Visiongain has published a new report entitled Quantum Communication Market Report 2024-2034: Forecasts by Type (Free-Space QC, Fibre-Based QC), by Component (Hardware, Software, Services), by Application (Quantum Secure Messaging, Quantum Internet, Quantum Computing Networks, Other), by Product Type (Quantum Repeaters and Transceivers, Quantum Sensors, Quantum Cryptography Software, Quantum Network Management Software, Other), by End-users (IT and Cybersecurity, Banking and Finance, Government and Defence, Aerospace and Aviation, Telecommunications, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global quantum communication market was valued at US$775.4 million in 2023 and is projected to grow at a CAGR of 25.7% during the forecast period 2024-2034.
National Security Concerns and Government Initiatives
National security concerns and government initiatives are significant drivers of the global quantum communication market. Governments around the world are increasingly aware of the potential threats posed by advances in computing power, such as the future development of quantum computers that could break current encryption methods. To mitigate these risks, many countries are investing heavily in quantum communication technologies.
For example, the European Union has launched the Quantum Flagship initiative, a ten-year, €1 billion project aimed at advancing quantum technologies, including communication. Similarly, the United States has enacted the National Quantum Initiative Act, which promotes quantum research and development. China, too, is heavily investing in quantum communication, exemplified by its launch of the Mozi satellite, the world’s first quantum communication satellite. These initiatives highlight the strategic importance of quantum communication for national security. Government funding and support are crucial for advancing research and development, fostering innovation, and accelerating the adoption of quantum communication technologies, thereby driving market growth.
Download Exclusive Sample of Report
https://www.visiongain.com/report/quantum-communication-market-2024/#download_sampe_div
How has COVID-19 had a significant negative impact on the Quantum Communication Market?
The COVID-19 pandemic has had a multifaceted impact on the quantum communication market, influencing both its challenges and opportunities. On the one hand, the global economic slowdown and supply chain disruptions caused by the pandemic led to delays in research, development, and deployment of quantum communication technologies. Many projects faced interruptions due to lockdowns, travel restrictions, and a shift in corporate priorities towards immediate pandemic-related concerns. This deceleration affected funding flows, postponed planned initiatives, and limited the availability of critical components and equipment necessary for advancing quantum communication systems.
Conversely, the pandemic has also underscored the importance of secure and resilient communication systems, driving increased interest and investment in quantum technologies. As remote work and digital transactions surged, so did the recognition of vulnerabilities in existing communication infrastructures. This heightened awareness has accelerated the demand for quantum communication solutions, known for their potential to offer unprecedented security through quantum key distribution (QKD). Governments and private sectors have recognized the strategic importance of quantum communication in safeguarding national security, financial systems, and sensitive data, prompting enhanced support and funding for quantum research and infrastructure development.
How will this Report Benefit you?
Visiongain’s 396-page report provides 128 tables and 184 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global quantum communication market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Quantum Communication. Get financial analysis of the overall market and different segments including product type, component, application, end-users, and type and capture higher market share. We believe that there are strong opportunities in this fast-growing quantum communication market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Demand for Secure Financial Transactions
The rising demand for secure financial transactions is a major driver for the global quantum communication market. The financial sector relies heavily on secure communication channels to protect sensitive information and ensure the integrity of transactions. With the increasing sophistication of cyber threats, traditional encryption methods are becoming less effective at safeguarding financial data. Quantum communication offers a higher level of security, making it an attractive solution for the financial industry. For example, quantum key distribution (QKD) can provide unbreakable encryption, ensuring that financial transactions remain secure from interception and tampering.
Banks and financial institutions are increasingly exploring the adoption of quantum communication technologies to enhance their cybersecurity measures. Additionally, the growing prevalence of digital banking and online transactions is driving the need for more secure communication methods. As the financial sector continues to prioritise security, the demand for quantum communication solutions is expected to rise, driving market growth.
Growing Focus on Cybersecurity in Government and Defence
The growing focus on cybersecurity in government and defence sectors is a significant driver of the global quantum communication market. National security agencies and military organisations require highly secure communication channels to protect sensitive information and maintain operational integrity. Quantum communication technologies, with their inherent security features, offer a robust solution to these needs. For example, quantum key distribution (QKD) can provide secure communication links for military operations, ensuring that strategic information remains confidential and protected from cyber threats.
Governments are increasingly investing in quantum communication research and development to enhance their cybersecurity capabilities. For instance, the United States Department of Defence is exploring the use of quantum communication for secure communications and data protection. The European Defence Agency is also funding projects to develop quantum-secure communication systems. As the emphasis on cybersecurity in government and defence sectors continues to grow, the adoption of quantum communication technologies is expected to increase, driving market growth.
Get Detailed ToC
https://www.visiongain.com/report/quantum-communication-market-2024/
Where are the Market Opportunities?
Strategic Alliances and Collaborations Are Creating Opportunities in the Global Quantum Communication Market
To advance the development and deployment of quantum communication technologies, companies, research institutions, and governments are forming strategic partnerships. These collaborations facilitate the sharing of knowledge, resources, and expertise, accelerating innovation and commercialisation. For example, the Quantum Internet Alliance, funded by the European Commission, brings together leading research institutions and technology companies to develop a pan-European quantum communication infrastructure.
Similarly, partnerships between tech giants like IBM and national laboratories, such as the Los Alamos National Laboratory in the United States, are fostering advancements in quantum communication. These strategic alliances are essential for overcoming the technical and financial challenges associated with quantum communication technologies. By pooling resources and expertise, these collaborations are driving research and development, enhancing the scalability of quantum communication solutions, and promoting their adoption across various industries. As a result, strategic alliances and collaborations are key to the growth of the quantum communication market.
Increasing Investments in Quantum Research
Governments, private companies, and academic institutions are investing heavily in quantum research to unlock the potential of quantum communication technologies. For instance, the European Union’s Quantum Flagship initiative is a €1 billion investment in quantum research over ten years, focusing on areas such as quantum communication. Similarly, tech giants like Google, IBM, and Microsoft are investing billions in quantum computing and communication research.
These investments are crucial for advancing the theoretical understanding and practical applications of quantum communication. They enable the development of new technologies, enhance the performance of existing solutions, and facilitate the commercialisation of quantum communication products. Additionally, investments in quantum research are fostering the development of a skilled workforce capable of advancing quantum technologies. As investment in quantum research continues to grow, the pace of innovation and adoption in the quantum communication market is expected to accelerate, driving significant market growth.
Competitive Landscape
The major players operating in the quantum communication market are Crypta Labs, ID Quantique, International Business Machines Corporation, M2 Optics Inc., MagiQ Technologies, Inc., NEC Corporation, Post-Quantum, PQ Solutions Limited, Quantum Xchange, Qubitekk, QuintessenceLabs, QuNu Labs, Qutools GmbH, Raytheon BBN, Toshiba Corporation, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 30 April 2024, IBM (NYSE: IBM) and the Japanese national research laboratory RIKEN have reached an agreement for the installation of IBM's best-performing quantum processor and next-generation quantum computer architecture at the RIKEN Centre for Computational Science in Kobe, Japan.
- 19 April 2024, In collaboration with KT Corporation (KT), a top telecommunications service provider and partner in quantum secure communication in South Korea, Toshiba Digital Solutions Corporation (Toshiba Digital Solutions), the Toshiba Group company advancing industry-leading solutions in digital and quantum technology, has demonstrated how banks and financial networks can be protected from cyberattacks by quantum computers by implementing hybrid quantum secure communications, which consists of quantum key distribution (QKD)*1 and post-quantum cryptography (PQC)*2.
- 07 Sept 2023, Together, ID Quantique (IDQ), the global pioneer in quantum-safe security solutions, and PacketLight, a top supplier of DWDM and OTN equipment, launched combined solutions that would deliver quantum-safe security to clients transferring critical data and needing ultra-secure encryption over their network
To access the data contained in this document please email contactus@visiongain.com. Avoid missing out by staying informed – order our report now.
To find more Visiongain research reports on the IT sector, click on the following links:
- Military Cyber Security Market Report 2024-2034
- Cyber Security Market Report 2023-2033
- Threat Intelligence Market Report 2023-2033
- Managed Security Services Market Report 2023-2033
- Quantum Cryptography Market Report 2021-2031
Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: contactus@visiongain.com
About Visiongain
Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
Contact
Visiongain Reports Limited
Telephone: +44 (0) 20 7336 6100
Email: contactus@visiongain.com
Web: www.visiongain.com
