New Delhi, April 17, 2023 (GLOBE NEWSWIRE) -- The global quantum secure communication market was valued at US$ 420.4 million in 2022 and is projected to reach a valuation of US$ 1,170.6 million by 2031, growing at a CAGR of 12.3% during the forecast period 2023-2031.
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The increasing demand for secure communication channels, driven by the rising cybersecurity threats and data breaches, has resulted in a growing need for more advanced security solutions. The quantum secure communication market offers a highly secure and unbreakable encryption method that is virtually impossible to hack, making it an ideal solution for sensitive data communication in industries such as government, defense, banking, and healthcare.
The market is driven by two major factors—increasing cybersecurity threats and growing investment in research and development activities. However, technical challenges in implementing quantum secure communication are a restraint that could limit market growth in the short term.
The hardware segment is expected to dominate the market, with quantum key distribution being the most significant type and the banking and finance industry being the major application.
The Asia Pacific region is expected to make a significant contribution to the global quantum secure communication market due to the region's fast-growing economies, increasing population reliant on digital technologies, and a significant number of government and defense organizations that require the highest level of security for their communication channels.
Key market players such as ID Quantique, Toshiba Corporation, and QuintessenceLabs are investing heavily in the development of advanced quantum secure communication technologies, which is expected to drive market growth in the coming years. The ongoing research and development activities are focused on addressing technical challenges and developing more user-friendly and accessible quantum secure communication solutions.
Key Findings in Global Quantum Secure Communication Market
- The hardware segment is expected to dominate the global market, with a revenue share of over 64% in 2021. Quantum random number generators and quantum key distribution systems are some of the key hardware components that are essential for implementing quantum secure communication.
- Quantum key distribution (QKD) is expected to dominate the global market with over 65% revenue share in 2021. This is because QKD offers the highest level of security for communication channels, and uses the principles of quantum mechanics to create and distribute encryption keys.
- The banking and finance industry is expected to generate over 38% revenue of the global quantum secure communication market in 2021, followed by the government and defense sector. The healthcare, IT and telecom, and other industries are also expected to adopt quantum secure communication technologies in the future to secure their communication channels.
Increasing Cybersecurity Threats and the Role of Quantum Secure Communication
As digital transformation continues to accelerate across the globe, the number of cybersecurity threats is also on the rise in the global quantum secure communication market. In 2021, we witnessed a significant increase in cyberattacks, resulting in substantial financial losses and compromised sensitive data. Quantum secure communication offers a promising solution to mitigate these threats, which has led to its growing impact on the market. This analysis will explore the current state of cyberthreats and the potential of quantum secure communication to address them.
Cyberattack Statistics for 2021:
- Number of cyberattacks: In 2021, it was estimated that a cyberattack occurred every 11 seconds, up from every 39 seconds in 2016. This resulted in a total of 2.7 million cyberattacks throughout the year.
- Money lost due to cyberattacks: According to the FBI's Internet Crime Report, victims of cybercrime in 2021 suffered losses exceeding $4.2 billion.
- Most prominent country with heavy losses: The United States experienced the most significant financial impact from cybercrime, accounting for nearly 90% of the total reported losses.
- Major risk groups: Small and medium-sized businesses, healthcare organizations, and governmental institutions are at the highest risk of cyberattacks in the quantum secure communication market due to limited resources and inadequate cybersecurity measures.
- Total incidents in 2021: The number of reported cybersecurity incidents reached 5.6 million in 2021, a 32% increase compared to 2020.
- Average ransomware money: The average ransomware payment in 2021 was approximately $170,000, a significant increase from $84,000 in 2020.
Quantum secure communication, also known as quantum cryptography, leverages the principles of quantum mechanics to provide secure data transmission that cannot be intercepted or hacked. This technology has the potential to revolutionize cybersecurity, offering protection against increasingly sophisticated cyber threats.
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Government and Defense Industry Generated Revenue of $88 Million in Global Quantum Secure Communication Market
Quantum secure communication technology has impacted government and defense industry's cybersecurity strategies. With cyber threats becoming more advanced, they seek advanced technologies to safeguard sensitive data and communication channels. The quantum secure communication market generated $88 million in revenue in 2022, which is around 21% of the total revneue and is projected to maintain its position due to growing demand for advanced cybersecurity solutions.
Governments and their departments handle sensitive information and are vulnerable to cyber-attacks, thus needing to invest in advanced cybersecurity solutions. Global governments have increased their spending on cybersecurity, with the US government spending over $15 billion in 2021. The defense industry spent over $40 billion on cybersecurity in 2021.
Despite increasing investment, governments and their assets remain vulnerable to cyber-attacks. A report by the US Department of Homeland Security indicated over 28,000 cyber incidents reported by federal agencies in 2020. Globally, there were over 6 billion cyber-attacks in 2021, targeting various industries.
Quantum Secure Communication Market Share Analysis: IBM, Toshiba, and BT Group are Top 3 Players with Revenue Share of 24%
IBM Corporation
Market Share: 12%
IBM Corporation is a leading player in the quantum computing industry. With their quantum roadmap, they plan to launch a 1,000-qubit chip, IBM Quantum Condor, by the end of 2023. IBM's ultimate goal is to create a quantum computer with at least 4,000 qubits by 2025. Their strategy includes building national quantum ecosystems, workforce development, and accelerating R&D at a national and global level. IBM's quantum computers are among the most advanced in the market, positioning them as the market leader.
Toshiba
Market Share: 9%
Toshiba is another major player in the quantum secure communication market. The company focuses on developing innovative quantum cryptographic communication systems to ensure data security. Toshiba's Quantum Key Distribution (QKD) technology has been adopted by various industries, including finance, healthcare, and government. Toshiba's continuous investment in R&D enables them to provide cutting-edge quantum communication solutions.
BT Group
Market Share: 3%
BT Group, a leading telecommunications services company, is making significant strides in quantum secure communication. They are currently working on various projects, including UKQNtel, a quantum-secured communications network. BT's collaboration with research institutions and government agencies has allowed them to develop new quantum technologies that strengthen their market position.
Some of the Top Market Players Are:
- Amazon
- BT Group
- DTU
- IBM Corporation
- ID Quantique (IDQ)
- LIGENTEC
- Maxxen Group
- NanoSonic
- Oceanit
- Quantropi
- Quantum Communications Victoria
- Qubitekk
- SpeQtral
- Thales
- Toshiba
- Other Prominent Players
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