The quantum chip global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Quantum Chip Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The quantum chip market size has grown exponentially in recent years. It will grow from $0.11 billion in 2023 to $0.15 billion in 2024 at a compound annual growth rate (CAGR) of 43.8%. The growth in the historic period can be attributed to increasing demand for quantum chips, the development of new superconducting chip designs, increased threat security issues that have prompted organizations to use these chips for data security purposes, growing investments by key players in R&D activities, and increasing collaborations and partnerships among industry players.
The quantum chip market size is expected to see exponential growth in the next few years. It will grow to $0.66 billion in 2028 at a compound annual growth rate (CAGR) of 43.9%. The growth in the forecast period can be attributed to rising investments by government agencies and private players, increasing penetration of quantum computing in commercial applications, increasing demand for enhanced computational power, advancements in quantum computing algorithms and software, and advancements in quantum hardware and chip design. Major trends in the forecast period include technological advancements, the emergence of quantum supremacy and quantum advantage, advancements in quantum communication and cryptography, the adoption of quantum machine learning and artificial intelligence, and increasing collaborations and partnerships among industry players.
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Scope Of Quantum Chip Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Quantum Chip Market Overview
Market Drivers –
The growing need for secure communication and data protection is expected to propel the growth of the quantum chip market going forward. Secure communication refers to protecting data while it is being transmitted, while data protection encompasses a wider range of measures to safeguard data throughout its lifecycle, including during storage, processing, and transmission. The increasing cases of cyber threats, data breaches, and the escalating value of personal and corporate information in the digital age are driving the need for secure communication and data protection. Quantum chips enhance secure communication and data protection by enabling quantum key distribution (QKD), which generates unbreakable encryption keys, and by supporting quantum-resistant encryption algorithms to safeguard sensitive information against future quantum computing threats. For instance, in January 2022, the Identity Theft Resource Center, a US-based non-profit organization, revealed that the total number of compromised data incidents in 2021 reached 1,862 incidents, marking a 68% increase from 2020. This figure set a new record, surpassing the previous all-time high by 23%, which was reported as 1,506 incidents over the previous five years. Therefore, the growing need for secure communication and data protection is driving the quantum chip market.
Market Trends –
Major companies operating in the quantum chip market are developing silicon chips to enhance quantum computing capabilities. Silicon chips refer to semiconductor devices made from silicon, used in electronic devices for their excellent semiconductor properties, and are now being developed to host quantum bits (qubits) in quantum computing. Silicon-based qubits offer reliability and scalability, with the potential for densely packed qubits on a single chip. For instance, in June 2023, Intel Corporation, a US-based semiconductor company, launched Tunnel Falls, a 12-qubit silicon-based chip based on silicon spin-qubit technology. Tunnel Falls is fabricated using cutting-edge 300mm wafers in the D1 fabrication facility technology. Intel asserts that silicon spin qubits excel due to their compatibility with state-of-the-art transistors.
The quantum chip market covered in this report is segmented –
1) By Type: Superconducting Quantum Chip, Semiconductor Quantum Chip, Ion Trap Quantum Chip, Other Types
2) By Application: Computer, Anti-Theft Brush, Other Applications
3) By End-User: Information Technology (IT) And Telecommunications (Telecom), Banking, Financial Services And Insurance (BFSI), Aerospace And Defense, Research And Academia, Other End-Users
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Regional Insights –
North America was the largest region in the quantum chip market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum chip market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the quantum chip market are Google LLC, Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Honeywell International Inc., Fujitsu Limited, Thorlabs Inc., Quantum Machines, Xanadu, ID Quantique SA., ORCA Computing Limited, Quantum Motion, PsiQuantum, Rigetti & Co LLC, Atom Computing Inc., Quandela, IonQ Inc., Classiq, SeeQC Inc., D-Wave Quantum Inc., Archer Materials Limited, Silicon Quantum Computing, Qubitekk Inc., Quantum Computing Inc.
Table of Contents
1. Executive Summary
2. Quantum Chip Market Report Structure
3. Quantum Chip Market Trends And Strategies
4. Quantum Chip Market – Macro Economic Scenario
5. Global Quantum Chip Market Size and Growth
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32. Global Quantum Chip Market Competitive Benchmarking
33. Global Quantum Chip Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Quantum Chip Market
35. Quantum Chip Market Future Outlook and Potential Analysis
36. Appendix
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