Q-CTRLs $59 million Fund to Support the Quantum Technology Infrastructure

Published: 18 Nov 2024

Author: Precedence Research

Share :

In October of 2024, Q-CTRL, one of the most reputed companies in the quantum technology market recently made headlines. Q-CTRL were able to raise an additional amount of $59 million of funds for their latest round of building quantum computing infrastructure software. This will help the organization to understand and explore the potential of quantum technology. 

The presence of several key industry players and established technological hubs with specialization in quantum sensing technologies has made North America the biggest market for quantum technology. Meanwhile, Europe is keen and heavily investing in quantum technology with the EU (European Union), even establishing a flagship quantum program with a funding of 1 billion euros. 

The growing demand for high-precision measurement devices, funding and efforts from government and private institutes along with discovering applications in healthcare are factors that will help the quantum technology market growth. With companies like Q-CTRL, investing on development and innovations in quantum technology will further help the market. 

North America and Europe to Boom: Investments, Government Support and Service Potential

In particular, North America has emerged as the largest market for quantum technology. This region benefits from its established technological hubs, such as Silicon Valley and Boston, which are home to leading tech firms and research institutions working on quantum computing and quantum sensing technologies.

The European Union (EU) has recognized the potential of quantum technologies and has committed to advancing research in this area. In 2024, the EU launched a flagship quantum program, which has been allocated a budget of €1 billion to support the development of quantum technologies over the next decade.

• In addition to the EU’s €1 billion quantum program, other governments, including those in the United States and China, have also significantly increased funding for quantum research and development. 
• In the U.S., for instance, the National Quantum Initiative (NQI), launched in 2018, has already invested over $1.2 billion to support quantum research, with a particular emphasis on quantum sensors and quantum computing.

Quantum Technology Market Size and Growth 2024 to 2033

The global quantum technology market size was estimated at USD 1,323.99 million in 2024 and is expected to reach around USD 8,309.49 million by 2033, growing at a CAGR of 22.64% from 2024 to 2033.

Quantum Technology Market Key Insights

• North America dominated the quantum technology market in 2023.
• Europe has shown notable growth in recent years in the market.
• By quantum computers, the superconducting qubits segment is anticipated to show significant growth in the market over the foreseeable future.
• By quantum computers, the photonic quantum computing segment is expected to register the fastest growth in the market in the upcoming years.
• By quantum sensors, the atomic clocks segment dominated the market in 2023.
• By quantum sensors, the quantum magnetometers segment is projected to show the fastest growth in the market over the forecast period.
• By quantum communication, the quantum key distribution QKD segment dominated the market globally in 2023.
• By quantum communication, the quantum internet is anticipated to grow at a faster CAGR during the foreseen period.

Quantum Technology Market Major Companies

• IBM
• Alibaba Group
• D-Wave Systems
• Toshiba
• IonQ
• Rigetti Computing
• QC Ware
• Microsoft
• Xanadu
• Honeywell Quantum Solutions
• Zapata Computing
• Amazon Web Services
• Rigetti Computing
• Intel

Recent Highlights 

• Many governments and private institutes and organizations are pouring resources into research and development efforts to find innovative applications of quantum sensors and quantum technology for various industries. 
• In April 2024, Q.ANT, a leader in quantum technology took a step towards innovation in human interface technology with a new sensor. This one-of-a-kind sensor will be more precise, can measure the finest electrical currents via a magnetic field enabling native and intuitive access to the biosignals. 
• In February 2024, Qnami announced that it will bring a quantum platform for sensing applications to East Asia. This will be accomplished in partnership with Quantum Design Japan and Quantum Design Korea. 

We’ve prepared a service to support you. please feel free to contact us at sales@precedenceresearch.com | +1 804 441 9344