Quantum market to grow from $838 million in 2024 to $1,832 million in 2029

Yole forecasts quantum market to grow from US$838 million in 2024 to US$1,832 million in 2029, with a 17% CAGR 24-29. Several qubit technologies continue to vie for prominence, indicating the likelihood of a diverse array of approaches coexisting in the future. Every year witnesses the emergence of new players, with the collective hope of realizing commercial use cases in the near future. Quantum technologies encompass computing, communication, and sensing, with quantum computing playing a pivotal role in simulation, optimization, and AI . While research and development efforts and investments predominantly target quantum computing, there is a growing interest in quantum networking and ultra-sensitive sensors. Eric Mounier, Ph.D., Chief Analyst, Photonics & Sensing at Yole Group says “Forecasts anticipate significant growth in quantum computing hardware and Quantum as a Service, reaching US$438 million and US$528 million, respectively, by 2029. Quantum communication, propelled by Quantum Key Distribution and Quantum Random Number Generator, is projected to expand its market to US$249 million by the same year. Despite its niche status, quantum sensing offers precise measurement capabilities across various parameters, with a projected market value of US$617 million by 2029.”
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