Posted By TMR Research Insights
Posted on August 27, 2021
Quantum Key Distribution Market: Introduction
Transparency Market Research delivers key insights on the global quantum key distribution market. In terms of revenue, the global quantum key distribution market is estimated to expand at a CAGR of ~22% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global quantum key distribution market.
Quantum key distribution (QKD) is an encryption technology used for communication, which implements a cryptographic protocol, including components of quantum mechanics. Quantum key distribution enables two parties to generate a shared secret key, which only the two communicating parties know, and can later be used to encrypt and decrypt messages. This leads to unbreakable data transmission.
Technical advancements, increased digitization, and presence of a large number of quantum key distribution solution and service providers are anticipated to drive the quantum key distribution market during the forecast period. Other factors boosting the demand for quantum key distribution include evolution of next-gen wireless networks and increase in research & development investments. As a result, the quantum key distribution market is anticipated to witness healthy growth rate during the forecast period.
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Quantum Key Distribution Market: Dynamics
Quantum computing is processing of data, which is represented in special quantum states with quantum phenomena such as entanglement and superposition. Quantum computing handles information in different ways as compared to classical computers and systems. Increasing adoption of quantum computing technology among defense, banking & finance, chemicals, pharmaceutical, and healthcare sectors also increases the demand for secure platforms for data operations among organizations. This, in turn, is expected to boost the quantum key distribution market during the forecast period.
Quantum computing helps to increase the speed of processing with minimal power requirement as compared to traditional computers. Most companies use quantum computing in drug discovery, financial portfolio management, logistics, and other industrial operations. This generates the need for quantum key distribution solutions for the security of data. Different governments are also taking initiatives to increase the adoption of quantum technologies and applications. In February 2020, the Indian Government announced plans to invest approximately US$ 1.12 Bn over five years to increase the use of quantum technologies and applications in private and public sectors. In 2019, the Russian Government announced plans to invest US$ 663 Mn over the next five years for research on applied quantum, which includes quantum computing and quantum simulation programs. Therefore, increasing demand for quantum computing is expected to create demand for secure quantum key distribution solutions during the forecast period, generating revenue opportunities for quantum key distribution solution providers.
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Quantum Key Distribution Market: Prominent Regions
North America is projected to hold the major share of the global quantum key distribution market in 2020, owing to high awareness about quantum key distribution among users and technological developments. However, the quantum key distribution market in Asia Pacific is estimated to expand at a robust pace during the forecast period. The market in Asia Pacific is predominantly driven by robust expansion of the BFSI industry and IT & telecom industry, experiencing advanced and dynamic adoption of new technologies across the region. Rise in penetration of technology as well as significant investment in digitalization of each sector across countries such as India, China, Japan, and Brazil is anticipated to offer lucrative opportunities for providers of quantum key distribution in the near future. South America and Middle East & Africa are expected to be high growth potential regions of the global quantum key distribution market during the forecast period.
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