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About Report
The report titled “Quantum Key Distribution (QKD) Market - Growth, Share, Opportunities, and Competitive Analysis, 2022 – 2028” offers strategic visions into the global market along with the market size (Value in “US$ Mn”) for historical period 2017-2021 and estimates for the forecast period 2021 to 2027. This study covers in-depth analysis of multiple market segments based on Component, Category, Algorithm Type, Security Type, Application and End-use Industry across five different regions covering 20+ countries.
Key insights associated with forecast factors for market during forecast period 2022-2028 have also been covered. The report also provides impact of COVID-19 on Quantum Key Distribution (QKD) market for short, medium, and long term perspective for conservative, likely and optimistic scenario respectively.
Quantum Key Distribution (QKD) Market Dynamics
The global quantum key distribution market has experienced growth in demand during the historical period. Potential cyber-attacks in the digital realm, increased cybersecurity investment, expanding demand for next-generation security solutions for cloud and IoT technologies, and emerging next-generation wireless network technologies are all likely to boost the future market growth. Moreover, expanding QKD usage in defense and military, as well as increasing deployment in the telecom industry, has propelled the market growth. Rising security solutions in industrial verticals for business transactions, as well as major expenditures in research and development, have given this market lucrative opportunities. Challenges related to quantum cryptography commercialization and high implementation costs, on the other hand, have the potential to stifle market expansion.
Due to rising digitization and the concomitant growth in cyber-security challenges and other hazards such as data security and breach, quantum cryptography is gaining prominence. Due to the growth of the Internet, connected devices, and online services, cyber-attacks are becoming more frequent and sophisticated in a variety of industries. As a result, a growing range of businesses, including BFSI, defense, government, healthcare, automotive, and retail, are turning to quantum cryptography solutions to protect their networks from a variety of vulnerabilities.
Furthermore, because businesses and consumers rely on computer networks for transactions and communication, the industry is expanding, necessitating stronger technology to protect sensitive data. While increased cyber-security spending and widespread usage of advanced security solutions are driving market growth, the growing use of IoT and cloud technologies is projected to create new opportunities.
Covid-19 Impact Analysis
In this market, COVID-19 has had a minor impact. People have been driven to work from home due to government restrictions imposed in response to the coronavirus pandemic. As a result, technology has become more important in work and personal life. Despite the growing demand for technology, many companies still do not offer a "cyber-safe" remote-working environment. Hence, demand for this technology has grown.
Segmental Analysis
Why is Software the major component in the market?
Using various technologies such as the REST-based interface established by the ETSI Industry Specification Group in QKD, the software facilitates key distribution inside a network context and over arbitrary distances. Moreover, novel network paradigms, such as Software-Defined Networking (SDN), enable speedier adoption of new concepts, technology, and services in telecommunications networks because of their flexibility. This paradigm can be applied to quantum communications, allowing for the rapid and scalable deployment of quantum technologies and services in the telecommunications network, which was previously impossible due to the need to modify each network device and its connections one by one to create a quantum communications channel.
Why is medical vertical expected to grow at the highest rate?
Over 272 million healthcare records have been lost or stolen since 2013. This information is extremely significant for cyber thieves to employ in identity theft since it includes not just treatment information but also names, addresses, dates of birth, and other personal information. Using a quantum-safe security solution, businesses may encrypt data in motion to a level that is unrivaled by more traditional cryptographic methods. Therefore, in the forecast period, the demand for the technology is to be witnessed at the highest level in the healthcare industry.
Regional Analysis
North America is predicted to have the fastest growth rate. In the Quantum Key Distribution market, North America is more appealing to vendors. With active research groups across North America, QKD has received global interest as a unique cybersecurity solution. Since the region is technologically advanced, it has attracted multiple players to set their origins in the region.
Competitive Landscape
Key players in the quantum key distribution market have adopted various organic as well as inorganic growth strategies. The quantum key distribution market is seen as a consolidated market, backed by the tire-1 players in the market, which account for more than 50% of global revenue. However, the emergence of new players will further result in the distribution of market share at a regional level. For instance, QinetiQ, a British multinational defense technology corporation, sold the Quantum Key Distribution (QKD) patent portfolio to Qubitekk, Inc. in January 2020. Prominent players in the market include Hewlett-Packard Development Company, IBM Corporation, Microsoft Corporation, NEC Corporation, Nucrypt LLC, Infineon Technologies AG, MagiQ Technologies, Inc., Anhui Qasky Quantum Technology Co. Ltd., AUREA Technology, Crypta Labs Ltd., ID Quantique, QuantumCTek Co Ltd., QuantumXchange, Inc. and Qubitekk, Inc.
Key Segments of Quantum Key Distribution (QKD) Market
Published On:May 2022
Base Year:2021 - 2022
Historical Data:2021
No of Pages:250
Quantum Key Distribution (QKD) Market Size, Share ...
RD Code : IT22