Overview and Scope
Quantum key distribution (QKD) refers to a method of secure communication that uses quantum mechanics to generate and distribute encryption keys between parties. It leverages the principles of quantum mechanics, such as the uncertainty principle and the no-cloning theorem, to ensure the security of the key exchange process, providing a theoretically unbreakable method for secure communication.
Sizing and Forecast
The quantum key distribution market size has grown exponentially in recent years. It will grow from $2.10 billion in 2023 to $2.57 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to the demand for enhanced simulation and modeling, the growing complexity of automotive systems, the rising focus on cybersecurity, collaborative research initiatives, and regulatory pressure and emissions reduction.
The quantum key distribution market size is expected to see exponential growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The growth in the forecast period can be attributed to autonomous vehicle development, connected car ecosystem, electric vehicle optimization, advanced materials development, cybersecurity enhancement, supply chain optimization, and regulatory compliance and sustainability. Major trends in the forecast period include technological advancements, research and development investments, partnerships and collaborations, market expansion, regulatory considerations, integration with electric vehicles, and focus on cybersecurity.
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The quantum key distribution market covered in this report is segmented –
1) By Type: Rigid 1-2Sided, Standard Multilayer, High Density Interconnect, Integrated Circuit Substrate, Flexible Circuits, Rigid Flex, Other Types
2) By Component: Solution, Services
3) By Security Type: Application Security, Network Security
4) By End-User: Telecom And Data Center, Financial Services Companies, Government, Healthcare, Transport, Retail, Other End Users
North America was the largest region in the quantum key distribution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum key distribution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of cybersecurity threats is expected to propel the growth of the quantum key distribution market. Cybersecurity threats refer to malicious acts intended to compromise the security of information systems by altering the availability, integrity, or confidentiality of data, or to disrupt digital life in general. The increasing number of cybersecurity threats is fueled by evolving technologies and expanding digital footprints, presenting new avenues for exploitation and malicious activities. Quantum key distribution mitigates cybersecurity threats by leveraging quantum properties to secure communication channels through the distribution of encryption keys resistant to traditional cryptographic attacks. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, in the UK, cybercrime affected 11% of businesses and 8% of charities in total over the past 12 months, this number increased to 26% of medium-sized businesses, 37% of large businesses, and 25% of high-income charities. Moreover, across all UK businesses, there were approximately 2.39 million instances of cybercrime and approximately 49,000 instances of fraud as a result of cybercrime in the last 12 months. Therefore, the increasing number of cybersecurity threats is expected to propel the growth of the quantum key distribution market.
Key Industry Players
Major companies operating in the quantum key distribution market are Google LLC, Nippon Telegraph and Telephone, Huawei Technologies Co. Ltd., China Telecom Corporation Limited, Toshiba Corporation, NEC Corporation, SK Telecom Co. Ltd., ISARA Corporation, PQ Solutions, ID Quantique SA, QuantumCTek Co. Ltd., Quantum Light Metrology Co. Ltd., Oxford Quantum Circuits Ltd., QuintessenceLabs Pty Ltd., Crypta Labs Ltd., Zapata Computing Inc., Qubitekk Inc., Post-Quantum (UK) Ltd., Nucrypt LLC, Qryptal Pte Ltd, MagiQ Technologies Inc., QNu Labs Inc., Quantum Xchange Inc., Quantum Computing Inc., KETS Quantum Security Ltd.
The quantum key distribution market report table of contents includes:
1. Executive Summary
2. Quantum Key Distribution Characteristics
3. Quantum Key Distribution Trends And Strategies
4. Quantum Key Distribution – Macro Economic Scenario
5. Global Quantum Key Distribution Size and Growth
…..
32. Global Quantum Key Distribution Competitive Benchmarking
33. Global Quantum Key Distribution Competitive Dashboard
34. Key Mergers And Acquisitions In The Quantum Key Distribution
35. Quantum Key Distribution Future Outlook and Potential Analysis
36. Appendix
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