Quantum Communication Market is Set to Growth Rate at a CAGR of 29.3% Approximately by 2023-2032
Research Reports
Oct 02, 2023
Market Analysis:
The global quantum communication market will grow at a healthy CAGR by 2032 as per the recent Market Research Future report.
Drivers:
Growing Need for Secure Communication Channels to Boost Market Growth
The growing need for secure communication channels owing to increase in data breaches and cyber security has led to the surging need for higher advanced security solutions. Quantum communication provides an unbreakable and highly secure encryption method which is impossible to hack virtually thus making it an apt solution for the sensitive data communication within various industries like healthcare, banking, defense, and government. Thus the growing need for secure communication channels will bolster market growth in the assessment period.
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Key Players:
Eminent industry players profiled in the quantum communication market report include
- AmberFlux
- ATandT
- Aliyun (Alibaba Cloud)
- Atos, Fujitsu
- Huawei Noah’s Ark Lab
- ID Quantique
- MagiQ
- Mitsubishi
- NEC Corporation
- NTT Laboratories
- Raytheon/BBN
- Toshiba
- Quantumctek Co, Ltd
Opportunities:
Rapid Communication Approaches to offer Robust Opportunities
Rapid communication approaches will offer robust opportunities for the market over the forecast period. The rapid communication approaches offer ground-breaking solutions which take the benefits of special qualities of the quantum mechanics for facilitating secure and quick information transfer. Owing to the rising interconnected society, such techniques possess the potential of completely changing how the data gets delivered and safeguarded. QKD or the quantum key distribution is one amid the most notable quick communication techniques in quantum communication. Superposition and quantum entanglement are utilized by QKD for producing and distributing encryption keys having highest security levels. As opposed to the conventional encryption methods that are prone to hacking, the QKD ensures that attempts for eavesdropping are identifiable right away thus creating the impenetrable barrier especially for sensitive data. Owing to this, QKD helps in promoting trust in communications and online transactions via allowing businesses in quickly developing secure communication channels over great distances too.
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Restraints and Challenges:
Technical Challenges to act as Market Restraint
Technical challenges to implement quantum communication, threat of quantum hacking, dearth of skilled workforce, and high cost to develop quantum communication technologies may act as market restraints over the forecast period.
Quantum Communication Market Segmentation:
The global quantum communication market is bifurcated based on product type and application.
By product type, the hardware segment will lead the market over the forecast period with a 61.25% market share. Owing to its promise in varied industries, venture capitalists and private businesses are investing largely in the quantum communication hardware development. Such development is getting sped up via this investment.
By application, the national defense category will domineer the market over the forecast period with a 43.25% market share. As confidentiality and security are of immense importance in this sector, national defense is the leading sub-segment. Supreme security level is offered by quantum communication thus making it a highly desirable option to protect military communications along with promoting national security.
COVID-19 Analysis:
The COVID-19 epidemic did not possess a direct impact itself on the quantum communication technology. Quantum communication depends on the quantum mechanics principles and the characteristics of the quantum states such as superposition and entanglement are not impacted by the epidemic. The pandemic however did possess an impact on the R&D in different fields which also includes quantum communication. The research activities might have been disrupted while few projects could have faced delays owing to lockdowns as well as limited access to laboratories. The funding properties for organizations and governments might have shifted as well temporarily towards pandemic-related efforts and healthcare.
Regional Analysis:
North America to Head Quantum Communication Market
North America will head the quantum communication market over the forecast period with a 45.80% market share. Owing to the potential perks for national security, the government in the US also made noteworthy investments in the quantum research particularly quantum communication. The US market for quantum communication further grabbed the utmost market share while that in Canada had the fastest growth rate.
Europe to Have Admirable Growth in Quantum Communication Market
Europe grabbed the second-biggest share in the market over the forecast period. Secure communication products and quantum cryptography have experienced immense growth within the European market. The German market for quantum communication further grabbed the utmost market share while that in the UK had been the fastest growing.
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APAC to Have Positive Growth in Quantum Communication Market
The APAC region will have positive growth in the market over the forecast period. The region is abode to few of the quickest growing economies within the globe like Japan, India, and China. To stay head and shoulders above others in the worldwide market, such nations are indeed making notable investments in R&D especially in quantum technologies. As a result, the need for quantum communication is predicted to go up here. Defense organizations and government which require utmost security level for their communication mediums is also prevalent within the APAC region for the quantum communication. For safeguarding their sensitive data against espionage and online attacks, most enterprises are embracing the most of quantum communication at a highly increasing rate. Besides, the area is abode to several businesses which create as well as manufacture quantum technology. China had a major role. Businesses such as Huawei and Alibaba notably have invested substantially in research & development projects leading to the development of advanced quantum communication technologies which are resulting in market expansion.
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