Global Quantum Technology Market Report 2024

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 anticipated growth in the forecast period can be credited to advancements in quantum computing, the establishment of quantum-secure communication networks, developments in quantum sensing and metrology, the escalating demand for securing financial transactions, and the increased commercialization and industry adoption of quantum technologies. Notable trends expected in the forecast period comprise the exponential surge in quantum computing power, progressions in quantum communication networks, the revolution in quantum sensing technology, the utilization of quantum machine learning for big data analysis, and the emergence of quantum cloud services.

The quantum technology market is expected to experience significant growth driven by the increasing occurrences of cybercrimes and financial fraud. These illegal activities, conducted through digital means, encompass hacking, identity theft, phishing scams, data breaches, and fraudulent financial transactions. The rise in cybercrimes and financial fraud can be attributed to factors such as increased internet usage, digitalization, interconnectedness, and anonymity. Quantum technology holds promise in revolutionizing cybersecurity and financial fraud prevention through secure cryptographic solutions, resilient network infrastructures, entropy-rich random number generation, privacy-preserving computation, and advanced fraud detection capabilities. For example, according to the Federal Bureau of Investigation (FBI), the amount lost to investment scams surged by 38% from $3.31 billion in 2022 to $4.57 billion in 2023. Similarly, AAG IT Services reported in March 2024 that cyberattacks and breaches were reported by 32% of UK organizations in 2023, with percentages rising to 59% and 69% for medium-sized and large corporations, respectively. These trends underscore the growing significance of quantum technology in combating cybercrimes and financial fraud.

Key players in the quantum technology market are prioritizing technological advancements, such as quantum optimization platforms, to maintain their competitive edge. Quantum optimization platforms are computing systems or software frameworks designed to solve optimization problems using quantum computing principles. For instance, Quantum Computing Inc. launched the Dirac-3 (Dirac) entropy quantum computer (EQC) in February 2024. This system utilizes nonlinear quantum optics to tackle complex problems with numerous variables, expanding the application of quantum technology beyond traditional quantum computing devices that rely on quantum bits (qubits). The Dirac system operates at room temperature, can be deployed on-site, and requires no additional infrastructure for daily use.

In March 2022, Quantum Machines acquired QDevil, aiming to enhance its full-stack quantum orchestration platform by integrating QDevil's expertise in auxiliary electronics and quantum hardware. This acquisition strengthens Quantum Machines' control solutions and accelerates the development of practical quantum computers across industries. QDevil, a Denmark-based quantum technology company, specializes in creating and producing auxiliary electronics and specialized parts for quantum processors.

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.

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. The countries covered in the quantum technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Quantum technology encompasses the realm of science and engineering that harnesses the principles of quantum mechanics to pioneer new technologies, devices, and systems boasting unique capabilities and functionalities. Leveraging the quantum properties of particles - including superposition, entanglement, and quantum coherence - quantum technology manipulates and governs quantum states for practical applications across diverse domains.

The primary segments of the quantum technology market include hardware, software, and services. In this context, the hardware segment pertains to the physical components and devices facilitating quantum computing, communication, and sensing. These technologies find applications in cybersecurity, drug development, financial modeling, artificial intelligence, and various other domains utilized by a myriad of end-users such as transportation and logistics, banking and finance, aerospace and defense, education, information technology (IT) and telecommunications, healthcare and pharmaceuticals, automotive, among others.

The quantum technology market research report is one of a series of new reports that provides quantum technology market statistics, including quantum technology industry global market size, regional shares, competitors with quantum technology market share, detailed quantum technology market segments, market trends and opportunities, and any further data you may need to thrive in the quantum technology industry. This quantum technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The quantum technology market includes revenues earned by entities by providing services such as quantum computing services, quantum communication services, quantum sensing and metrology services, quantum cryptography services, quantum simulation services, and quantum materials research services. The market value includes the value of related goods sold by the service provider or included within the service offering. The quantum technology market also consists of sales of products including quantum metrology instruments, quantum computers, quantum sensors, quantum communication devices, quantum imaging systems, and quantum materials and devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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