Quantum Photonics Global Market Report 2024

The quantum photonics market size has grown exponentially in recent years. It will grow from $0.43 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of 37%. The expansion witnessed in the historical period can be credited to the escalating need for secure communication technologies, expanding applications in medical imaging and diagnostics, increasing demand for quantum-enhanced imaging systems, the potential for quantum supremacy, and heightened investment in quantum photonics.

The quantum photonics market size is expected to see exponential growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 37.1%. The growth anticipated in the upcoming period is linked to a heightened emphasis on quantum communication networks, progressions in quantum cryptography, the surge in demand for ultra-secure communication, the increasing adoption of quantum technology, and the rising demand for high-performance computing. Key trends expected in the forecast period encompass advancements in quantum communications, progressions in quantum technologies, the upward trajectory of investments, and the intensification of research and development endeavors in quantum photonics.

The expansion of applications in medical imaging and diagnostics is anticipated to drive the quantum photonics market's growth in the foreseeable future. Medical imaging and diagnostics encompass techniques and processes utilized to generate images of the human body for diagnostic and therapeutic purposes. The rising demand for early disease detection and precise treatment planning is fueling the increased adoption of medical imaging and diagnostics. Quantum photonics enriches medical imaging and diagnostics by delivering higher-resolution imaging, enhanced sensitivity for biomarker detection, and the advancement of sophisticated imaging modalities, thereby enhancing diagnostic precision and patient outcomes. For example, in December 2022, the National Health Service (NHS), a UK-based governmental entity, administered a total of 44 million imaging tests in the year leading up to March 2022. This represented a noteworthy increase from the 34.9 million tests conducted in the preceding year, reflecting a 26% surge. Consequently, the escalating applications in medical imaging and diagnostics are propelling the expansion of the quantum photonics market.

Leading companies in the quantum photonics sector are leveraging quantum computing marvels to transform computational capabilities. Quantum Computing Marvels denote the groundbreaking advancements and exceptional capabilities arising from the field of quantum computing. For instance, Xanadu, a Canada-based quantum computing company, introduced Borealis in June 2022, an innovative quantum computing marvel accessible to the public through cloud access. With 216 squeezed-state qubits, Borealis stands as the first photonic quantum computer offering complete gate programmability to demonstrate quantum computational advantage.

In January 2024, Infleqtion, a US-based company specializing in quantum-enabled products, acquired SiNoptiq Inc. and Morton Photonics Inc. for an undisclosed sum. These acquisitions accelerate Infleqtion's efforts toward chip-scale integration of lasers and photonic and atomic systems, essential for the commercialization of quantum products, including sensors and quantum computers. SiNoptiq, a US-based company, focuses on developing silicon photonics, while Morton Photonics, also US-based, specializes in advanced silicon photonics-based components and subsystem technologies.

Major companies operating in the quantum photonics market are Nippon Telegraph and Telephone Corporation, International Business Machines Corp., Toshiba Corporation, NEC Corporation, Thorlabs Inc., PsiQuantum Corp., ColdQuanta Inc., Xanadu, Aosense Inc., ID Quantique, ORCA Computing Limited, M Squared Lasers Limited, Q-CTRL, Nu Quantum, QuintessenceLabs Pty Ltd., Quandela, MagiQ Technologies Inc., Menlo Systems, Qubitekk Inc., QuiX Quantum Holding BV, Quside Technologies, TundraSystems Global LTD., Crypta Labs Limited, Quantum Xchange Inc., Qnami, Quantopticon Ltd.

North America was the largest region in the quantum photonics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum photonics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Quantum photonics merges quantum mechanics with photonics, the discipline focused on producing, manipulating, and detecting photons, the basic units of light. Within quantum photonics, photons are utilized to encode, manipulate, and relay quantum information.

The core elements of quantum photonics consist of systems and services. Quantum photonics systems encompass the hardware and software necessary for implementing quantum technologies. These systems find application in diverse fields such as quantum communication, sensing and metrology, and computing. End users from sectors including space research, government and defense, telecommunications, healthcare and pharmaceuticals, transportation and logistics, and environmental science benefit from these advancements.

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

The quantum photonics market consists of revenues earned by entities by providing services such as consulting, research and development, system integration, testing, certification, training, maintenance, cloud access, security, application development, and quantum network services. The market value includes the value of related goods sold by the service provider or included within the service offering. The quantum photonics market also includes sales of quantum computers, quantum sensors, quantum communication devices, quantum key distribution systems, single-photon sources, quantum memories, and quantum simulators. 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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