Chicago, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The Quantum Photonics Market Size by Offering (Systems, and Services), Application (Quantum Communications, Quantum Computing, and Quantum Sensing & Metrology), Vertical (Banking & Finance, Agriculture & Environment) and Region - Global Forecast to 2030. The quantum photonics market Industry is highly competitive. It is marked by the presence of a few tier-1 companies, such as Toshiba (Japan), Xanadu (Canada), Quandela (France), and ID Quantique (Switzerland).These companies have created a competitive ecosystem by investing in research and development activities to launch highly efficient and reliable quantum photonics solutions.
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Quantum Photonics Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $0.4 billion |
| Estimated Value by 2030 | $3.3 billion |
| Growth Rate | Poised to grow at a CAGR of 32.2% |
| Market Size Available for | 2020–2030 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Offering, Application, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Key Market Challenge | Experimental constraints in quantum photonics computing |
| Key Market Opportunities | Advancements in quantum communications |
| Key Market Drivers | Rising demand for secure communication |
Quantum Photonics Market Size Dynamics
Driver: Rising demand for secure communication
The need for more reliable and secure communication systems at a time of rising cyber threats is driving the rising need for secure communication in quantum photonics. Classical cryptography-based traditional communication systems are susceptible to hacking and eavesdropping, but quantum computing presents a viable answer to these security issues.
Restraint: Regulatory challenges can hinder quantum photonics adoption and commercialization
Regulations can be a significant obstacle for companies seeking to develop and commercialize quantum photonics technology. These regulations can come from a variety of sources, such as data privacy, intellectual property, export controls, safety regulations, and standards and interoperability. For example, strict data privacy regulations in finance and healthcare may require additional security measures to comply, while patent disputes and licensing agreements can add complexity and cost to development. Export controls and safety regulations may also delay deployment.
Opportunity: Advancements in quantum communications
Researchers working on quantum communication are concentrating on creating safe communication protocols that make advantage of entanglement and superposition. Quantum key distribution, which enables the safe exchange of cryptographic keys between two parties, is one of the most promising uses of quantum communication.
Challenge: Experimental constraints in quantum photonics computing
Quantum photonics computing is a new area of study that intends to employ photons, which are light particles, to carry and analyze quantum information. While this technology has the potential to revolutionize computing, various obstacles must be overcome before it can be implemented in practice. The area of quantum photonics computing has recently experienced various hurdles that have hindered its development toward practical applications. Experimental constraints provide a substantial hurdle to quantum photonics.
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Quantum Photonics Companies - Xanadu (Canada) and PsiQuantum (US) are the Key Players
Xanadu
Xanadu is one of the leaders in the quantum photonics market. With its pioneering photonic quantum computing technology, the firm has built strong partnerships with leading research institutions and offers a comprehensive software platform for quantum computing. It has developed a photonic quantum computer named Borealis which offers users access to quantum computational power that outperforms classical computers by a significant margin. Xanadu designs its chips in-house and then sends the designs to foundries to be manufactured using silicon components.
PsiQuantum
PsiQuantum is focused on developing a large-scale, error-corrected quantum computer based on photonic technology. The company aims to build the world's first utility-scale quantum computer that will enable quantum advantage and revolutionize computing capabilities. It has formed a subsidiary called Qlimate, dedicated to using quantum computing to solve computational problems for climate change.
Related Reports:
The silicon photonics market in Asia Pacific is expected to grow at the highest rate, driven by the growing use of silicon photonics in telecommunication, data center, and high-performance computing applications.
https://www.marketsandmarkets.com/Market-Reports/silicon-photonics-116.html
