Quantum Security Market Size
The Business Research Company recently released a comprehensive report on the Global Quantum Security Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The quantum security market size has grown exponentially in recent years. It will grow from $0.77 billion in 2023 to $1.14 billion in 2024 at a compound annual growth rate (CAGR) of 48.4%. The growth in the historic period can be attributed to the demand for enhanced simulation and modeling, the increased complexity of automotive systems, the increased focus on cybersecurity, collaborative research initiatives, and regulatory pressure
The quantum security market size is expected to see exponential growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 48.7%. The growth in the forecast period can be attributed to increasing data traffic, increased demand for quantum key distribution, electric vehicle optimization, supply chain optimization, industry collaboration, and partnerships. Major trends in the forecast period include technological advancements, research and development investments, product innovations, integration with electric vehicles, and the launch of on-premise quantum computers.
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Market Drivers and Trends:
The increasing number of cybersecurity threats is expected to propel the growth of the quantum security market going forward. Cybersecurity threats refer to malicious acts intended to compromise the security of information systems by altering the availability, integrity, or confidentiality of data or disrupting digital life in general. Cybersecurity threats are on rise due to technological advances, evolving cybercriminal tactics, and the increasing value and accessibility of data. Quantum security offers significant advancements in cybersecurity, providing tools and techniques that leverage the principles of quantum mechanics to enhance data protection and secure communication. For instance, in February 2024, according to ASTRA IT Inc., a US-based computer application company, over 343 million individuals were victims of cyberattacks in 2023, a 72% increase from 2021. Therefore, the increased number of cybersecurity threats is expected to propel the growth of the quantum security market.
Major companies operating in the quantum security market are developing innovative products, such as quantum cryptography-based products, to better serve customers with advanced features and gain a competitive edge in the market. A quantum cryptography-based product is a device that uses principles of quantum mechanics to secure communication channels and protect data transmission. These devices leverage quantum cryptography techniques, such as quantum key distribution (QKD), to provide a higher security level than classical cryptographic systems. For instance, in August 2023, SKY Perfect JSAT Corporation, a Japan-based satellite communication and multi-channel pay-TV company, launched a quantum cryptography optical communication device with satellite-based quantum key distribution (QKD) and cryptography technology. This product aimed to conduct demonstration experiments between space and ground, establishing a secure satellite communication network impervious to eavesdropping or decryption, even with advancements in computational technology.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, China Telecom Corporation Limited, International Business Machines Corporation (IBM), Toshiba Corporation, SK Telecom Co. Ltd., ISARA Corporation, ID Quantique SA, QuantumCTek Co. Ltd., Oxford Quantum Circuits Ltd., Zapata Computing Inc., QuintessenceLabs Pty Ltd., Crypta Labs Limited, Qrypt Inc., PQSecure Technologies LLC, Qubitekk Inc., Nucrypt LLC, QNu Labs Pvt. Ltd., QuEra Computing Inc., KETS Quantum Security Ltd., VeriQloud Inc., MagiQ Technologies Inc., Quantum Xchange Inc., Anhui Qasky Quantum Technology Co. Ltd., Kudelski Group SA
Quantum Security Market 2024 Key Insights:
• The quantum security market size is expected to see exponential growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 48.7%.
• Quantum Security Market Surge Fueled By Escalating Cybersecurity Threats
• Innovative Quantum Communication Products Revolutionizing Secure Satellite Networks
• North America was the largest region in the quantum security market in 2023
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