Quantum Technology Market Expected To Reach $3.86 billion in 2028

The quantum technology 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 Technology 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 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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Scope Of Quantum Technology 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 Technology Market Overview

Market Drivers –
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 scams, 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 scams 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.

Market Trends –
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.

The quantum technology market covered in this report is segmented –

1) By Type: Hardware, Software, Service
2)By Application: Cybersecurity, Drug Development, Financial Modeling, Artificial Intelligence, Other Applications
3) By End-User: Transport And Logistics, Banking And Finance, Aerospace And Defense, Education, Information technology (IT) And Telecommunication, Healthcare And Pharmaceuticals, Automotive, Other End-Users

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Regional Insights –
North America was the largest region in the quantum technology market in 2023. The regions covered in the quantum technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the quantum technology market are 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, Accenture plc, 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.

Table of Contents
1. Executive Summary
2. Quantum Technology Market Report Structure
3. Quantum Technology Market Trends And Strategies
4. Quantum Technology Market – Macro Economic Scenario
5. Quantum Technology Market Size And Growth
…..
27. Quantum Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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