The three main market segments are quantum computing, quantum sensing/timing and cryptography. Sensing and timing are the present leaders with quantum computing in a distant third. Yole predicts the big boom in quantum computing – taking it to lead the sector – will not come until after 2025.

Market forecast for quantum technologies. Source: Yole Developpement.

In terms of applications, pharmaceutical is today attracting most of the attention for quantum computing. However, it will take many years (maybe 20 to 30) before quantum is extensively used in medical and pharma applications. Deployment for other applications, such as energy, chemistry, transportation, banks and finance could follow but would be in 10+ years’ time.

Investors have been showing interest in quantum startups since 2012 with 2020 being particularly active. About US$2 billion has been invested in about 80 startups across quantum computing, software, cryptography and sensors, said Yole.

Startup examples include PsiQuantum, D-Wave, IonQ, Rigetti in North America and IDQ in Switzerland, said Yole.

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