Quantum Photonics Market Projected to reach $3.3 billion by 2030

According to MarketsandMarkets, the quantum photonics market is valued at USD 0.4 billion in 2023 and is anticipated to be USD 3.3 billion by 2030, growing at a CAGR of 32.2% from 2023 to 2030. Factors such as the potential for quantum supremacy, and rising demand for secure communication are likely to drive the market growth.

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Based on the application, the quantum photonics market has been quantum communications, quantum sensing & metrology, and quantum computing. The Quantum communications segment is likely to hold the larger share of the quantum photonics market. Quantum communications in quantum photonics involve the transfer of quantum information using photons between quantum devices like quantum computers or sensors. Quantum communications offer verifiable security against spying or hacking, such as quantum key distribution (QKD) and quantum random number generation for secure communication. These technologies have potential applications in the military, government, and healthcare, where secure communication is vital.

Based on the offering, the quantum photonics market has been segmented into systems, and services. The systems segment is likely to hold the largest share of the market during the forecast period. The systems segment of the quantum photonics market has witnessed rapid growth due to advanced hardware technology and increasing demand across industries. Companies like Xanadu (Canada) and Quandela (France) have introduced high-performance quantum photonics hardware, making the technology accessible and beneficial for various applications such as cryptography, machine learning, and optimization.

Based on the vertical, the quantum photonics market has been segmented into Space & Defense, Banking & Finance, Healthcare & Pharmaceutical, Transportation & Logistics, Government, Agriculture & Environment, and Others (including academia, retail, telecom, media, energy & power, chemical, oil & gas, and industrial sectors). The banking & finance is expected to hold the larger share of the quantum photonics market. Its ability to analyze vast volumes of financial data in real-time, enhance encryption algorithms for secure transactions, detect fraud patterns, and assess credit risk more accurately offers significant benefits. The potential for improved decision-making, risk management, and data security drives the adoption of quantum photonics in these sectors.

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Major players operating in the quantum photonics market include Toshiba (Japan), Xanadu (Canada), Quandela (France), ID Quantique (Switzerland), ORCA Computing (UK), PsiQuantum (US), TundraSystems (UK), Quix Quantum (Netherlands), Nordic Quantum Computing Group (Norway), Thorlabs (US), AOSense (US), Single Quantum (Netherlands), Qubitekk (US), QuintessenceLabs (Australia), NTT Technologies (Japan), NEC (Japan), M Squared (UK), CryptaLabs (UK), Nu Quantum (UK), Microchip Technology (US), Amazon Web Services (AWS) (US), QuantumXchange (US), Quantum Dice (UK), Menlo Systems (Germany), and QUSIDE (UK). These companies have robust distribution networks spread over major regions including North America, Europe, and Asia Pacific, as well as strong manufacturing facilities. They have a proven track record of reliable goods and services, a significant market presence, and effective business strategies. These businesses also hold a significant share of the market, offer products with a variety of applications, and have diverse product offerings.

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This release was published on openPR.