The Rise of Quantum Key Distribution Market: A $2.63 billion Industry Dominated by Tech Giants - Toshiba (Japan) and MagiQ Technologies (US)| MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Feb. 21, 2025 (GLOBE NEWSWIRE) -- The global Quantum Key Distribution Market size is projected to grow from USD 0.48 billion in 2024 to USD 2.63 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 32.6% during the forecast period, according to a new report by MarketsandMarkets™.

The demand for Quantum Key Distribution (QKD) is growing as organizations seek to strengthen data security. With cyberattacks becoming more advanced, companies and governments face significant challenges in protecting sensitive information. Additionally, there are increasing developments in the QKD space. For instance, TIM Group companies Sparkle and Telsy, along with QTI Quantum Telecommunications Italy, successfully performed a Proof of Concept (PoC) to secure a high-capacity link with QKD between two data centers in Athens, further driving the growth of the QKD market.

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Quantum Key Distribution Market Dynamics:

Drivers:

• Rise in ‘harvest now, decrypt later’ (HNDL) attacks
• Increase in investments in R&D by prominent players
• Advancements in quantum communication infrastructure
• Advancements in quantum computing

Restraints:

• High implementation costs
• Lack of standardization

Opportunities:

• Expansion into 5G, IoT networks, and satellite-based quantum communication
• Rise in demand for data security

List of Key Companies in Quantum Key Distribution Market:

• Toshiba (Japan)
• ID Quantique (Switzerland)
• QuintessenceLabs (Australia)
• MagiQ Technologies (US)
• QuantumCTek (China)
• LuxQuanta (Spain)
• Kloch (US)
• HEQA Security (Israel)
• QNu Labs (India)
• PacketLight Networks (Israel)

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Trend: Advancements in Satellite-based QKD

Satellite networks are saturating themselves with quantum technologies, aiming to carry out secure data transmission at long range. The drive behind this trend is a secure communication need across the globe's infrastructures, largely now spearheaded by projects like European Space Agency quantum initiatives. In India, for example, in January 2022, scientists from the Space Applications Centre (SAC) and the Physical Research Laboratory (PRL) demonstrated real-time Quantum Key Distribution (QKD) over a 300m terrestrial channel incorporating both quantum-secure text and image transmission and a quantum-assisted two-way video call between two buildings.

By type, the long-distance QKD system segment accounts for the highest CAGR during the forecast period.

The long-distance QKD system segment is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is driven by the increasing need for secure communication across vast distances, particularly in sectors like defense, government, and telecommunications. As organizations seek to protect critical data transmissions over extended networks, advancements in satellite-based and fiber-optic QKD systems are gaining momentum, further propelling the demand for long-distance QKD solutions. Additionally, ongoing research and development efforts are enhancing the feasibility and scalability of these systems, contributing to their rapid adoption.

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By vertical, the BFSI vertical accounts for a larger market share.

The BFSI segment is expected to hold larger market share during the forecast period. This is led by the the sector’s critical need for enhanced data security. The BFSI industry is one of the most data-sensitive sectors, managing vast amounts of confidential information, including customer identities, financial transactions, and proprietary business data. With the rising frequency and sophistication of cyberattacks targeting financial institutions, there is an increasing demand for robust encryption methods to safeguard this valuable data. QKD's ability to provide theoretically unbreakable encryption by detecting eavesdropping in real time makes it an ideal solution for the BFSI sector. Financial institutions are adopting QKD to ensure secure communication and to prevent data breaches, fraud, and identity theft. Additionally, regulatory pressures related to data privacy, such as the General Data Protection Regulation (GDPR) in Europe and other global financial compliance standards, are encouraging the implementation of more advanced security measures like QKD.

Opportunity: Securing 5G Networks with Quantum Key Distribution (QKD)

One major opportunity in Quantum Key Distribution (QKD) lies in its application for securing 5G and beyond networks. As global 5G deployment accelerates, the need for stronger encryption mechanisms to protect massive volumes of data transmitted across these networks becomes critical. QKD offers an unbreakable key exchange, which can ensure secure communication in industries such as telecommunications, healthcare, and autonomous vehicles. The integration of QKD into 5G infrastructure could provide future-proof security against both current cyber threats and potential quantum computer attacks, opening new avenues for partnerships and technology investments.

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