The quantum communication global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Quantum Communication Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The quantum communication market size has grown exponentially in recent years. It will grow from $0.93 billion in 2023 to $1.18 billion in 2024 at a compound annual growth rate (CAGR) of 27.7%. The growth in the historic period can be attributed to demand for enhanced simulation and modeling, growing complexity of automotive systems, rising focus on cybersecurity, collaborative research initiatives, regulatory pressure and emissions reduction, competitive landscape and market differentiation.
The quantum communication market size is expected to see exponential growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%. The growth in the forecast period can be attributed to increased number of IoT devices, growing demand for secure communication, increased network infrastructures, and a surge in adoption of communication techniques. Major trends in the forecast period include increased adoption, technological advancements, R&D investments, partnerships and collaborations, market expansion, regulatory considerations, integration with electric vehicles, focus on cybersecurity, market competition, and commercialization of quantum solutions.
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Scope Of Quantum Communication Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Quantum Communication Market Overview
Market Drivers – The increased number of cybersecurity threats is expected to propel the growth of the quantum communication market going forward. Cybersecurity threats refer to malicious acts intended to compromise the security of information systems by altering the availability, integrity, or confidentiality of data or disrupting digital life in general. Cybersecurity is the cause of increased connectivity, less involvement in cybersecurity education, training, research, and the failure of governments, businesses, and individuals to create a more secure digital ecosystem. Quantum communication can provide methods for detecting unauthorized tampering or eavesdropping on communication channels that are highly sensitive to disturbances, so any attempt to intercept or tamper with quantum signals would be immediately detectable, providing a higher level of confidence in the integrity of the communication. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cyber crime reports received were 76,000, up from 13% from the previous year. Therefore, the increased number of cybersecurity threats is expected to propel the growth of the quantum communication market.
Market Trends – Major companies operating in the quantum communication market are developing innovative products, such as optical communication devices, to serve customers with advanced features better. Optical communication devices refer to optical communication systems’ various components and technologies to transmit, receive, and process optical signals. For instance, in August 2023, SKY Perfect JSAT Corporation, a Japan-based satellite communication, and multi-channel pay-TV company, launched a quantum cryptography optical communication device with satellite-based quantum key distribution (QKD) and cryptography technology. This launch aimed to conduct demonstration experiments between space and ground, aiming to establish a secure satellite communication network impervious to eavesdropping or decryption, even with advancements in computational technology.
The quantum communication market covered in this report is segmented –
- By Product Type: Hardware, Service, Software
- By Security Service: Application Security, Network Security
- By Application: Government, Military And Defense, Telecommunication, Banking, Financial Services And Insurance (BFSI), Industrial, Enterprise, Other Applications
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Regional Insights – North America was the largest region in the quantum communication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the quantum communication market are Toshiba Corporation, ID Quantique SA, Nu Quantum Ltd., QuintessenceLabs Pty. Ltd., MagiQ Technologies Inc., SpeQtral Pte Ltd., Arqit Quantum Inc., QuantumCTek Co. Ltd., Anhui Qasky Quantum Technology, Qubitekk Inc., QuantLR Inc., Ki3 Photonics Technologies Inc., Qunnect Corporation, QEYnet, Aliro Quantum Inc., Crypto Quantique Ltd., Crypta Labs Limited, Quantropi Inc., Quantum Xchange Inc., Aegiq LLC, GoQuantum Inc., Qulabs Inc., Qudoor Corporation, CAS Quantum Network Co. Ltd., Quantum Telecommunications Italy (QTI)
Table of Contents
- Executive Summary
- Quantum Communication Market Report Structure
- Quantum Communication Market Trends And Strategies
- Quantum Communication Market – Macro Economic Scenario
- Quantum Communication Market Size And Growth
….. - Quantum Communication Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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