Quantum Communication Market Size, Key Drivers, Growth, Demand, Analysis 2024-2033

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Overview and Scope

Quantum communication is a branch of quantum information science that focuses on the secure transmission of information using quantum mechanical principles. Unlike classical communication systems, which rely on classical bits to represent and transmit information, quantum communication harnesses the unique properties of quantum states, such as superposition and entanglement, to encode, transmit, and decode information securely.

Sizing and Forecast

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 security communication, increased network infrastructures, 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, commercialization of quantum solutions.

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Segmentation & Regional Insights

The quantum communication market covered in this report is segmented –

1) By Product Type: Hardware, Service, Software

2) By Security Service: Application Security, Network Security

3) By Application: Government, Military And Defense, Telecommunication , Banking, Financial Services And Insurance (BFSI), Industrial, Enterprise, Other Applications

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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)

The quantum communication market report table of contents includes: