Quantum technology exists in unsuspecting places, including cameras, computers, and smartphones. While quantum technology research has existed in various forms for over a hundred years, the 21st century saw an increased effort towards commercialization, and the market segments of quantum sensing, quantum computing and quantum communications emerged. IDTechEx‘s latest report, “Quantum Technology Market 2024-2034: Trends, Players, Forecasts”, goes into detail.
Quantum sensing
New applications can be enabled thanks to the increased sensitivity of quantum sensors. Precision clocks and gyroscopes can make for better navigational systems that can maintain functionality in environments without GPS access, which could be highly sought after with the developments of autonomous vehicles. However, challenges can arise with miniaturizing these sensors and optimizing their weight and cost to be suitable for high-volume markets. IDTechEx report, “Quantum Sensors Market 2024-2044”, provides more in-depth research.
Wearable brain scanning helmets that use quantum magnetic field sensors are a new application that utilizes the high sensitivity and high-resolution abilities of quantum technology. Unlike other applications, they don’t need to be cooled or kept in a set of too-specific conditions to work, so they can be used on children while they play or on people who might find it tricky keeping still for periods of time.
Underground mapping is another use for quantum sensing discussed in IDTechEx’s report.
Utilities companies can utilize gravimeters to gather information about underground layouts – information which can eventually be stored and accessed from one place which could save time and money in the future.
IDTechEx forecasts the quantum sensor market to reach US$7.1billion in 2044, with larger applications like consumer electronics and the autonomous vehicle industry being further away, perhaps in the 2040s and beyond.
New and improved computing
Solving current and new problems much faster is a driving force behind the development of quantum computing. They are currently most valuable within markets that have big optimization or simulation problems with a higher number of variables to consider, such as in aerospace, automotives, chemical and pharma, and finance. Classical computers may take an unimaginable length of time to solve problems such as this, which is where quantum computers come in.
Qubits are a hot topic in this specific area of quantum tech, as the number of them can represent certain capabilities of solving complex problems faster than ever seen before. The competition amongst companies to produce the most amount of perfect or logical qubits (formed by large amounts of individual qubits put together to eradicate errors), is high, due to the subsequent increased commercial value that can be achieved. Material discovery and new methods for sustainable energy security is one example of the role quantum computing can play in large industries. Alongside qubit number, speed and quantum volume are other benchmarks that companies in the industry will strive to prove successful in. See IDTechEx’s report, “Quantum Computing Market 2024-2044: Technology, Trends, Players, Forecasts”, for more details.
Security and communication
The cryptographic abilities of quantum technology can pose a threat to authentication algorithms and security, with the potential to break codes and hack data security on a national level. Despite the probability of this not being for another 5-10 or more years according to IDTechEx, institutions may use this warning to improve their security systems with quantum solutions for encryption and random number generating. The IDTechEx report, “Quantum Communication Market 2024-2034: Technology, Trends, Players, Forecasts”, can provide more insight.
IDTechEx highlights some challenges within these areas of quantum technology, including a lack of standardized testing, unclear scale-up timelines, and a lack of quantum talent, which could prevent these technologies from reaching their full potential. The next 5 years will likely see future markets being brought up to speed, and education taking priority, to fully harness the abilities of quantum technology.
