Quantum Photonics Market to Reach $ 5.3 Billion, Globally, by 2032 at 33.2% CAGR: Allied Market Research

The quantum photonics market is driven by factors such as an increase in demand for secure communication, and advancements in quantum technologies.

PORTLAND, Ore., Aug. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Quantum Photonics Market by Offering (Systems, Services), By Application (Quantum Communication, Quantum Computing, Quantum Sensing and Metrology), By Verticals (Banking and Finance, Space and Defense, Healthcare, Transportation and Logistics, Government, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global quantum photonics market was valued at $0.3 billion in 2022, and is projected to reach $5.3 billion by 2032, registering a CAGR of 33.2% from 2023 to 2032.

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Quantum photonics involves the scientific investigation and management of light particles, which are referred to as photons, on the quantum scale, where their conduct is controlled by the principles of quantum mechanics. This field focuses on comprehending and exploiting the distinct quantum attributes of photons in order to accomplish a diverse array of practical uses. These uses involve applications in quantum communication, cryptography, computation, and sensing. The primary goal of quantum photonics is to tap into the distinctive quantum traits of photons and handle them at levels as minute as atoms and subatomic particles. This pursuit leads to the development of advanced technologies and commercial applications.

Prime determinants of growth 

The quantum photonics market is anticipated to expand significantly during the forecast period owing to an increase in demand for secure communication. In addition, advancements in quantum technologies fuel market growth. Additionally, quantum photonics is anticipated to benefit owing to the increase in demand for secure and high-performance solutions and is expected to present enormous opportunities for the market over the forecast period. On the other hand, high cost in manufacturing process is anticipated to restrain the market growth during the forecast period. 

Report coverage & details:

Covid-19 Scenario

• The COVID-19 pandemic had mixed effects on the quantum photonics market. On one hand, disruptions in the supply chain and manufacturing led to delays in quantum photonics-related projects and deployments. However, increased reliance on digital technologies during the pandemic drove interest in quantum computing, boosting investments and research efforts. Remote work and collaborations accelerated the adoption of cloud-based quantum solutions, including quantum cloud services, as organizations sought more accessible computational resources for various applications.
• However, the full impact of the pandemic on the quantum photonics market remains subject to ongoing developments in the global economy and the technology landscape.

The Systems segment to maintain its leadership status throughout the forecast period.

Based on offering, the system segment held the highest market share in 2022, accounting for nearly three-fifths of the global quantum photonics market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to growing investments in R&D from both private and public sectors support the advancement of quantum photonics systems. Moreover, the same segment is projected to manifest the highest CAGR of 33.79% from 2023 to 2032, driven by the advancements in quantum technologies, such as quantum computing, quantum communication, and quantum sensing.

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The Quantum Computing segment estimated to maintain its leadership status throughout the forecast period.

Based on application, the quantum computing segment held the highest market share in 2022, accounting for more than one-third of the global quantum photonics market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 33.94% from 2023 to 2032 due to the emergence of quantum cloud services that allows organizations to access quantum computing resources without having to build and maintain their quantum hardware. These trends and growth factors present significant opportunities for quantum photonics providers in the quantum computing segment.

The Banking and Finance segment is projected to maintain its leadership status throughout the forecast period.

Based on verticals, the Banking and Finance segment held the highest market share in 2022, accounting for more than one-fourth of the global quantum photonics market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing threat of cyber-attacks and data breaches in the financial industry, the adoption of quantum key distribution (QKD) is expected to gain momentum. The same segment is projected to manifest the highest CAGR of 35.59% from 2023 to 2032 due to greater emphasis on secure communication. These factors collectively create a strong demand for quantum photonics in the banking and finance sector.

North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global quantum photonics market revenue. Moreover Asia-Pacific region is expected to witness the fastest CAGR of 34.15% from 2023 to 2032, owing to rapid industrialization and increasing investment in quantum technology R&D through government-funded projects which are fueling the growth of the market in this region.

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 Leading Market Players: -

• TOSHIBA CORPORATION
• XANADU
• QUANDELA
• ID QUANTIQUE
• ORCA COMPUTING LIMITED
• PSIQUANTUM
• TUNDRASYSTEMS GLOBAL LTD.
• QUIX QUANTUM BV
• IBM CORPORATION
• MAGIQ TECHNOLOGIES, INC.

The report provides a detailed analysis of these key players of the global quantum photonics market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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