Quantum Key Distribution Market - Competitive Insight, Forecast by 2030

Since several government and commercial organizations are functioning in a combination of in-office and remote working protocols, the demand for quantum key distribution (QKD) has gained an impetus during the COVID-19 pandemic. The vulnerability of valuable information has increased during the pandemic, since cyber criminals have gained awareness about high priority data exchanges taking place online in financial, airline, defense, and government organizations. Such trends are generating incremental opportunities for stakeholders in the quantum key distribution market.

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New developments during the pandemic, such as ISRO's recent successful demonstration of free-space quantum communication over a distance of 300 meters for the first time in India are grabbing attention of stakeholders. Companies in the quantum key distribution market are taking cues from such developments to advance in live video conferencing using quantum key encrypted signals.

Companies Gain Proficiency in Critical Infrastructure to Ensure Long Term Security in E-banking

Today's digital society is highly dependent on the security of data, both during communication as well as in storage in areas such as e-business, e-banking or e-government channels. However, with the progress of quantum computers, the risk of breaking this security is potentially increasing. Investment in continuous R&D is the key for companies in the quantum key distribution market to gain proficiency in critical infrastructure to ensure long term security in various end-use cases.

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Reliable network infrastructure is estimated to increase uptake of the QKD technology. Digital security professionals and scientists are working toward technologies and solutions that boost industrial interest in QKD-enabled solutions.

Competition in Space-based Quantum Communications Can Lead to U.S.-China Agreement
The quantum key distribution market is expected to advance at a striking CAGR of ~22% during the forecast period. Stakeholders in the U.S. and China have entered a cut-throat competition in quantum data security. A team of Chinese technicians, engineers, and scientists has been gaining popularity for sending pairs of photons from a single satellite called Micius to two ground stations in China, separated over 1,120 kilometers.

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The U.S., on the other hand, is witnessing an increase in its reliance on the secure flow of data, which is creating incremental opportunities for companies in the quantum key distribution market. Since both countries are taking interest in space-based quantum communications, a possible U.S.-China agreement in managing the competition in space is predicted to take shape.

The quantum key distribution market is projected to reach US$ 1.1 Bn by the end of 2030. Toshiba Corporation - a Japan-based multinational conglomerate is eyeing a US$ 3 Bn revenue in quantum cryptography by 2030. Stakeholders are increasing their focus on the advanced cryptography technology for data protection applications. Finance, defense, and healthcare are forming key focus areas for digital security professionals and scientists in the market who are unlocking growth opportunities to decipher conventional math-based cryptographic keys.

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There is a global demand for advanced cryptographic technologies, as cyber security has become a top priority in national defense applications. This is evident since government & defense end use is expected to dominate the second-highest revenue in the quantum key distribution market during the assessment period.

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