Quantum communication is a branch of quantum information science that focuses on the secure transmission of information using quantum mechanical principles. Unlike classical communication systems, which rely on classical bits to represent and transmit information, quantum communication harnesses the unique properties of quantum states, such as superposition and entanglement, to encode, transmit, and decode information securely.
Quantum Communication Global Market Report 2024 provides data on the global quantum communication market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The quantum communication market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
The quantum communication market has experienced exponential growth, expanding from $0.93 billion in 2023 to $1.18 billion in 2024 at a CAGR of 27.7%. Historic growth drivers include demand for enhanced simulation and modeling, the complexity of automotive systems, cybersecurity focus, collaborative research efforts, regulatory pressures, emissions reduction, and competitive differentiation. This market is projected to reach $3.16 billion in 2028 with a CAGR of 27.8%. Drivers for this growth include the proliferation of IoT devices, heightened demand for secure communication, increased network infrastructure, and the adoption of advanced communication techniques. Trends include technological advancements, rising R&D investments, partnerships, market expansion, regulatory considerations, and increased integration with electric vehicles.
The rising volume of cybersecurity threats is anticipated to propel the quantum communication market. These threats, including malicious attempts to compromise information systems, stem from factors like increased connectivity and inadequate cybersecurity measures. Quantum communication provides robust methods for detecting tampering or eavesdropping, enhancing communication integrity. The Australian Cyber Security Centre reported a 13% increase in cybercrime incidents in 2022, highlighting the growing need for secure communication technologies. This has led to increased adoption of quantum communication solutions.
Get Your Free Sample of the Global Quantum Communication Market Report The quantum communication market covered in this report is segmented –
1) By Product Type: Hardware, Service, Software
2) By Security Service: Application Security, Network Security
3) By Application: Government, Military And Defense, Telecommunication , Banking, Financial Services And Insurance (BFSI), Industrial, Enterprise, Other Applications
Companies in the quantum communication market are developing optical communication devices to offer enhanced features to their customers. Optical communication devices are components that facilitate the transmission, reception, and processing of optical signals in communication systems. For instance, in August 2023, SKY Perfect JSAT Corporation, a Japanese satellite communication company, introduced a quantum cryptography optical communication device with satellite-based quantum key distribution (QKD) and cryptography technology. This device aims to establish a secure satellite communication network that is immune to eavesdropping or decryption, even with advancements in computational technology.
North America was the largest region in the quantum communication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.