Quantum Communication Market Size & Share, by Product Type (Hardware, Service); Security Service (Application Security, Network Security); Application (National Defense, Aerospace, BFSI, Government, Telecommunication, Enterprise, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Growing Demand for Smartphones - About 5 billion people use smartphones globally as of 2023, which means that approximately 84% of people on the planet are smartphone owners. These days, being mobile is essential for both personal and professional purposes. The average user spends most of their time on their mobile device each day, whether they are working, playing games, checking emails, posting to social media, or conversing with friends. Rising smartphone power and widespread availability of next-generation 4G and 5G networks have enabled people all around the world to work and play whenever and wherever they choose. A nomadic lifestyle does not, however, come without dangers. Since mobile devices allow users to access every aspect of life, users run the risk of disclosing to cybercriminals a vast array of individually identifiable, sensitive, or private data. Therefore, the integration of quantum communication is surging.
• Rise in Deployment of IoT - A potential application of quantum secure communication to the Internet of Things (IoT) is quantum communication for IoT, a network of connected devices that exchanges and gathers data. IoT devices are susceptible to data breaches and cyberattacks as they frequently have insufficient resources and security measures. Using quantum cryptography to encrypt and authenticate data, to establish secure keys across devices, quantum communication for the Internet of Things could improve the security and privacy of data. New services and applications including quantum edge computing and quantum sensing may be made possible via quantum communication for the Internet of Things.
• Surge in Adoption of Communication Techniques - Rapid communication techniques are driving the quantum communication market as they offer innovative solutions that leverage the unique properties of quantum mechanics to enable safe and efficient information transport. These methods have the power to fundamentally alter the way that data is provided and protected, given the increasing interconnectedness of our society. Within quantum communication, one of the most notable fast communication techniques is quantum key distribution (QKD). QKD generates and distributes encryption keys with the greatest degree of security by utilizing quantum entanglement and superposition. QKD ensures that any eavesdropping attempts are immediately detectable, establishing an impenetrable barrier for sensitive data, in contrast to traditional encryption approaches that are vulnerable to hacking.

Challenges

• Surge in Strict Regulations
• Need for High Investment for Implementation
• Growing Risk of Cyber Security - Since quantum communication is through nature itself secure owing to the laws of quantum physics, quantum networking is frequently hailed for its security qualities. However, security risks continue to exist for quantum networking. Quantum networks, for instance, are susceptible to assaults that take advantage of the network's weak points, including the nodes or the connections that connect them. Researchers are creating quantum firewalls and quantum key distribution protocols as ways to counteract these security risks. These techniques, meanwhile, still need to be refined as they are in the experimental stage.