada has invested CAD 1.2 billion over five years in its pan-Canadian quantum strategy.

Government investments in quantum technology have had a significant impact on the market. The Chinese government, for example, has made quantum technology a priority in its five-year plan, investing $10 billion in the National Laboratory for Quantum Information Science. TheEuropean Unionit has also invested heavily in quantum technology through its Quantum Flagship program, with a budget of €1 billion over ten years.

The breakthrough to the quantum technology market was achieved in 2019, whenGooglepublished her quantum supremacy experiment. The company claimed that its quantum computer made a calculation that would take the world's most powerful supercomputer 10,000 years to complete. This breakthrough had a major impact on the market, with increased interest and investment in quantum computing technologies.

The future market landscape is expected to continue to expand as more companies invest in quantum R&D. Quantum computing is expected to have a significant impact on a range of industries, including finance, healthcare and energy. Quantum communication is also expected to play an important role in secure communication networks, especially in the defense and government sectors. Quantum sensing technologies are also expected to find applications in a range of industries, including aerospace, defense and healthcare.

Aerospace and defense contribute more than 28% of revenue to the global quantum technology market

The aerospace and defense industries continue to be major consumers of quantum technologies due to various factors contributing to its growth and development. For example, quantum computing enables faster and more accurate simulations and modeling, which are crucial for testing and evaluating new products and technologies in the field. Consequently, companies can accelerate innovation and improve efficiency in their operations.

In addition, the industry's reliance on secure communication and data transfer highlights the importance of quantum cryptography, which has a higher level of security compared to classical copy. This enhanced protection is particularly attractive to businesses that need to protect sensitive data and communications. In addition, quantum machine learning can optimize logistics and supply chain management in aerospace and defense, leading to cost savings and increased efficiency in the quantum technology market.

Industry's need for high-performance sensors in areas such as navigation, surveillance and communication has led to a growing interest in quantum sensors. These sensors, which are based on quantum mechanics, offer greater sensitivity and accuracy compared to traditional sensors, making them a valuable asset in the aerospace and defense industries. In summary, the continued adoption of quantum technologies in aerospace and defense can be attributed to their advantages in simulation, modeling, cybersecurity, logistics optimization and sensor technology.

North America is the Quantum Technologies market leader with a revenue share of 34%.

North America, mainly led by the United States and Canada, is currently the largest and dominant market in the field of quantum technologies. Market leadership in the region is driven by significant investments in research and development, government funding, technological progress and a number of top projects. This analysis will explore the factors behind North America's dominance in quantum technologies, including recent projects, funding and development.

Recent projects in North America

  • IBM Quantum: IBM is a world leader in quantum computing and has launched several quantum computers, including the Falcon 27 qubit and the Hummingbird 65 qubit, both available through the IBM Quantum Network. The network provides access to quantum computing resources for research, education and business purposes.
  • Quantum Internet: Researchers fromUniversity of Chicago,Argonne National Laboratory,Fermilab, and other institutions are working together on the development of the quantum internet, the goal of which is to enable secure communication through quantum entanglement in the quantum technology market. The project successfully demonstrated the transmission of quantum information over a network of 52 miles of fiber optics.
  • Google Quantum AI: Google's Quantum AI team has made major strides in quantum computing, with the announcement of Quantum Supremacy in 2019 using the 54-qubit Sycamore processor. They continue to develop quantum hardware and software solutions to solve complex computing problems.

State funding

North America benefits from significant government funding in quantum technologies:

  • United States'National Quantum Initiative(NQI): Launched in 2018, NQI aims to accelerate the development of quantum science and information technology. The initiative has allocated more than $1.2 billion to fund research, development and educational programs in quantum technologies.
  • Canada's Quantum Valley: The Canadian government has invested more than CAD 1 billion in the Quantum Valley ecosystem, which includes the Institute for Quantum Computing at the University of Waterloo, the Perimeter Institute for Theoretical Physics and Quantum Valley Investments, a private venture capital firm focused on quantum technology startups in the quantum technology market.

The latest developments in the North American quantum technology market

  • Quantum teleportation: In a groundbreaking experiment, researchers fromCaltech, Fermilab iNASA Jet Propulsion Laboratoryachieved quantum teleportation of a qubit over 27 miles, setting a new distance record and paving the way for future quantum networks.
  • Quantum error correction: Researchers fromYale Universityhave developed a new error correction technique for quantum computing, called "tweezer code". This advance could help mitigate the effects of errors in quantum computing, bringing practical applications one step closer.
  • Quantum sensor: Honeywell, a leader in quantum technologies, has developed a new quantum sensor technology called H1 that promises to revolutionize areas such as navigation, geophysics and medical imaging.

Competitive landscape: Top 6 players hold over 59% revenue share, IBM continues to lead

The market for quantum technologies is characterized by oligopolistic competition, where a few dominant players control a significant portion of the market. The six largest market players generate over 59.2% of revenue, indicating a highly concentrated market. IBM iMicrosoftare the two leading players in the market, together holding over 34% market share. IBM is the clear market leader with a market share of over 18%, closely followed by Microsoft with a revenue share of over 16%.

One of the main reasons for IBM's market dominance is its early entry into quantum computing. IBM began investing in quantum computing research in the 1980s and has been leading the development of quantum computing technology ever since. The company has also made significant investments in building a strong ecosystem around quantum computing, including developing its own quantum hardware, software and tools, as well as collaborating with other technology companies and academic institutions.

IBM's early investment in quantum computing allowed the company to develop a significant technological advantage over its competitors in the global quantum technology market. IBM's quantum computers are among the most powerful and advanced in the world, and the company has also developed a number of proprietary software and tools that make it easy for developers to build and run applications on its quantum hardware.

Today's market landscape is dominated by large technology companies such as IBM, Google, Microsoft andAli Baba, who invest heavily in quantum research and development. However, startups and smaller companies are also emerging in the market, focusing on specific areas such as quantum communication and sensors.

Top startups and their fundraising in the global quantum technology market

  • PsiQuantum: This startup is focused on building a silicon-based photonic quantum computer. By 2021, PsiQuantum has raised over $215 million in funding.
  • He rejects Calculus: Rigetti Computing develops quantum integrated circuits and deploys them on cloud-based quantum computers. As of 2021, the company has raised over $190 million in total funding.
  • IonQ: IonQ develops trapped ion quantum computing technology. As of 2021, the company raised over $84 million in funding before going public through a SPAC merger, bringing its total value to $2 billion.
  • Cage: Xanadu, one of the lucrative startups in the quantum technology market, is working on photonics-based quantum computing and has developed a unique approach using continuous variable quantum computing. As of 2021, the company has raised over $145 million in funding.
  • Quantum motion technologies: This startup is developing silicon-based quantum computing technology using CMOS-compatible processes. As of 2021, the company has raised about $32 million in funding.
  • Q-CTRL: Q-CTRL focuses on quantum control engineering and provides quantum control software solutions. As of 2021, the company has raised over $22 million in funding.

Some of the leading players on the market are:

Click here to read the research report titled “Global Quantum Technologies Market: By Application. End user? Region - market size, industry dynamics, opportunity analysis and forecast 2023 - 2031".

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How big is the quantum computing market in 2030? ›

Quantum Computing Will be USD 5,274 Million Market in 2030, Says P&S Intelligence. NEW YORK, Jan. 9, 2023 /PRNewswire/ -- The quantum computing market has captured USD 458 million revenue in 2021, which is projected to rise at a CAGR of 31.2%, to surpass USD 5,274 million in 2030, according to P&S Intelligence.

What is the quantum technology market forecast? ›

Select Report Findings:

Quantum computing will lead the market at $17.6 billion by 2028 and 41.2% CAGR. North America will be the biggest regional market for quantum technologies overall. China will lead the APAC quantum technology market at $6.31 billion by 2028 with 39.1%CAGR.

How big is the quantum computing market in 2023? ›

The quantum computing market size is valued at USD 866 Million in 2023 and is anticipated to be USD 4,375 Million by 2028; growing at a CAGR of 38.3% from 2023 to 2028.

What is the global quantum technology market size? ›

The global quantum computing market size was valued at around USD 457.9 million in 2021 and is predicted to reach around USD 5274.9 million by 2030 while growing at a compound annual growth rate (CAGR) of roughly 31.21% between 2022 and 2030.

Where will quantum computing be in 2030? ›

The market is anticipated to grow in Asia Pacific as a result of the growing need for quantum computing solutions for simulation, optimization, and machine learning. Additionally, it is anticipated that widespread industrial use of innovative technology would accelerate industry development.

What will be the size of the quantum computing market in 2040? ›

Quantum computing now has the potential to capture nearly $700 billion in value as early as 2035, with that market estimated to exceed $90 billion annually by 2040.

Can quantum computers predict the stock market? ›

Here's the billion-dollar question: Can quantum computers predict the stock market? While QCs may have some advantages over classical computers in certain financial modeling tasks, it is unlikely that they will be able to predict the stock market with complete accuracy.

Is quantum computing going to be the next big thing? ›

Quantum computing has so much potential and momentum that McKinsey has identified it as one of the next big trends in tech. Quantum computing alone—just one of three main areas of emerging quantum technology—could account for nearly $1.3 trillion in value by 2035.

What is the best quantum stock to buy? ›

8 Best Quantum Computing Stocks to Buy in 2023
Quantum computing stockImplied upside over May 15 closing price
Nvidia Corp. (NVDA)-0.4%
Alphabet Inc. (GOOG, GOOGL)7.9%
Honeywell International Inc. (HON)15.2%
Amazon.com Inc. (AMZN)20.7%
4 more rows
May 16, 2023

What is the future of quantum computing in 2023? ›

Far from it, the holy grail of quantum computing will continue to be building a machine capable of fault tolerance. 2023 may create software or hardware breakthroughs that will show how we're closer than we think, but otherwise, this will continue to be something that is achieved far beyond 2023.

How far in the future is quantum computing? ›

Overall, the future of quantum computing is bright, with the potential to revolutionize fields ranging from medicine to finance to cybersecurity. Even so, quantum computing may not be widely accessible and practical for real-world applications for several years.

How much is the quantum computing market? ›

$ 1.2000
CloseChgChg %

Who owns the biggest quantum computer? ›

IBM has built the largest quantum computer yet. Dubbed Osprey, it has 433 qubits, or quantum bits, which is more than triple the size of the company's previously record-breaking 127-qubit computer and more than eight times larger than Google's 53-qubit computer Sycamore.

Which country is leading in quantum technology? ›

The United States (36 percent), Canada (32 percent), and China (32 percent) are the leading countries in quantum computing adoption.

How much has the US invested in quantum computing? ›

Agencies reported $449 million in actual budget expenditures for QIS R&D in Fiscal Year (FY) 2019, $672 million in FY 2020, and $855 million in FY 2021, followed by $918 million in enacted budget authority for QIS R&D in FY 2022, and $844 million in requested budget authority for QIS R&D in FY 2023.

Does the US have quantum computing? ›

Introduction. Overall, the US is one of the leading players in the research, investment and private sector in quantum tech globally.

How long will quantum computing last? ›

It is estimated that there could be 2,000 to 5,000 quantum computers throughout the world by 2030. However, it could be 2035 before these tools are in place to tackle business issues because of the numerous pieces of hardware and software required.

How fast is quantum computing growing? ›

Quantum Computing Market To Reach USD 4.85 Billion, Growing at a 31.3% CAGR by 2030 - Market Research Future (MRFR) Quantum Computing Market Is growing due to the increasing rate of cybercrimes and stringent government initiatives for the development of this technology are major driving forces behind the market growth.

What are the future plans for quantum computing? ›

Here are several practical applications of quantum computing we could see in the future:
  • AI and machine learning (ML). ...
  • Financial modeling. ...
  • Cybersecurity. ...
  • Route and traffic optimization. ...
  • Manufacturing. ...
  • Drug and chemical research. ...
  • Batteries.
Feb 10, 2023

Will quantum computers crack Bitcoin? ›

In a scenario where bitcoin is mined using quantum computers, there would be a massive drop in the energy used to run the SHA 256 hashing algorithm, but quantum computers need a huge amount of energy to keep them close to absolute zero, which is impossible to quantify right now.

What company is working on quantum computers? ›

Some of the main businesses leading the way in quantum computing include Google, IBM, Rigetti Computing, IonQ, D-Wave Systems, Alibaba, Xanadu, Honeywell, Zapata Computing, and Cambridge Quantum Computing.

How powerful will quantum computers be? ›

Scientists predict that Quantum computing is better than supercomputers as it performs tasks a million times faster. Quantum computers can handle complex calculations easily because they are built based on quantum principles that go beyond classical physics.

Is quantum computing the end of crypto? ›

The cryptographic protocol used for Bitcoin network security is unbreakable by today's most powerful computers. However, within a decade, quantum computing will likely be able to break existing encryption protocols.

Should I invest in quantum computing? ›

Investing in quantum computing can be worth it, as major tech investments will provide exposure to both developing quantum tech and the current retail market.

What is the most advanced quantum computer in 2023? ›

The Condor processor is just one quantum-computing advance slated for 2023. A researcher at IBM's Thomas J. Watson Research Center examines some of the quantum hardware being constructed there. IBM's Condor, the world's first universal quantum computer with more than 1,000 qubits, is set to debut in 2023.

What will the fintech market be worth in 2030? ›

NEW YORK—Financial technology revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a new report released today by Boston Consulting Group (BCG) and QED Investors.

What is the global IoT market size 2030? ›

Report CoverageDetails
Market Size in 2022USD 392.85 Billion
Market Size by 2030USD 1742.8 Billion
Growth Rate from 2022 to 2030CAGR of 20.47%
Base Year2021
3 more rows

What are the biggest companies by market cap 2030? ›

Tesla (NASDAQ: TSLA) and Taiwan Semiconductor Manufacturing (NYSE: TSM), popularly known as TSMC, are two companies that have the potential to become the two largest companies in the world by 2030.

How much is the US fintech market worth? ›

US Fintech Market Analysis

The United States Fintech Market has achieved a USD 4 trillion market size in 2022 and registered a CAGR of 11% over the forecast period.

What is future fintech price target? ›

Stock Price Forecast

The 1 analysts offering 12-month price forecasts for Future Fintech Group Inc have a median target of 71.50, with a high estimate of 71.50 and a low estimate of 71.50. The median estimate represents a +5,275.94% increase from the last price of 1.33.

Will global IoT market to grow to 24.1 billion devices in 2030 generating $1.5 trillion annual revenue? ›

At the same time, progress doesn't stand still and the global IoT market is expected to grow to 24.1 billion devices in 2030, generating $1.5 trillion in annual revenue. IoT is literally making everything around us smart, powering up every aspect of life with data, AI algorithms, and networks.

What will be the size of IoT market by 2025? ›

The Indian IoT market is expected to reach US$9.28 billion by 2025 from US$4.98 billion in 2020, driven mostly by changes in enterprise behaviour triggered by the COVID-19 pandemic and verticals' focus on automation are driving the market.

Can you predict how many IoT will be in 5 or 10 years from now? ›

The facts below are an eye-opener about the future of IoT: IoT devices will increase by 18% to 14.4 billion in 2023, and by 2025, there may be 27 billion connected IoT devices. By 2030, it is estimated that there will be 25.4 billion IoT devices.

Who is leading in quantum computing? ›

IBM is leading the world in quantum computing. Since becoming the first to offer cloud-based quantum computing access, IBM is continuing to release new versions of its quantum computing technologies, and plans to release a 1,000-qubit chip, Condor, at the end of 2023.

Which country is leading in quantum computing? ›

The United States (36 percent), Canada (32 percent), and China (32 percent) are the leading countries in quantum computing adoption.

How realistic is quantum computing? ›

Quantum computing is real, alright, but it might not be all it's cracked up to be. There are still many limitations, but as new technologies emerge to improve quantum computing, so too do it's uses across industries.


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