The report "Quantum Photonics Market Size by Offering (Systems, and Services), Application (Quantum Communications, Quantum Computing, and Quantum Sensing & Metrology), Vertical (Banking & Finance, Agriculture & Environment) and Region - Global Forecast to 2030" The quantum photonics market size is valued at USD 0.4 billion in 2023 and is anticipated to be USD 3.3 billion by 2030; growing at a CAGR of 32.2% from 2023 to 2030. The key factors contributing to the growth of the quantum photonics market include rising demand for secure communication, and growing investment in quantum photonics computing. Furthermore, the growth is being fueled by the potential for quantum supremacy.
Services hold the second
largest market share during the forecast period.
Cloud-based quantum
photonics services utilize the power of quantum photonics to perform complex
tasks such as optimization, simulation, and data analytics. Leading providers
of quantum photonics services include Xanadu (Canada), and Quandela (France).
Quantum photonics technology enables the creation of qubits that can exist
simultaneously in multiple states, resulting in greater computing power than
traditional computers that use classical bits. Qubits can be manipulated and
controlled using photonics, making quantum photonics a promising technology for
solving complex problems. Despite being in its early stages, quantum photonics
is experiencing significant advancements and is poised to revolutionize various
industries.
Quantum computing is
expected to grow at the fastest rate during the forecast period.
With its ability to
perform complex calculations beyond classical computers, quantum computing
experiences significant growth in the field of quantum- photonic technology. By
leveraging the unique properties of photons, such as their ability to encode
and manipulate quantum information, quantum- photonic systems offer
advantages-in-quantum-computing and communication. The ability to manipulate
qubits- using photons enables highly efficient and scalable quantum computing
systems. Moreover, the integration of quantum- photonics-in-quantum-computing
holds the potential for developing highly-secure- communication systems based
on the principles of quantum mechanics. As a result, the quantum- computing
segment is expected to grow rapidly as it unlocks new possibilities in
computational power-and- secure communication.
Banking & finance is
expected to hold the larger share during the forecast period.
The banking &
finance sector is expected to dominate the quantum photonics market during the
forecast period. Several growth factors contribute to this trend, including the
ability of quantum photonics to enable real-time data analysis, secure financial
transactions with advanced encryption algorithms, detect and prevent fraud,
improve investment decisions through data-driven insights, and provide accurate
credit risk assessments. These factors drive industry adoption and foster
innovation in the sector as financial institutions seek to leverage the
potential of quantum photonics to enhance efficiency, security, and
decision-making in their operations.
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Asia Pacific to grow at
the fastest CAGR during the forecast period.
The Asia Pacific region is
expected to grow at the fastest CAGR in the quantum photonics market during the
forecast period. Many Asian countries, notably China, Japan, South Korea,
Singapore, and Australia, invest heavily in quantum technology R&D through
government-funded projects. These projects are focused on boosting quantum
photonic computing R&D, helping stimulate innovation in the sector. In
addition, the Asia Pacific region is investing in education and training
initiatives to produce the next generation of quantum technology researchers
and professionals. Universitiesersities and research institutes here provide
specialized programs in quantum technology and related subjects, preparing
students to contribute to the progress of the quantum photonic computing
sector.
Toshiba (Japan), Xanadu
(Canada), Quandela (France), ID Quantique (Switzerland), ORCA Computing (UK),
and PsiQuantum (US), are the major players in quantum photonics market. These
players have implemented various strategies to extend their global reach and
enhance their market share.
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