The global Quantum Key Distribution Market is rapidly
expanding owing to the growing concerns regarding cybersecurity breaches and
data theft across various sectors such as BFSI, defense, healthcare, and
government organizations. Quantum Key Distribution provides encryption keys
that can detect any eavesdropping attempts during transmission, making them
virtually uncrackable even by quantum computers. These encryption keys ensure
secured transmission of sensitive data and prevent identity theft. The global
Quantum Key Distribution Market is estimated to be valued at US$ 2.39 Bn in
2024 and is expected to exhibit a CAGR
of 12% over the forecast period 2024-2030, as highlighted in a new report published
by Coherent Market Insights.
Market key trends:
One of the key drivers propelling the growth of the Quantum Key
Distribution market is the increasing concerns over cybersecurity. Continuous
advancements in technologies such ascloud computing and Internet of Things
(IoT) have amplified security vulnerabilities and risks of cyber-attacks across
multiple sectors. However, Quantum Key Distribution technology provides
encryption keys that are impossible to intercept without detection and are
secured even against quantum computers. The encryption keys generated through
this technology can detect any eavesdropping or hacking attempts during
transmission of sensitive data such as classified government information,
financial transactions records, patient's medical records etc. and ensure
cybersecurity. This factor is contributing significantly to the rising demand
for Quantum Key Distribution systems globally during the forecast period.
Segment
Analysis
The global
Quantum Key Distribution Market is dominated by Solutions segment which held
around 65% of the market share in 2024. The Solutions segment includes Hardware
and Software. Hardware solutions for Quantum Key Distribution are in high
demand as hardware devices like quantum computers, satellites are essential
components of quantum cryptography network. The hardware solutions sub-segment
witnesses higher growth compared to software as hardware infrastructures are
fundamental and initial requirement for organizations to implement quantum
cryptography solutions.
Key Takeaways
The
global
Quantum Key Distribution market analysis is expected to witness high
growth during the forecast period of 2024 to 2031. The market size is
anticipated to rise from US$ 2.39 Bn in 2024 to over US$ 21 Bn by 2030,
expanding at a CAGR of around 30%.
Regional analysis:
North America region currently dominates the market with
over 40% share due to heavy investments by government organizations in research
& development of quantum technologies. However, Asia Pacific region is
expected to witness fastest growth during the forecast period. This can be
attributed to increasing funding by China for quantum cryptography
infrastructure development and expanding manufacturing capabilities of
solutions providers in other APAC countries like India, Japan, and South Korea.
Key players:
Key players operating in the Quantum Key Distribution market
include Pfizer, Inc., Bristol Myers Squibb, Sanofi S.A., F. Hoffmann-La Roche
AG, Bayer AG, Novartis International AG, Merck & Co., Inc., AbbVie,
GlaxoSmithKline plc, Eli Lilly and Company, Zydus Cadila, Aurobindo Pharma
Ltd., Cipla Ltd., Dr. Reddy's Laboratories Ltd., Lupin Ltd., Sun Pharmaceutical
Industries Limited, Serum Institute of India Pvt. Ltd., Biocon Limited, Strides
Pharma Science Limited, and Unichem Laboratories. These players are focusing on
new product launches, partnerships, and enhancing production capacities to
strengthen their market position.
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