IQT Research’s New Report Estimates Revenues from Quantum Sensors to Reach $1.9 Billion in 2032

NEW YORK, Nov. 7, 2023 /PRNewswire/ — IQT Research, a quantum technology industry analysis firm based here, has just published its latest forecast for the quantum sensing market. The report, “Quantum Sensors: Market Evolution 2023 to 2032” shows the market for quantum sensors growing from $743 million in 2023 to $1.9 billion in 2032. 

About the Report:
This report explores the business opportunities in the quantum sensor markets and the strategies of the major companies producing quantum sensor devices. It covers the following devices: CSACs and Quantum Clocks, Quantum Magnetic Sensors, Quantum Gravitometers, Quantum LiDAR, Single-Photon Detectors and more. Each of these products are considered within a wide variety of markets including Defense, Medical/Healthcare, Internet-of-Things, Computer and Communications, Smart Grids, Navigation and Transportation, Construction, Oil and Gas, Financial Services, and R&D.

Among the major firms currently moving into this space are SandboxAQ (a Google spinout) and Infleqtion. Bosch now has set up a special division focused entirely on quantum sensors. Other firms in the quantum sensor space comprise AOSense, Atomionics, Element 6, GEM Systems, Honeywell, Miraex, M Squared Lasers, Muquans/iXBlue, Nomad Atomics, NuCrypt, QLM, Qnami, QZabre, Single Quantum, and SBQuantum. All these firms are profiled in this new IQT Research report, which also provides ten-year forecasts of quantum sensors with breakouts by sensor type and end-user market. These forecasts are also supplied to purchasers of the report in a separate Excel sheet.

For a sample of this report, click on Request Excerpt.

From the Report: 

  • Although the “quantumization” of sensors is progressing fast, the market for quantum sensors is currently focused on the medical/healthcare segment and magnetometers. According to IQT Research quantum magnetometers will account for almost all the revenues from quantum sensors in 2023, but just half of it in 2032. Even more dramatically, the dominance of the healthcare segment will decline from around 60 percent of the quantum sensor market to approximately 6 percent 2032. Although defense is the only end user sector that has the potential to use just about any quantum sensor, IQT research believes that the two growth markets for quantum sensors in the future will be navigation/transportation and construction.

  • All seven base units from which all measurement units in the metric system are derived, are now defined with respect to fundamental physical constants of nature rather than a specific, physical artifact. This means that the values are specified exactly based on measurement to a very precision that is in many cases of the order of parts in a billion. It seems that quantum sensors will play a fundamental role here.

  • If the Quantum Internet-of-Things (QIoT) takes off commercially this will provide a massive boost for the quantum sensor market, since many quantum sensors will sit at the nodes of this network. However, the path to the QIoT is littered with many uncertainties including the appearance of miniaturized quantum processing units (QPUs) and the development of a Quantum Internet.

About IQT Research:
IQT Research is a division of 3DR Holdings, and the first industry analyst firm dedicated to meeting the strategic information and analysis needs of the emerging quantum technology sector. In addition to publishing reports on critical business opportunities in the quantum technology sector, Inside Quantum Technology produces a daily news website on business-related happenings in the quantum technology field.

3DR Holdings also organizes Inside Quantum Technology World Tour of Conferences. The next conference Inside Quantum Technology The Hague will be devoted to quantum communications and security and will be held on April 22-24, 2024, in the Netherlands.

For more details on the report, contact:
Lawrence Gasman

Telephone: 434-825-1311

Press Contact: 
Jake Thomas

(248) 382-8043