IDTechEx Report on Quantum Technology

Nano-scale Physics for Massive Market Impact

BOSTON, April 29, 2024 /PRNewswire/ -- The quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions. In this article, IDTechEx provides an overview of the insights on offer in the recently published report, "Quantum Technology Market 2024-2034: Trends, Players, Forecasts".

Quantum computing market

Quantum computing is being developed in a range of hardware platforms, including superconducting, trapped-ion, neutral atom, silicon-spin, photonic, diamond, and more. Competition is building between start-ups and established computer manufacturers alike to demonstrate a quantum advantage in computational speed up through the use of qubits in place of classical bits. Quantum computing is just beginning to be adopted to solve industry scale optimization and logistics problems, but it holds promise of going much further. In particular, future applications within simulation are anticipated to hugely accelerate drug discovery and the search for more sustainable energy alternatives. The quantum space race is underway, with governments worldwide anxious to capture the value and security that becoming a world leader in the quantum computing market would offer.

Quantum sensing market

In many ways, the platforms developed for quantum computing have origins in development for quantum sensing. The sensitivity of quantum states to environmental noise - which is such a challenge in computing - can be harnessed in sensing for highly sensitive measurements of time, magnetic field, current, gravity, light, and movement. As such, quantum sensors have applications such as atomic clocks, magnetometers, photo-detectors, gravimeters, accelerometers, gyroscopes, and more. However, the market demands in the sensor market vary significantly from high-performance computing – leading to a distinct set of opportunities and challenges. To compete with incumbent sensor technology, quantum sensors must not only offer a significant performance advantage but also be commercialized into a small, low power and cost-effective package.