Quantum tech revenue started growing double digit in revenue
Though small in size Quantum tech is coming out of labs into commercial landscale where its revenue started growing double digit.
Yole estimated the total market for quantum technologies (computing, cryptography, sensing) to grow to US$2.9 billion in 2030. Yole forecasts 18% and 30% CAGR for 2020-2025 and 2020-2030, respectively.
The three main market segments, quantum computing, quantum sensing / timing, and cryptography, will grow nicely between 2020 and 2030 to reach, respectively, US$1,147 million, US$598 million, and US$1,163 million.
Its getting more into application such as drug development/pharma with energy, chemistry, transportation, banks, and finance also showing interest in quantum tech.
Yole says it will take many years (maybe 20 to 30) before quantum is extensively used in medical and pharma applications but finds Quantum computing will be ready to be used in 5-10 years for drug development (when there is already an identified drug candidate).
Yole says "Since 2012, almost US$2 billion (including computing, software, cryptography, and sensors) have been invested in about 80 start-ups, with companies developing hardware receiving the largest share (60+%).
Largest investments are in North America: PsiQuantum (photonic quantum processor), D-Wave (superconducting qubits), IonQ (trapped ions), Rigetti. Europe also has a quantum champion with IDQ in Switzerland."
“Quantum technology covers a wide range of applications addressing key industrial simulation and optimization challenges.” asserts Eric Mounier, Ph.D., Director of Market Research at Yole Développement (Yole).
He adds: “These span chemicals/materials research, logistics, financial services, healthcare, life science, manufacturing and defense, drug discovery, protein structure prediction, investment risk analysis, feedstock management, vehicle routing, and network optimization. It is also a critical national issue for many countries as it addresses secure communications and database management linked to national security.”
Yole predicts the total value for quantum technologies, including computing, cryptography, and sensing, will grow from about US$340 million in 2020 to US$2.9 billion in 2030. QaaS will be 65% of the total.
Canada based D Wave makes quantum annealers using 2,000 to 5,000 qubits where these Ising machines are today restricted to optimization problems.
There is also trend of development of quantum accelerators which are used in conjunction with CPUs and GPUs or FPGAs in HPCs .
Author: Srinivasa Reddy N