The Global Market for Quantum Technologies 2024-2034

Quantum Computing, Quantum Chemistry, Quantum Cryptography, Quantum Cybersecurity, Quantum Communications, Quantum Sensors and Quantum Batteries.

Published: October 2023
Pages: 371
Tables: 86
Figures: 69
Series: Electronics

The global quantum technologies market is an emerging industry with the potential to revolutionize computing, cryptography, sensing, imaging, and communications. Billions of dollars have been invested so far, reflecting the massive interest from governments, established tech giants, and venture capitalists.

The Global Market for Quantum Technologies 2024-2034 is a comprehensive 360 page+ overview of the global quantum technology industry, companies, research trends, applications, and future roadmap across computing, cryptography, cybersecurity, communications, sensing, materials science, and more. Report contents include:

Analysis of quantum computing covering the technology, hardware approaches like superconducting and topological qubits, software stack, and applications in optimization, machine learning, chemistry, etc.
Evaluation of quantum software platforms, algorithms, applications. Quantum chemistry simulations and AI as a key application area.
Analysis of quantum communications including quantum networks, cryptography, and the vision for a quantum internet.
Analysis of quantum sensing including atomic clocks, quantum radar, quantum imaging, and potential applications.
Analysis of key start-ups, tech giants, research initiatives, and investments.
Evaluation of the emerging field of quantum batteries.
Global market forecasts to 2034 across quantum computing, communications, cryptography, batteries, chemistry, and sensing segments.
Assessment of technological challenges, opportunities, and use cases driving commercial adoption.
200+ company profiles of startups and corporations working on quantum technologies globally. Companies profiled include Diraq, LQUOM, memQ, Nanofiber Quantum Technologies, Nomad Atomics, Oxford Ionics, PASQAL, Planckian, Polaris Quantum Biotech (POLARISqb), PsiQuantum, Quantum Bridge, QUANTier, Quantum Brilliance, Quantum Motion, Quside Technologies S.L., Quobly, SemiQon, Silicon Extreme, Silicon Quantum Computing (SQC) and Sparrow Quantum.

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View full table of contents (PDF)

1 RESEARCH METHODOLOGY 20

2 OVERVIEW OF QUANTUM TECHNOLOGIES 21

2.1 First and second quantum revolutions 21
2.2 Current market 22
- 2.2.1 Key developments 23
2.3 Investment Landscape 24
2.4 Global government initiatives 25
2.5 Challenges for Quantum Technologies Adoption 26

3 QUANTUM COMPUTING 27

3.1 What is quantum computing? 27
- 3.1.1 Operating principle 27
- 3.1.2 Classical vs quantum computing 29
- 3.1.3 Quantum computing technology 31
  - 3.1.3.1 Quantum emulators 34
  - 3.1.3.2 Quantum inspired computing 35
  - 3.1.3.3 Quantum annealing computers 35
  - 3.1.3.4 Quantum simulators 35
  - 3.1.3.5 Digital quantum computers 35
  - 3.1.3.6 Continuous variables quantum computers 36
  - 3.1.3.7 Measurement Based Quantum Computing (MBQC) 36
  - 3.1.3.8 Topological quantum computing 36
  - 3.1.3.9 Quantum Accelerator 36
- 3.1.4 Competition from other technologies 37
- 3.1.5 Quantum algorithms 40
  - 3.1.5.1 Quantum Software Stack 41
  - 3.1.5.2 Quantum Machine Learning 41
  - 3.1.5.3 Quantum Simulation 42
  - 3.1.5.4 Quantum Optimization 42
  - 3.1.5.5 Quantum Cryptography 43
    - 3.1.5.5.1 Quantum Key Distribution (QKD) 43
    - 3.1.5.5.2 Post-Quantum Cryptography 44
- 3.1.6 Hardware 45
  - 3.1.6.1 Qubit Technologies 46
    - 3.1.6.1.1 Superconducting Qubits 47
      - 3.1.6.1.1.1 Technology description 47
      - 3.1.6.1.1.2 Materials 48
      - 3.1.6.1.1.3 Market players 50
      - 3.1.6.1.1.4 Swot analysis 52
    - 3.1.6.1.2 Trapped Ion Qubits 53
      - 3.1.6.1.2.1 Technology description 53
      - 3.1.6.1.2.2           Materials             55
        
        3.1.6.1.2.2.1        Integrating optical components 55
        
        3.1.6.1.2.2.2        Incorporating high-quality mirrors and optical cavities     56
        
        3.1.6.1.2.2.3        Engineering the vacuum packaging and encapsulation     56
        
        3.1.6.1.2.2.4        Removal of waste heat 56
      - 3.1.6.1.2.3 Market players 57
      - 3.1.6.1.2.4 Swot analysis 58
    - 3.1.6.1.3 Silicon Spin Qubits 59
      - 3.1.6.1.3.1 Technology description 59
      - 3.1.6.1.3.2 Quantum dots 60
      - 3.1.6.1.3.3 Market players 62
      - 3.1.6.1.3.4 SWOT analysis 64
    - 3.1.6.1.4 Topological Qubits 65
      - 3.1.6.1.4.1 Technology description 65
        
        3.1.6.1.4.1.1 Cryogenic cooling 66
      - 3.1.6.1.4.2 Market players 66
      - 3.1.6.1.4.3 SWOT analysis 67
    - 3.1.6.1.5 Photonic Qubits 68
      - 3.1.6.1.5.1 Technology description 68
      - 3.1.6.1.5.2 Market players 71
      - 3.1.6.1.5.3 Swot analysis 72
    - 3.1.6.1.6 Neutral atom (cold atom) qubits 73
      - 3.1.6.1.6.1 Technology description 73
      - 3.1.6.1.6.2 Market players 75
      - 3.1.6.1.6.3 Swot analysis 76
    - 3.1.6.1.7 Diamond-defect qubits 77
      - 3.1.6.1.7.1 Technology description 77
      - 3.1.6.1.7.2 SWOT analysis 80
      - 3.1.6.1.7.3 Market players 81
    - 3.1.6.1.8 Quantum annealers 81
      - 3.1.6.1.8.1 Technology description 81
      - 3.1.6.1.8.2 SWOT analysis 84
      - 3.1.6.1.8.3 Market players 84
  - 3.1.6.2 Architectural Approaches 85
- 3.1.7 Software 86
  - 3.1.7.1 Technology description 86
  - 3.1.7.2 Cloud-based services- QCaaS (Quantum Computing as a Service). 86
  - 3.1.7.3 Market players 87
3.2 Market challenges 91
3.3 SWOT analysis 93
3.4 Industry developments 2020-2023 94
3.5 Quantum computing value chain 103
3.6 Markets and applications for quantum computing 104
- 3.6.1 Pharmaceuticals 105
  - 3.6.1.1 Market overview 105
    - 3.6.1.1.1 Drug discovery 105
    - 3.6.1.1.2 Diagnostics 105
    - 3.6.1.1.3 Molecular simulations 106
    - 3.6.1.1.4 Genomics 106
    - 3.6.1.1.5 Proteins and RNA folding 107
  - 3.6.1.2 Market players 107
- 3.6.2 Chemicals 108
  - 3.6.2.1 Market overview 108
  - 3.6.2.2 Market players 109
- 3.6.3 Transportation 109
  - 3.6.3.1 Market overview 109
  - 3.6.3.2 Market players 112
- 3.6.4 Financial services 113
  - 3.6.4.1 Market overview 113
  - 3.6.4.2 Market players 113

4 QUANTUM CHEMISTRY AND ARTIFICAL INTELLIGENCE (AI) 115

4.1 Technology description 115
4.2 Applications 115
4.3 SWOT analysis 116
4.4 Market challenges 117
4.5 Market players 118

5 QUANTUM COMMUNICATIONS 119

5.1 Technology description 119
- 5.1.1 Types 119
- 5.1.2 Quantum Random Numbers Generators 120
- 5.1.3 Quantum Key Distribution (QKD) 122
- 5.1.4 Post-quantum cryptography 122
- 5.1.5 Quantum homomorphic cryptography 125
- 5.1.6 Quantum Teleportation 125
- 5.1.7 Quantum Networks 126
- 5.1.8 Quantum Memory 126
- 5.1.9 Quantum Internet 127
5.2 Applications 127
5.3 SWOT analysis 128
5.4 Market challenges 129
5.5 Market players 130

6 QUANTUM SENSING 133

6.1 Technology description 133
- 6.1.1 Quantum Sensing Principles 135
- 6.1.2 SWOT analysis 138
- 6.1.3 Atomic Clocks 139
  - 6.1.3.1 High frequency oscillators 140
    - 6.1.3.1.1 Emerging oscillators 140
  - 6.1.3.2 Caesium atoms 140
  - 6.1.3.3 Self-calibration 140
  - 6.1.3.4 Optical atomic clocks 141
    - 6.1.3.4.1 Chip-scale optical clocks 142
  - 6.1.3.5 Companies 143
  - 6.1.3.6 SWOT analysis 144
- 6.1.4 Quantum Magnetic Field Sensors 145
  - 6.1.4.1 Introduction 145
  - 6.1.4.2 Motivation for use 146
  - 6.1.4.3 Market opportunity 148
  - 6.1.4.4 Superconducting Quantum Interference Devices (Squids) 148
    - 6.1.4.4.1 Applications 148
    - 6.1.4.4.2 Key players 151
    - 6.1.4.4.3 SWOT analysis 152
  - 6.1.4.5 Optically Pumped Magnetometers (OPMs) 153
    - 6.1.4.5.1 Applications 153
    - 6.1.4.5.2 Key players 154
    - 6.1.4.5.3 SWOT analysis 155
  - 6.1.4.6 Tunneling Magneto Resistance Sensors (TMRs) 156
    - 6.1.4.6.1 Applications 156
    - 6.1.4.6.2 Key players 157
    - 6.1.4.6.3 SWOT analysis 158
  - 6.1.4.7 Nitrogen Vacancy Centers (N-V Centers) 159
    - 6.1.4.7.1 Applications 159
    - 6.1.4.7.2 Key players 160
    - 6.1.4.7.3 SWOT analysis 161
- 6.1.5 Quantum Gravimeters 162
  - 6.1.5.1 Technology description 162
  - 6.1.5.2 Applications 163
  - 6.1.5.3 Key players 166
  - 6.1.5.4 SWOT analysis 167
- 6.1.6 Quantum Gyroscopes 168
  - 6.1.6.1 Technology description 168
    - 6.1.6.1.1 Inertial Measurement Units (IMUs) 169
    - 6.1.6.1.2 Atomic quantum gyroscopes 170
  - 6.1.6.2 Applications 170
  - 6.1.6.3 Key players 172
  - 6.1.6.4 SWOT analysis 173
- 6.1.7 Quantum Image Sensors 174
  - 6.1.7.1 Technology description 174
  - 6.1.7.2 Applications 175
  - 6.1.7.3 SWOT analysis 176
  - 6.1.7.4 Key players 177
- 6.1.8 Quantum Radar 179
  - 6.1.8.1 Technology description 179
  - 6.1.8.2 Applications 181
- 6.1.9 Quantum chemical sensors 181
- 6.1.10 Quantum NEM and MEMs 182
  - 6.1.10.1 Technology description 182
6.2 Market and technology challenges 183

7 QUANTUM BATTERIES 185

7.1 Technology description 185
7.2 Types 186
7.3 Applications 187
7.4 SWOT analysis 188
7.5 Market challenges 189
7.6 Market players 189

8 MARKET ANALYSIS 190

8.1 Market map for quantum technologies 190
8.2 Key industry players 192
- 8.2.1 Start-ups 192
- 8.2.2 Tech Giants 193
- 8.2.3 National Initiatives 194
8.3 Investment funding 194
- 8.3.1 Venture Capital 196
- 8.3.2 M&A 197
- 8.3.3 Corporate Investment 197
- 8.3.4 Government Funding 198
8.4 Global market revenues 2018-2034 200
- 8.4.1 Quantum computing 200
- 8.4.2 Other segments 201
  - 8.4.2.1 Quantum sensors 201
  - 8.4.2.2 QKD systems 202

9 COMPANY PROFILES 203 (215 companies)

10 TERMS AND DEFINITIONS 361

11 REFERENCES 363

List of Tables

Table 1. First and second quantum revolutions. 21
Table 2. Global government initiatives in quantum technologies. 25
Table 3. Applications for quantum computing 28
Table 4. Comparison of classical versus quantum computing. 30
Table 5. Key quantum mechanical phenomena utilized in quantum computing. 31
Table 6. Types of quantum computers. 31
Table 7. Comparative analysis of quantum computing with classical computing, quantum-inspired computing, and neuromorphic computing. 37
Table 8. Different computing paradigms beyond conventional CMOS. 38
Table 9. Applications of quantum algorithms. 40
Table 10. QML approaches. 41
Table 11. Coherence times for different qubit implementations. 47
Table 12. Superconducting qubit market players. 50
Table 13. Initialization, manipulation and readout for trapped ion quantum computers. 54
Table 14. Ion trap market players. 57
Table 15. Initialization, manipulation, and readout methods for silicon-spin qubits. 62
Table 16. Silicon spin qubits market players. 62
Table 17. Initialization, manipulation and readout of topological qubits. 65
Table 18. Topological qubits market players. 66
Table 19. Pros and cons of photon qubits. 68
Table 20. Comparison of photon polarization and squeezed states. 69
Table 21. Initialization, manipulation and readout of photonic platform quantum computers. 70
Table 22. Photonic qubit market players. 71
Table 23. Initialization, manipulation and readout for neutral-atom quantum computers. 74
Table 24. Pros and cons of cold atoms quantum computers and simulators 75
Table 25. Neural atom qubit market players. 75
Table 26. Initialization, manipulation and readout of Diamond-Defect Spin-Based Computing. 77
Table 27. Key materials for developing diamond-defect spin-based quantum computers. 78
Table 28. Diamond-defect qubits market players. 81
Table 29. Pros and cons of quantum annealers. 82
Table 30. Quantum annealers market players. 84
Table 31. Quantum computing software market players. 87
Table 32. Market challenges in quantum computing. 91
Table 33. Quantum computing industry developments 2020-2023. 94
Table 34. Markets and applications for quantum computing. 104
Table 35. Market players in quantum technologies for pharmaceuticals. 107
Table 36. Market players in quantum computing for chemicals. 109
Table 37. Automotive applications of quantum computing, 109
Table 38. Market players in quantum computing for transportation. 112
Table 39. Market players in quantum computing for financial services 113
Table 40. Applications in quantum chemistry and artificial intelligence (AI). 115
Table 41. Market challenges in quantum chemistry and Artificial Intelligence (AI). 117
Table 42. Market players in quantum chemistry and AI. 118
Table 43. main types of quantum communications. 119
Table 44. Market players in post-quantum cryptography. 123
Table 45. Applications in quantum communications. 127
Table 46. Market challenges in quantum communications. 129
Table 47. Market players in quantum communications. 130
Table 48. Comparison between classical and quantum sensors. 133
Table 49. Applications in quantum sensors. 134
Table 50. Technology approaches for enabling quantum sensing 136
Table 51. Value proposition for quantum sensors. 137
Table 52. Key challenges and limitations of quartz crystal clocks vs. atomic clocks. 139
Table 53. New modalities being researched to improve the fractional uncertainty of atomic clocks. 141
Table 54. Companies developing high-precision quantum time measurement 143
Table 55. Key players in atomic clocks. 145
Table 56. Comparative analysis of key performance parameters and metrics of magnetic field sensors. 146
Table 57. Types of magnetic field sensors. 147
Table 58. Market opportunity for different types of quantum magnetic field sensors. 148
Table 59. Applications of SQUIDs. 148
Table 60. Market opportunities for SQUIDs (Superconducting Quantum Interference Devices). 150
Table 61. Key players in SQUIDs. 151
Table 62. Applications of optically pumped magnetometers (OPMs). 153
Table 63. Key players in Optically Pumped Magnetometers (OPMs). 154
Table 64. Applications for TMR (Tunneling Magnetoresistance) sensors. 157
Table 65. Market players in TMR (Tunneling Magnetoresistance) sensors. 157
Table 66. Applications of N-V center magnetic field centers 159
Table 67. Key players in N-V center magnetic field sensors. 160
Table 68. Applications of quantum gravimeters 163
Table 69. Comparative table between quantum gravity sensing and some other technologies commonly used for underground mapping. 163
Table 70. Key players in quantum gravimeters. 166
Table 71. Comparison of quantum gyroscopes with MEMs gyroscopes and optical gyroscopes. 168
Table 72. Markets and applications for quantum gyroscopes. 171
Table 73. Key players in quantum gyroscopes. 172
Table 74. Types of quantum image sensors and their key features/. 174
Table 75. Applications of quantum image sensors. 175
Table 76. Key players in quantum image sensors. 177
Table 77. Comparison of quantum radar versus conventional radar and lidar technologies. 180
Table 78. Applications of quantum radar. 181
Table 79. Market and technology challenges in quantum sensing. 183
Table 80. Comparison between quantum batteries and other conventional battery types. 185
Table 81. Types of quantum batteries. 186
Table 82. Applications of quantum batteries. 187
Table 83. Market challenges in quantum batteries. 189
Table 84. Market players in quantum batteries. 189
Table 85. Quantum technologies investment funding. 195
Table 86. Top funded quantum technology companies. 196

List of Figures

Figure 1. Quantum computing development timeline. 22
Figure 2.Quantum investments 2012-2022 (millions USD). 24
Figure 3. National quantum initiatives and funding. 25
Figure 4. An early design of an IBM 7-qubit chip based on superconducting technology. 28
Figure 5. Various 2D to 3D chips integration techniques into chiplets. 30
Figure 6. IBM Q System One quantum computer. 34
Figure 7. Unconventional computing approaches. 39
Figure 8. 53-qubit Sycamore processor. 42
Figure 9. Interior of IBM quantum computing system. The quantum chip is located in the small dark square at center bottom. 46
Figure 10. Superconducting quantum computer. 48
Figure 11. Superconducting quantum computer schematic. 49
Figure 12. Components and materials used in a superconducting qubit. 50
Figure 13. SWOT analysis for superconducting quantum computers:. 52
Figure 14. Ion-trap quantum computer. 53
Figure 15. Various ways to trap ions 54
Figure 16. Universal Quantum’s shuttling ion architecture in their Penning traps. 55
Figure 17. SWOT analysis for trapped-ion quantum computing. 59
Figure 18. CMOS silicon spin qubit. 59
Figure 19. Silicon quantum dot qubits. 61
Figure 20. SWOT analysis for silicon spin quantum computers. 64
Figure 21. SWOT analysis for topological qubits 67
Figure 22 . SWOT analysis for photonic quantum computers. 72
Figure 23. Neutral atoms (green dots) arranged in various configurations 73
Figure 24. SWOT analysis for neutral-atom quantum computers. 76
Figure 25. NV center components. 77
Figure 26. SWOT analysis for diamond-defect quantum computers. 80
Figure 27. D-Wave quantum annealer. 83
Figure 28. SWOT analysis for quantum annealers. 84
Figure 29. Quantum software development platforms. 86
Figure 30. SWOT analysis for quantum computing. 93
Figure 31. Quantum computing value chain. 103
Figure 32. SWOT analysis for quantum chemistry and AI. 117
Figure 33. IDQ quantum number generators. 121
Figure 34. SWOT analysis for quantum communications. 129
Figure 35. SWOT analysis for quantum sensors market. 138
Figure 36. NIST's compact optical clock. 142
Figure 37. SWOT analysis for atomic clocks. 144
Figure 38.Principle of SQUID magnetometer. 150
Figure 39. SWOT analysis for SQUIDS. 152
Figure 40. SWOT analysis for OPMs 156
Figure 41. Tunneling magnetoresistance mechanism and TMR ratio formats. 156
Figure 42. SWOT analysis for TMR (Tunneling Magnetoresistance) sensors. 159
Figure 43. SWOT analysis for N-V Center Magnetic Field Sensors. 161
Figure 44. Quantum Gravimeter. 162
Figure 45. SWOT analysis for Quantum Gravimeters. 167
Figure 46. SWOT analysis for Quantum Gyroscopes. 173
Figure 47. SWOT analysis for Quantum image sensing. 177
Figure 48. Principle of quantum radar. 179
Figure 49. Illustration of a quantum radar prototype. 180
Figure 50. Schematic of the flow of energy (blue) from a source to a battery made up of multiple cells. (left) 186
Figure 51. SWOT analysis for quantum batteries. 188
Figure 52. Market map for quantum technologies industry. 191
Figure 53. Tech Giants quantum technologies activities. 193
Figure 54. Quantum Technology investment by sector, 2022. 194
Figure 55. Quantum computing public and industry funding to mid-2023, millions USD. 199
Figure 56. Global market for quantum computing, 2023-2034 (billions USD). 200
Figure 57. Markets for quantum sensors, by types, 2018-2034 (Millions USD). 201
Figure 58. Markets for QKD systems, 2018-2034 (Millions USD). 202
Figure 59. Archer-EPFL spin-resonance circuit. 213
Figure 60. IBM Q System One quantum computer. 244
Figure 61. ColdQuanta Quantum Core (left), Physics Station (middle) and the atoms control chip (right). 248
Figure 62. Intel Tunnel Falls 12-qubit chip. 250
Figure 63. IonQ's ion trap 251
Figure 64. 20-qubit quantum computer. 253
Figure 65. Maybell Big Fridge. 262
Figure 66. PsiQuantum’s modularized quantum computing system networks. 285
Figure 67. SemiQ first chip prototype. 338
Figure 68. Toshiba QKD Development Timeline. 349
Figure 69. Toshiba Quantum Key Distribution technology. 350