Global Quantum Key Distribution Market to Accumulate USD 1.5 Billion by 2030, Developments in Quantum Computing Technology to Drive Industry Growth

According to the report published by Credible Markets, global quantum key distribution market is anticipated to reach a valuation of USD 1.5 billion by 2030.

Global Quantum Key Distribution Market- Overview
Quantum key distribution is predominantly referred to as a communication method that implements a cryptographic protocol by involving the components of quantum mechanics. It is aimed at enabling two parties to create a shared random secret key so as to encrypt and decrypt confidential information. The communication technology is also equipped with an ability to detect the presence of a third party trying to gather information about the key.

Global Quantum Key Distribution Market- Growth Determinants and Challenges
The primary factors aiding the development of this market sphere are rise in cyberattacks including data breaches across the globe and surging efforts to improvise quantum computing technology. Additionally, growing adoption of cloud-based and real time encryption software and rising usage of block-chain based wallets are augmenting market outlook.

Furthermore, the outbreak of COVID-19 pandemic has led to a prompt rise in cybercrimes. Due to the strict safety protocols including social distancing and lockdowns, half of the world's population shifted to online mode of work or education. This in turn resulted in several instances of data breach and other forms of cyberattacks. In order to ensure efficient data safety, various sectors including IT, healthcare, banking, finance, e-commerce, and retail are adopting data protection technologies, thereby adding traction to the overall market progression.

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On the contrary, lack of awareness regarding the availability of data protection technologies and dearth of skilled professionals in the field, are impeding the development of global quantum key distribution market.

Segmental Analysis of Global Quantum Key Distribution Market
By Security Type
• Application Security
• Network Security

The network security segment is expected to amplify considerably over the stipulated timeline as network security technology has the ability to ensure the integrity and usability of network and information. Moreover, it incorporates both software and hardware technologies and prevents hackers from entering the system.

By Component
• Solution
• Services

By End use
• Government & Defense
• Financial
• Healthcare
• Transport
• Retail
• IT & Telecom
• Others

The IT & Telecom segment is anticipated to register notable gains over the forecast duration owing to the rising incidences of data breaches in this sector.

North America Is Projected to Capture Substantial Market Share
North America, Asia Pacific, Europe, South America, and Middle East & Africa are the major regions constituting the geographical landscape of quantum key distribution market. Among these, North America is poised to garner substantial returns over the analysis timeline ascribing to widespread adoption of internet services and PCs across business verticals, rise in cyberattacks, and increasing research & development investments in the field.

Competitive Hierarchy
MagiQ Technologies, Inc., QuintessenceLabs Pty Ltd., ISARA Corporation, Infineon Technologies AG, NEC Corporation, Hewlett-Packard Development Company, LP, Quantum Xchange, Toshiba Corporation, Raytheon Technologies Corporation, Mitsubishi Electric Corporation, Microsoft Corporation, International Business Machines Corporation, OnBoard Security, Inc., Qrpt, Inc., qutools GmbH, and Anhui Qasky Quantum Technology Co., Ltd. are the prominent players operating in quantum key distribution market.

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Major Developments
• Qubitekk, Inc. in January 2020 announced to have acquired the Quantum Key Distribution patent range from Britain based defense technology company, QinetiQ.
• In December 2019, ID Quantique inked a partnership deal with AVDA Optical Networking SE, with an aim to provide efficient long-term security for critical data transported over optical networks.

Key Questions Answered in This Report
• What is the estimated market size of quantum key distribution market?
• What are the major growth determinants of quantum key distribution market?
• Which is the fastest growing region in quantum key distribution market?
• Which are the key players operating in quantum key distribution market?

Major Takeaways from This Report
• Quantum key distribution market is expected to reach a valuation of USD 1.3 billion by 2030
• Increase in cyberattacks, developments in quantum computing technology, and rising adoption of block-chain based wallets are the factors aiding market progression
• North America is anticipated to register notable gains owing to rise in the incidences of data breach and surging research & development investments in the field.

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About Credible Markets
Credible Markets is one of the leading market research firms providing a 360-degree outlook of various industry dynamics to their clients. The reports and services offered by Credible Markets are used by prominent industry participants, including investors, manufacturers, stakeholders, and new entrants.

This release was published on openPR.