A secure encryption and secure data transfer between any two parties are made possible by quantum cryptography, which takes advantage of the quantum-mechanical features of light. Since quantum cryptography is based on the principles of quantum mechanics, a tried-and-true universal scientific model, rather than complicated mathematical algorithms, it offers a more practical and economical approach to securing communications with a nearly unbreakable method of information relay. Increased focus on cyber-security, an increase in the frequency of cyberattacks, and the development of advanced wireless networks are expected to fuel market expansion globally.
Quantum secure communication market is presently worth USD 105.91 million and is poised to amplify at a CAGR of 19.01% over 2022-2030, thereby amassing a valuation of USD 506.83 million by end of the assessment timeline.
Key Market Trends:
To improve network and application security, organisations are increasingly embracing quantum cryptography technologies. Due to the growing adoption of these solutions in the government and BFSI verticals, the quantum cryptography industry is expected to experience new opportunities. The participants in these verticals are interested in cutting-edge solutions to enhance security and secure transactions. The need for quantum cryptography solutions is expected to rise as a result of companies' urgent need to assure secure and verified transactions and the financial industry's growing transition to online platforms. While increased investment for cyber-security and widespread adoption of advanced security solutions are boosting market expansion, increasing adoption of IoT and cloud technologies is anticipated to open up new potential opportunities.
Also, the rising frequency of cyber-attacks, increase in focus on cyber-security and evolution of sophisticated wireless networks have also boosted the market growth. Additionally, quantum cryptography has also gained attention because of the increasing digitalization and the resulting rise in cyber-security risks and other threats. All these factors have fuelled the market growth over the forecast period.
Segmental analysis of the Market:
Based on Type
- Quantum Key Distribution
- Quantum Teleportation
Based on Communication type
- Direct
- Indirect
Based on Application
- Military
- Government Agency
- Aerospace
- Business
- Others
Competitive Landscape:
Some of the prominent companies operating in the market are
- Toshiba
- Qubitekk, Inc.
- SpeQtral
- Quantropi, Inc.
- BT Group
- Quantum Communications Victoria
- ID Quantique
- Others
Major questions answered in this report:
- What is the growth rate of The Global Quantum Secure Communication Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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