Northbrook, IL 60062 -- (SBWire) -- 09/26/2023 --The Quantum Photonics Market size is valued at USD 0.4 billion in 2023 and is anticipated to be USD 3.3 billion by 2030; growing at a CAGR of 32.2% from 2023 to 2030 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the quantum photonics market include rising demand for secure communication, and growing investment in quantum photonics computing. Furthermore, the growth is being fueled by the potential for quantum supremacy.

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Services hold the second largest market share during the forecast period.

Cloud-based quantum photonics services utilize the power of quantum photonics to perform complex tasks such as optimization, simulation, and data analytics. Leading providers of quantum photonics services include Xanadu (Canada), and Quandela (France). Quantum photonics technology enables the creation of qubits that can exist simultaneously in multiple states, resulting in greater computing power than traditional computers that use classical bits. Qubits can be manipulated and controlled using photonics, making quantum photonics a promising technology for solving complex problems. Despite being in its early stages, quantum photonics is experiencing significant advancements and is poised to revolutionize various industries.

Quantum computing is expected to grow at the fastest rate during the forecast period.

With its ability to perform complex calculations beyond classical computers, quantum computing experiences significant growth in the field of quantum- photonic technology. By leveraging the unique properties of photons, such as their ability to encode and manipulate quantum information, quantum- photonic systems offer advantages-in-quantum-computing and communication. The ability to manipulate qubits- using photons enables highly efficient and scalable quantum computing systems. Moreover, the integration of quantum- photonics-in-quantum-computing holds the potential for developing highly-secure- communication systems based on the principles of quantum mechanics. As a result, the quantum- computing segment is expected to grow rapidly as it unlocks new possibilities in computational power-and- secure communication.

Banking & finance is expected to hold the larger share during the forecast period.

The banking & finance sector is expected to dominate the quantum photonics industry during the forecast period. Several growth factors contribute to this trend, including the ability of quantum photonics to enable real-time data analysis, secure financial transactions with advanced encryption algorithms, detect and prevent fraud, improve investment decisions through data-driven insights, and provide accurate credit risk assessments. These factors drive industry adoption and foster innovation in the sector as financial institutions seek to leverage the potential of quantum photonics to enhance efficiency, security, and decision-making in their operations.

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Asia Pacific to grow at the fastest CAGR during the forecast period.

The Asia Pacific region is expected to grow at the fastest CAGR in the quantum photonics market during the forecast period. Many Asian countries, notably China, Japan, South Korea, Singapore, and Australia, invest heavily in quantum technology R&D through government-funded projects. These projects are focused on boosting quantum photonic computing R&D, helping stimulate innovation in the sector. In addition, the Asia Pacific region is investing in education and training initiatives to produce the next generation of quantum technology researchers and professionals. Universitiesersities and research institutes here provide specialized programs in quantum technology and related subjects, preparing students to contribute to the progress of the quantum photonic computing sector.

Toshiba (Japan), Xanadu (Canada), Quandela (France), ID Quantique (Switzerland), ORCA Computing (UK), and PsiQuantum (US), are the major players in quantum photonics companies. These players have implemented various strategies to extend their global reach and enhance their market share.