Quantum Key Distribution Market
Quantum Key Distribution Market (Component: Solution and Services; Security Type: Application Security and Network Security; and End Use: Government & Defense, Financial, Healthcare, Transport, Retail, IT & Telecom, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Live Video Conferencing Using Quantum Key Encrypted Signals to Gain Impetus Post Coronavirus Pandemic
Since several government and commercial organizations are functioning in a combination of in-office and remote working protocols, the demand for quantum key distribution (QKD) has gained an impetus during the COVID-19 pandemic. The vulnerability of valuable information has increased during the pandemic, since cyber criminals have gained awareness about high priority data exchanges taking place online in financial, airline, defense, and government organizations. Such trends are generating incremental opportunities for stakeholders in the quantum key distribution market.
New developments during the pandemic, such as ISRO’s recent successful demonstration of free-space quantum communication over a distance of 300 meters for the first time in India are grabbing attention of stakeholders. Companies in the quantum key distribution market are taking cues from such developments to advance in live video conferencing using quantum key encrypted signals.
Request a sample to get extensive insights into the Quantum Key Distribution Market
Companies Gain Proficiency in Critical Infrastructure to Ensure Long Term Security in E-banking
Today’s digital society is highly dependent on the security of data, both during communication as well as in storage in areas such as e-business, e-banking or e-government channels. However, with the progress of quantum computers, the risk of breaking this security is potentially increasing. Investment in continuous R&D is the key for companies in the quantum key distribution market to gain proficiency in critical infrastructure to ensure long term security in various end-use cases.
Reliable network infrastructure is estimated to increase uptake of the QKD technology. Digital security professionals and scientists are working toward technologies and solutions that boost industrial interest in QKD-enabled solutions.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Competition in Space-based Quantum Communications Can Lead to U.S.-China Agreement
The quantum key distribution market is expected to advance at a striking CAGR of ~22% during the forecast period. Stakeholders in the U.S. and China have entered a cut-throat competition in quantum data security. A team of Chinese technicians, engineers, and scientists has been gaining popularity for sending pairs of photons from a single satellite called Micius to two ground stations in China, separated over 1,120 kilometers.
The U.S., on the other hand, is witnessing an increase in its reliance on the secure flow of data, which is creating incremental opportunities for companies in the quantum key distribution market. Since both countries are taking interest in space-based quantum communications, a possible U.S.-China agreement in managing the competition in space is predicted to take shape.
Advanced Cryptography Technology for Data Protection Applications Gains Prominence in National Defense
The quantum key distribution market is projected to reach US$ 1.1 Bn by the end of 2030. Toshiba Corporation - a Japan-based multinational conglomerate is eyeing a US$ 3 Bn revenue in quantum cryptography by 2030. Stakeholders are increasing their focus on the advanced cryptography technology for data protection applications. Finance, defense, and healthcare are forming key focus areas for digital security professionals and scientists in the market who are unlocking growth opportunities to decipher conventional math-based cryptographic keys.
There is a global demand for advanced cryptographic technologies, as cyber security has become a top priority in national defense applications. This is evident since government & defense end use is expected to dominate the second-highest revenue in the quantum key distribution market during the assessment period.
Smartphones, Blockchain-based Wallets Witnessing Rise in Quantum Computing
Stakeholders in the quantum key distribution market are tapping revenue opportunities in IT and telecom end uses. SK Telecom Co., Ltd. - a South Korean wireless telecommunications operator, is being highly publicized for bringing quantum computing to the masses with the Galaxy A Quantum, a first-of-its-kind 5G smartphone equipped with a quantum random number generator chipset.
Companies in the quantum key distribution (QKD) market are setting their collaboration wheels in motion to innovate in smartphones that feature quantum enhanced cryptography that generates true random numbers that cannot be hacked. QKD is estimated to gain prominence in blockchain-based wallet to store and secure electronic documents such as certificates and insurance claims.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Quantum Key Distribution Market
As cyber security crimes are on the rise during the ongoing COVID-19 pandemic, the demand for data protection using advanced cryptographic technologies is surging. QKD is paving the way for unconditionally secured satellite data communication using quantum technologies. However, integrating QKD systems into the existing network infrastructure is potentially challenging. Hence, multidisciplinary teams of telecommunication equipment manufacturers and critical infrastructure providers must invest in R&D to make QKD systems more compact, cost-efficient, and capable of operating in existing network infrastructure and over long distances. As such, China is seen aggressively expanding their network infrastructure for QKD, including quantum satellites that relay quantum signals.
Quantum Key Distribution Market: Overview
- The latest research report published by Transparency Market Research pertains to the global quantum key distribution market for the historical period 2018–2019 and the forecast period 2020–2030. Across the globe, the rate of data breaches and cyberattacks have increased with the increasing adoption of Internet technologies. Remote working as well as BYOD integration within the enterprise endpoint have increased the risk of data theft and cyberattacks. It has been estimated that investment within cybersecurity and data privacy has increased exponentially over the past three years. This, in turn, is anticipated to propel the quantum key distribution market during the forecast period.
- In terms of revenue, the global quantum key distribution market is expected to reach the value of US$ 1.1 Bn by 2030, expanding at a CAGR of ~22% during the forecast period
Increase in Demand for Next-gen Security Solutions for Cloud and IoT Applications: Key Driver of Quantum Key Distribution Market
- In the current scenario, cyberattacks and hackings are increasing at a high pace across the globe. The number of cyberattacks is highest in China, the U.S., and Russia.
- End users are looking for quantum key distribution and security solutions due to these cyberattacks, which can save and prevent misuse of data. Quantum key distribution ensures protection of sensitive data. Therefore, increased cyberattacks and hackings are crucial factors driving the demand for quantum key distribution.
- It has been estimated that the number of IoT devices and adoption of cloud-based services have hugely increased over the past five years. According to a report published by the World Economic Forum (State of the Connected World, 2020), by 2025, around 41.6 billion devices will be capturing data. It also stated that global IoT spending will return to double-digit growth rates in 2021 and is expected to expand at a CAGR of 11.3% between 2021 and 2024. This will indirectly push the demand for quantum key distribution (QKD) as with the increasing number of data capturing devices and the rising volume of data, the need for protecting and securing end-point devices as well as data from cyberattacks will also increase.
- There are multiple instances of breach within enterprise IT management, home security systems, automotive driver assistance systems, and even in large-scale electrical grids. The cost of IoT hacks can represent up to 13.4% of annual revenue in companies with under US$ 5 Mn in revenue and tens of millions to large enterprises. Integration of these devices with the cloud has raised more concerns over the safety and security of data. At present, data breaches are a major risk to organizations. Many big and small industries use large volumes of digital data in many of their applications. Thus, the demand for quantum key distribution is expected to increase during the forecast period to prevent data breaches.
Adoption of Cloud-based and Real Time Encryption Software
- Companies are adopting quantum key distribution solutions for their complex ecosystem and most companies are investing in space-based optical communication to produce and create a global quantum network with security applications. Increasing demand for cloud-based and real time encryption software encourages solution providers to adopt new technology in quantum cryptography to provide secure communication and data transmission networks on a global level. This is expected to create lucrative opportunities for the quantum key distribution market during the forecast period.
Quantum Key Distribution Market: Competition Landscape
- Detailed profiles of providers of quantum key distribution have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global quantum key distribution market are
- Anhui Qasky Quantum Technology Co. Ltd.
- AUREA Technology
- Crypta Labs Ltd.
- Hewlett-Packard Development Company
- IBM Corporation
- ID Quantique
- Infineon Technologies AG
- ISARA Corporation
- MagiQ Technologies, Inc.
- Microsoft Corporation
- NEC Corporation
- Nucrypt LLC
- PQ Solutions Limited
- QuantumCTek Co Ltd.
- QuantumXchange, Inc.
- Qubitekk, Inc.
- QuNu Labs Pvt Ltd.
- Qutools GmbH
- Toshiba Corporation
Quantum Key Distribution Market: Key Developments
- Key providers of quantum key distribution, such as Toshiba Corporation, IBM Corporation, ID Quantique, Infineon Technologies AG, ISARA Corporation, and QuantumXchange, Inc. are focusing on the development of cost-effective quantum key distribution to attract more customers. Additionally, players active in providing quantum key distribution are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach in the quantum key distribution market.
- Some other key developments in the global quantum key distribution market are highlighted below:
- In January 2020, Qubitekk, Inc. acquired the Quantum Key Distribution (QKD) patent portfolio from QinetiQ, a British multinational defense technology company
- In December 2019, ID Quantique partnered with ADVA Optical Networking SE, a telecommunications solution provider to provide long-term security for critical data transported over optical networks
- In the global quantum key distribution market report, we have discussed individual strategies, followed by company profiles of providers of quantum key distribution. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global quantum key distribution market.
Quantum Key Distribution Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global quantum key distribution market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the quantum key distribution market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the quantum key distribution market is expected to progress during the forecast period of 2020-2030.
The report offers intricate dynamics about different aspects of the quantum key distribution market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the quantum key distribution market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the quantum key distribution market, and estimates statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the quantum key distribution market, along with country analysis, key information, and a competitive outlook. The report mentions company profiles of key players that are currently dominating the quantum key distribution market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Quantum Key Distribution Market
The report provides detailed information about the quantum key distribution market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the quantum key distribution market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable markets for quantum key distribution market players?
- Which factors will induce a change in demand for quantum key distribution during the assessment period?
- How will changing trends impact the quantum key distribution market?
- How will COVID-19 affect the quantum key distribution market?
- How can market players capture low-hanging opportunities in the quantum key distribution market in developed regions?
- Which companies are leading the quantum key distribution market?
- What are the winning strategies of stakeholders in the quantum key distribution market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the quantum key distribution market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the quantum key distribution market?
Research Methodology – Quantum Key Distribution Market
The research methodology adopted by analysts to compile the quantum key distribution market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the quantum key distribution market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the quantum key distribution market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the quantum key distribution market.
Quantum Key Distribution Market – Segmentation
TMR’s research study assesses the quantum key distribution market on the basis of component, security type, end use, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the quantum key distribution market.