Richmond, Jan. 23, 2024 (GLOBE NEWSWIRE) -- According to a research report "Quantum Communication Market”, By Product Type (Hardware, Service), Application (National Defence, Aerospace, Finance, Other) and Region - Global Forecast to 2030.
Global Quantum Communication Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 0.69 Billion |
| Market size value in 2030 | USD 2.48 Billion |
| CAGR (2023-2030) | 20.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Quantum Communication Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The quantum communication market is experiencing significant growth and transformation as it harnesses the principles of quantum mechanics to secure communication channels. With an increasing need for secure and unhackable communication systems, quantum communication offers a promising solution by leveraging quantum key distribution (QKD) protocols. Governments, financial institutions, and industries handling sensitive information are driving the adoption of quantum communication technologies to safeguard against potential cyber threats. The market is witnessing advancements in quantum key distribution, quantum cryptography, and quantum networks, with key players investing in research and development to enhance the scalability and practicality of quantum communication solutions. As quantum communication moves from experimental setups to real-world applications, it is poised to revolutionize the cybersecurity landscape and redefine the standards for secure communication in the digital age.
Major vendors in the global Quantum Communication Market:
- Aliyun (Alibaba Cloud)
- AmberFlux
- AT&T
- Atos
- Fujitsu
- Huawei Noah's Ark Lab
- ID Quantique
- MagiQ
- Mitsubishi
- NEC Corporation
- NTT Laboratories
- Quantumctek Co., Ltd
- Raytheon/BBN
- Toshiba
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Growing Data Security Concerns
The Quantum Communication Market is propelled by the escalating concerns over data security, acting as a key driver for its growth. Traditional encryption methods are increasingly vulnerable to sophisticated cyber threats, prompting a shift towards quantum communication technologies to establish unbreakable cryptographic protocols. With the exponential rise in data breaches and cyberattacks, industries and governments are recognizing the imperative need for quantum key distribution (QKD) and quantum-safe communication solutions. The quantum communication market is witnessing heightened demand as organizations seek robust defense mechanisms against evolving cyber threats, positioning quantum communication as a vital component in fortifying data security infrastructure across various sectors. As the urgency to protect sensitive information intensifies, the market is poised to expand, driven by a growing recognition of the unparalleled security benefits offered by quantum communication technologies.
Market Dynamics
Drivers:
- Rise of Sensitive Data Transmission
- Rapid communication Techniques
- Growing adoption of cloud computing, IoT, and connected devices
Opportunities:
- Increasing investments from venture capitalists
- Expanding applications of quantum communication
Increasing Miniaturization and Integration
A trend shaping the Quantum Communication Market is the increasing emphasis on miniaturization and integration of quantum communication components. As the field advances, there is a growing demand for compact and integrated quantum devices that can seamlessly fit into existing communication infrastructures. The development of miniaturized quantum key distribution (QKD) systems, quantum sensors, and quantum processors reflects a trend towards more portable and versatile quantum communication solutions. This trend not only addresses practical deployment challenges but also opens avenues for the integration of quantum technologies into various applications, such as secure mobile communication and Internet of Things (IoT) devices. The drive towards miniaturization and integration underscores a shift towards making quantum communication technologies more accessible and adaptable to diverse technological environments, ultimately contributing to the broader adoption and expansion of the Quantum Communication Market.
North America dominates the market for Quantum Communication Market.
North America holds a major share in the Quantum Communication Market due to a confluence of factors that position the region as a hub for quantum technology innovation and adoption. The presence of leading quantum research institutions, well-established technology ecosystems, and significant government investments in quantum research and development contribute to the region's leadership. Additionally, North America boasts a robust network of quantum startups and companies focused on advancing quantum communication solutions. The region's strategic collaborations between academia, industry, and government entities foster a conducive environment for the growth of the quantum communication market. Moreover, the heightened awareness and proactive approach of North American enterprises and government agencies towards cybersecurity challenges further drive the demand for quantum communication technologies as a secure communication solution. These factors collectively establish North America as a key player, driving innovation and dominating market share in the dynamic and rapidly evolving field of quantum communication.
Hardware Segments is anticipated to hold the Largest Market Share during the Forecast Period
Based on the Product Type segment categorized into Hardware and service. The hardware segment holds a major share compared to services. The dominance of the hardware segment is attributed to the foundational nature of quantum communication technologies, which heavily relies on specialized hardware components such as quantum key distribution (QKD) systems, quantum repeaters, and quantum sensors. As industries and governments increasingly recognize the imperative need for secure communication, the demand for tangible quantum hardware solutions has surged. The development and commercialization of quantum processors, entangled photon sources, and quantum memory devices contribute to the hardware segment's significant market share. Additionally, the complexity of implementing quantum communication necessitates robust and dedicated hardware infrastructure, making the hardware segment a primary driver of growth within the Quantum Communication Market. While services play a crucial role in supporting the deployment and maintenance of quantum systems, it is the tangible hardware advancements that form the backbone of secure quantum communication networks, thus leading to the prominence of this segment in market share.
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