Quantum key distribution (QKD) is a cryptographic technique which helps in distributing a shared secret cryptographic key between two parties in a quantum communication channel in order to ensure secure transmission of information. QKD utilizes the principles of quantum mechanics for cryptographic purposes and is being increasingly adopted across various verticals including defense, healthcare and finance owing to its ability to detect any attempts of eavesdropping or interception during communication in real time. Devices associated with quantum key distribution include optical modulators, single-photon detectors, optical switches and others.
The global quantum key distribution market is estimated to be valued at US$ 2.39 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased adoption across verticals
The adoption of quantum key distribution is increasingly gaining traction across verticals such as defense, healthcare and banking & finance owing to its ability to guarantee cybersecurity. QKD is being widely adopted for secure video calling, encrypted database access and transmission of secure files & messages. The technology helps ensure 100% security against hacking or eavesdropping in real time. The ability of QKD technology to detect any third party interference during communication in real time is expected to drive its adoption across more verticals over the coming years, thereby presenting lucrative growth opportunities for players in the quantum key distribution market.
Porter's Analysis
Threat of new entrants: Low due to high initial investments and R&D costs required for quantum key distribution technology. Bargaining power of buyers: Moderate as key distribution systems cater to both commercial and government buyers. Bargaining power of suppliers: Low due to limited availability of optical and quantum component suppliers globally. Threat of new substitutes: Low as quantum key distribution offers significantly higher security than traditional encryption methods. Competitive rivalry: High due to presence of global players offering customized quantum key distribution solutions.
SWOT Analysis
Strengths: Higher levels of security, scalability and reliability offered. Weaknesses: High costs involved, requires skilled workforce, standards and regulations still evolving. Opportunities: Growing need for cybersecurity across industries, increasing geopolitical issues. Threats: Technological challenges in terms of key rates, distances, component availability.
Key Takeaways
The global quantum key distribution market growth is expected to witness high growth over the forecast period driven by increasing cyber security breaches and rising demand for secure communication networks across industries.
North America dominates the market currently due to large presence of quantum technology developers and rapid adoption of advanced cybersecurity solutions across industries in the US and Canada. Europe is also among the lucrative markets driven by growing support from European Commission for development of quantum technologies.
Key players
operating in the quantum key distribution market are Pfizer, Inc., Bristol Myers Squibb, Sanofi S.A., F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Merck & Co., Inc., AbbVie, GlaxoSmithKline plc, Eli Lilly and Company, Zydus Cadila, Aurobindo Pharma Ltd., Cipla Ltd., Dr. Reddy's Laboratories Ltd., Lupin Ltd., Sun Pharmaceutical Industries Limited, Serum Institute of India Pvt. Ltd., Biocon Limited, Strides Pharma Science Limited, and Unichem Laboratories.
Get more insights on this topic: https://www.pressreleasebulletin.com/quantum-key-distribution-market-industry-insightstrendsquantum-key-distribution-market/
Explore more information on this topic, Please visit: https://captionssky.com/pistachio-the-wonder-nut-for-strong-global-growth/
Comments
0 comment