PUBLISHER: The Business Research Company | PRODUCT CODE: 1527113
PUBLISHER: The Business Research Company | PRODUCT CODE: 1527113
Quantum chips are advanced semiconductor devices engineered to operate quantum bits (qubits) in quantum computing, harnessing principles of quantum mechanics for faster complex calculations compared to classical computers. These chips facilitate quantum superposition and entanglement, enabling qubits to process multiple states simultaneously.
The primary categories of quantum chips include superconducting, semiconductors, ion trap, and others. Superconducting quantum chips employ superconducting materials to create qubits within circuits, serving diverse applications such as IT, telecom, BFSI, aerospace, defense, research, and academia.
The quantum chips market research report is one of a series of new reports from The Business Research Company that provides quantum chips market statistics, including the quantum chips industry global market size, regional shares, competitors with quantum chips market share, detailed quantum chips market segments, market trends, and opportunities, and any further data you may need to thrive in the quantum chips industry. These quantum chips market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The quantum chip market size has grown exponentially in recent years. It will grow from $0.11 billion in 2023 to $0.15 billion in 2024 at a compound annual growth rate (CAGR) of 43.8%. The expansion in the historical period can be ascribed to a surge in the demand for quantum chips, the innovation of novel superconducting chip configurations, heightened concerns regarding security threats prompting organizations to utilize these chips for data protection, augmented investments by key stakeholders in research and development endeavors, and a growing trend of collaborations and partnerships among industry participants.
The quantum chip market size is expected to see exponential growth in the next few years. It will grow to $0.66 billion in 2028 at a compound annual growth rate (CAGR) of 43.9%. The growth projected for the upcoming period can be traced back to escalating investments by governmental bodies and private entities, the widening integration of quantum computing in commercial sectors, a rising need for heightened computational capabilities, progressions in quantum computing algorithms and software, and enhancements in quantum hardware and chip designs. Notable trends anticipated in the forecast period encompass technological advancements, the advent of quantum supremacy and quantum advantage, strides in quantum communication and cryptography, the uptake of quantum machine learning and artificial intelligence, and an increasing frequency of collaborations and partnerships among industry stakeholders.
The increasing demand for secure communication and data protection is set to drive the growth of the quantum chip market in the foreseeable future. Secure communication involves safeguarding data during transmission, while data protection encompasses measures to ensure data security throughout its lifecycle, including storage, processing, and transmission. The rising instances of cyber threats, data breaches, and the escalating importance of personal and corporate data in the digital era are fueling the need for secure communication and data protection. Quantum chips play a crucial role in enhancing secure communication and data protection by enabling quantum key distribution (QKD) for generating unbreakable encryption keys and supporting quantum-resistant encryption algorithms to protect sensitive information against potential threats from quantum computing. For example, in January 2022, the Identity Theft Resource Center reported a record-breaking 68% increase in compromised data incidents in 2021, reaching 1,862 incidents, emphasizing the urgency for enhanced security measures. Hence, the growing demand for secure communication and data protection is a driving force behind the quantum chip market's growth.
Key players in the quantum chip market are focusing on developing silicon chips to enhance quantum computing capabilities. Silicon chips, semiconductor devices made from silicon known for their excellent semiconductor properties, are being adapted to host quantum bits (qubits) for quantum computing. Silicon-based qubits offer reliability and scalability, with the potential for densely packed qubits on a single chip. For instance, in June 2023, Intel Corporation unveiled Tunnel Falls, a 12-qubit silicon-based chip utilizing silicon spin-qubit technology. Fabricated using cutting-edge 300mm wafer technology in the D1 fabrication facility, Intel emphasizes the superiority of silicon spin qubits due to their compatibility with state-of-the-art transistors.
In November 2021, Honeywell Quantum Solutions merged with Cambridge Quantum (CQ) to form Quantinuum, an advanced standalone quantum computing company. This merger combines Honeywell's expertise in manufacturing ion-trap quantum chips with Cambridge Quantum's software capabilities, enabling the development of more sophisticated quantum computing systems by optimizing the hardware-software stack. Cambridge Quantum specializes in quantum chemistry, quantum machine learning, quantum natural language processing, and quantum cybersecurity.
Major companies operating in the quantum chip market are Google LLC, Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Honeywell International Inc., Fujitsu Limited, Thorlabs Inc., Quantum Machines, Xanadu, ID Quantique SA., ORCA Computing Limited, Quantum Motion, PsiQuantum, Rigetti & Co LLC, Atom Computing Inc., Quandela, IonQ Inc., Classiq, SeeQC Inc., D-Wave Quantum Inc., Archer Materials Limited, Silicon Quantum Computing, Qubitekk Inc., Quantum Computing Inc.
North America was the largest region in the quantum chip market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum chip market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the quantum chip market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The quantum chip market includes revenues earned by entities by providing services such as quantum computing, quantum cryptography, quantum sensing, and quantum communication. The market value includes the value of related goods sold by the service provider or included within the service offering. The quantum chip market also includes sales of sales of photonic chips, semiconductor spin qubits, superconducting chips, and trapped ion chips. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Quantum Chip Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on quantum chip market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for quantum chip ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The quantum chip market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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