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Global Quantum Technology Market Global Outlook, Development, Share Analysis And Future Forecast To 2033
Global Quantum Technology Market
According to The Business Research Company's, The quantum technology market size has grown exponentially in recent years. It will grow from $1.17 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 26.9%. The growth in the historic period can be attributed to the rise of quantum software and applications, experimental demonstrations, cross-disciplinary research, rise in cybersecurity threats, and global initiatives.
The quantum technology market size is expected to see exponential growth in the next few years. It will grow to $3.86 billion in 2028 at a compound annual growth rate (CAGR) of 27.1%. The growth in the forecast period can be attributed to breakthroughs in quantum computing, quantum-secure communication networks, quantum sensing and metrology, the growing need to secure financial transactions, and commercialization and industry adoption. Major trends in the forecast period include exponential growth in quantum computing power, advancements in quantum communication networks, quantum sensing revolution, quantum machine learning for big data analysis, and quantum cloud services.
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Market Drivers and Trends:
The rising cybercrimes and financial fraud are expected to propel the quantum technology market. Cybercrimes and financial fraud encompass a range of illegal activities conducted through digital means, including hacking, identity theft, phishing scas, data breaches, and fraudulent financial transactions. Financial fraud and cybercrime are rising due to growing internet usage, digitalization, strong cybersecurity, interconnectedness, and anonymity. Quantum technology has the potential to revolutionize cybersecurity and financial fraud prevention by offering secure cryptographic solutions, resilient network infrastructures, entropy-rich random number generation, privacy-preserving computation, and advanced fraud detection capabilities. For instance, in March 2023, according to the Federal Bureau of Investigation, a US-based government agency, the amount lost to investment scas increased by 38%, from $3.31 billion in 2022 to $4.57 billion in 2023. Furthermore, in March 2024, according to AAG IT Services, a UK-based company that provides computer support and services, cyberattacks, and breaches were reported by 32% of UK organizations in 2023; for medium-sized and large corporations, the percentages rose to 59% and 69%, respectively. Therefore, rising cybercrime and financial fraud are driving the growth of the quantum technology market.
Major companies operating in the quantum technology market are focusing on technological advancements such as quantum optimization platforms, to sustain their position in the market. Quantum optimization platforms are computing systems or software frameworks designed to solve optimization problems using quantum computing principles. For instance, in February 2024, Quantum Computing Inc., a US-based software company, launched the Dirac-3 (Dirac) entropy quantum computer (EQC). This apparatus is intended to employ nonlinear quantum optics to solve complicated problems with more variables that call for unusual solutions. This unique feature broadens the application of quantum technology beyond the current market's available quantum computing devices that employ quantum bits (qubits) and the larger class of optimization problems. The Dirac system operates at room temperature, can be installed on-site, and requires no extra infrastructure for daily use.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Samsung Electronics, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services, Hitachi Ltd., Siemens AG, Raytheon Technologies Corporation, Lockheed Martin Corporation, General Electric Company (GE), Intel Corporation, Airbus SE, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu Limited, Nokia Corporation, BAE Systems plc, Toshiba Corporation, NEC Corporation, Thales Group, Quantum Computing Inc.
Quantum Technology Market 2024 Key Insights:
• The quantum technology market size is expected to see exponential growth in the next few years. It will grow to $3.86 billion in 2028 at a compound annual growth rate (CAGR) of 27.1%.
• Quantum Technology Market Growth Driven By Rising Cybercrimes And Financial Fraud
• Revolutionizing Problem-Solving Through Advanced Quantum Technologies
• North America was the largest region in the quantum technology market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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