Quantum Sensors Market Competitive Landscapes, Market Forecast to 2020-2027
Market Research Future published a research report on “Quantum Sensors Market Research Report- Forecast 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
The Quantum Sensors Market will witness a healthy growth from 2018 to 2023, a research report suggests. Growing at a CAGR of 5.49%, the market is projected to reach US$300 million by 2023. The growth in the IoT sector is expected to support the market growth along with the rising adoption of these sensors in various measuring devices. As predicted by analysts, the extreme sensitivity of quantum sensing will negatively affect the market’s performance from 2018 to 2023. During the forecast period, the market will be supported by the growing application areas and the rising demand from different industry verticals. Low research and development budgets on the other hand will challenge the internet of things based organizations functioning in the Global Quantum Sensors Market. Analysts have split the market into products and vertical segments based on products and services. the internet of things based companies have been profiled. The conflict between isolating the sensitive quantum states is set to affect the global market during the forecast period 2018 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of the internet of things based organizations to help new entrants and established businesses. The internet of things sector itself is supported by consumers’ growing inclination towards convenience as well as the increasing demand from manufacturers across different sectors. During the forecast period 2018 to 2023, the Quantum Sensors Market is set to witness a health growth across products and vertical segments as well as regional markets.
The global Quantum Sensors Market is profiting from the competition among players like AOSense, METER Group Spectrum Technologies Inc., GWR Instruments Inc., and Adcon Telemetry Gmbh, and others. AOSense is already creating buzz by creating devices for NASA to help them understand the earth’s structure. MRFR analysts have considered their past moves to gauge what trends inspired them and how the market can benefit from it.
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The key market players functioning in the global market as identified by MRFR are Gemalto (Netherlands), Paypal Inc, Intuit Inc. (U.S.), Square, Inc., Payanywhere Llc (U.S.), First Data Corporation (U.S.), CPI Card Group Inc. (U.S.), Paynear One Solutions (India), Infineon Technologies Ag (Germany), Mahindra Comviva (India) And Others.
The internet of things sector has seen growth across products and vertical segments owing to the presence of many untapped opportunities across the market and the surging usage across different industries. To study the market, analysts have further segmented products and verticals into products on the basis of gravity sensors, magnetic sensors, photosynthetically active radiation (PAR) quantum sensors, atomic clocks, and other sensors. The market is further segmented into vertical which is split into agriculture, automotive, healthcare, and military & defense, oil & gas, and others.
The Segmental Analysis presented in the report provides the internet of things based organizations insights into key growth factors such as favorable policies across regional markets as well as challenges such as the lack of a developed infrastructure the market will face from 2018 to 2023. The presence of untapped market opportunities and the introduction of new products are some of the key factors having an influence on the internet of things based companies, suggest analysts as per the quantum Sensors Market Report. But the report also identifies the growing penetration of alternatives in the market and the high product cost as major threats companies in the internet of things will face till 2023.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
The Europe quantum sensors market is set to post a strong growth during the forecast period. In 2017, the region accounted for over one-third market share. The decision to bring in quantum clocks and quantum gravity sensors by 2020 can pave the way for key market players. The region’s market value is expected to stand at over USD 100 Mn by the end of the forecast period. North America is likely to retain its second spot over 2023. Applications of material analysis and support of the U.S. government for development of advanced cryogenic sensors can bode well for the market.
APAC is also likely present tremendous growth opportunities to market players during the review period. The market in region is set to witness strongest CAGR till 2023.
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