Quantum Technologies Market Size, Share, Analysis, Development, Revenue, Future Growth, Business Prospects and Forecast 2023 to 2031 | Amazon Alibaba Group Atos Quantum Cambridge Quantum Computing

Global quantum technologies market is projected to reach US$ 21.38 billion by 2031, up from US$ 3.87 billion in 2022, growing at a CAGR of 21.47% during the forecast period 2023-2031.

The Quantum Technologies market has been rapidly evolving due to advancements in quantum computing, quantum communication, and quantum sensing technologies. The market is expected to continue to expand as more companies invest in the development of these technologies.

Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/quantum-technologies-market

North America is the largest region with a higher investment in quantum technologies due to the presence of major players and investments by governments and private organizations. The US government has been investing 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 investment in quantum technology has had a significant impact on the market. The Chinese government, for instance, has made quantum technology a priority in its five-year plan, investing USD 10 billion in a National Laboratory for Quantum Information Sciences. The European Union has also invested heavily in quantum technology through its Quantum Flagship program, which has a budget of EUR 1 billion over ten years.

One major breakthrough in quantum technology market was achieved in 2019 when Google announced its quantum supremacy experiment. The company claimed that its quantum computer had performed a calculation that would have taken the world's most powerful supercomputer 10,000 years to complete. This breakthrough has had a significant impact on the market, with increased interest and investment in quantum computing technologies.

The future landscape of the market is expected to continue to expand as more companies invest in quantum research and development. 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 a significant role in secure communication networks, particularly 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 to Contribute Over 28% Revenue to Global Quantum Technologies Market

The aerospace and defense industry continues to be a major consumer of quantum technologies due to various factors that contribute to its growth and development. For instance, quantum computing enables faster and more precise simulations and modeling, which are critical for testing and evaluating new products and technologies in the sector. Consequently, companies can expedite innovation and enhance efficiency in their operations.

Moreover, the industry's reliance on secure communication and data transfer highlights the importance of quantum cryptography, which boasts a superior level of security compared to its classical counterpart. This enhanced protection is particularly appealing for companies needing to safeguard sensitive data and communications. Furthermore, quantum machine learning can optimize logistics and supply chain management in the aerospace and defense field, leading to cost savings and increased efficiency in the quantum technologies market.

The 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 heightened sensitivity and accuracy compared to traditional sensors, making them a valuable asset in the aerospace and defense industry. In summary, the continued adoption of quantum technologies in the aerospace and defense sector can be attributed to their advantages in simulation, modeling, cybersecurity, logistics optimization, and sensor technology.

North America is the Quantum Technologies Market Leader with 34% Revenue Share

North America, primarily led by the United States and Canada, is currently the largest and most dominant market in the field of quantum technologies. The region's market leadership is driven by significant investments in research and development, government funding, technological advancements, and a number of cutting-edge projects. This analysis will explore the factors behind North America's dominance in the quantum technologies sector, including recent projects, funding, and developments.

Recent Projects in North America

IBM Quantum: IBM is a global leader in quantum computing and has launched several quantum computers, including the 27-qubit Falcon and the 65-qubit Hummingbird, both available through the IBM Quantum Network. The network provides access to quantum computing resources for research, education, and business purposes.
Quantum Internet: Researchers from the University of Chicago, Argonne National Laboratory, Fermilab, and other institutions are collaborating on the development of a quantum internet, which aims to enable secure communication through quantum entanglement in the quantum technologies market. The project has successfully demonstrated the transmission of quantum information over a 52-mile-long fiber network.
Google Quantum AI: Google's Quantum AI team has made significant strides in quantum computing, with the announcement of Quantum Supremacy in 2019 using their 54-qubit Sycamore processor. They continue to develop quantum hardware and software solutions to solve complex computational problems.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/quantum-technologies-market

Government Funding

North America benefits from substantial government funding in the field of quantum technologies:

The United States' National Quantum Initiative (NQI): Launched in 2018, the NQI aims to accelerate the development of quantum information science and technology. The initiative has allocated over $1.2 billion in funding for 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 technologies market.
Most Recent Developments in North America Quantum Technologies Market

Quantum Teleportation: In a groundbreaking experiment, researchers from Caltech, Fermilab, and NASA's Jet Propulsion Laboratory have achieved quantum teleportation of qubits over 27 miles, setting a new distance record and paving the way for future quantum networks.
Quantum Error Correction: Researchers from Yale University have developed a new error correction technique for quantum computing, called the "tweezer code." This advancement could help mitigate the impact of errors in quantum computing, bringing practical applications one step closer.
Quantum Sensing: Honeywell, a leader in quantum technologies, has developed a new quantum sensing technology called the H1, which promises to revolutionize fields such as navigation, geophysics, and medical imaging.
Competitive Landscape: Top 6 Players Hold Over 59% Revenue Share, IBM Continue to Lead

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

One of the key reasons for IBM's dominance in the market is its early entry into the quantum computing field. IBM started investing in quantum computing research back 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 partnering with other technology companies and academic institutions.

IBM's early investment in quantum computing has enabled the company to develop a significant technological advantage over its competitors in the global quantum technologies 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 easier for developers to build and run applications on its quantum hardware.

The current landscape of the market is dominated by large technology companies such as IBM, Google, Microsoft, and Alibaba, who are investing 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 sensing.

Top Start-ups and their Fund Raising in the Global Quantum Technologies Market

PsiQuantum: This startup focuses on building a silicon-based photonic quantum computer. As of 2021, PsiQuantum had raised over $215 million in funding.
Rigetti Computing: Rigetti Computing develops quantum integrated circuits and deploys them on cloud-based quantum computers. In 2021, the company had raised over $190 million in total funding.
IonQ: IonQ develops trapped ion quantum computing technology. In 2021, the company had raised over $84 million in funding before going public through a SPAC merger, which brought its total valuation to $2 billion.
Xanadu: Xanadu, one of the lucrative startups in quantum technologies market, is working on photonic-based quantum computing and has developed a unique approach using continuous-variable quantum computing. As of 2021, the company had raised over $145 million in funding.
Quantum Motion Technologies: This startup is developing silicon-based quantum computing technology using CMOS-compatible processes. In 2021, the company had raised around $32 million in funding.
Q-CTRL: Q-CTRL focuses on quantum control engineering and provides quantum control software solutions. As of 2021, the company had raised over $22 million in funding.
Some of the Top Market Players Are:

Amazon
Alibaba Group
Atos Quantum
Cambridge Quantum Computing
D-Wave Systems Inc.
Fujitsu
GEM Systems
Google
Honeywell
IBM Corporation
Intel
KETS Quantum Security
Microsoft Corporation
QRATE Quantum Communications
Quantum Blockchains
Quantum Xchange
Rigetti Computing
Single Quantum
Toshiba
Xanadu
Other Prominent Players

Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/quantum-technologies-market

https://www.marketwatch.com/press-release/gardening-equipment-market-analysis-emerging-demands-new-technologies-growing-cagr-and-trends-forecast-2023-to-2031-2023-04-18?mod=search_headline

https://www.marketwatch.com/press-release/quantum-measurement-and-sensors-market-size-key-manufacturers-trends-size-and-forecast-2023-to-2031-2023-04-18?mod=search_headline

https://www.marketwatch.com/press-release/quantum-cryptography-and-network-market-trends-covid-19-impact-business-opportunities-strategies-key-players-analysis-and-forecast-2023-to-2031-2023-04-18?mod=search_headline

https://www.marketwatch.com/press-release/synthetic-leather-market-emerging-technologies-and-innovations-key-players-industry-trends-and-forecast-2023-to-2031-2023-04-18?mod=search_headline

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com

This release was published on openPR.