Quantum Key Distribution (QKD) Market: Overview Of Key Market Forces Propelling And Restraining Market Growth

Quantum key distribution (QKD) is an encryption technology used for communication, which implements a cryptographic protocol including components of quantum mechanics. QKD allows two parties to generate a shared secret key, which only the two communicating parties know, and can later be used to encrypt and decrypt messages. This leads to unbreakable data transmission. QKD was experimental and essentially for military or government use.  However, as per the recent studies in the field of quantum mechanics, the quantum key distribution (QKD) market is expected to expand from government sponsored projects and financial institutions to large data centers.

The ability of two users who are communicating to discover the existence of a third party (if any) trying to get information of the key, is one of the most essential and exclusive properties of quantum key distribution. This is made possible through a fundamental characteristic of quantum mechanics, i.e. the process of evaluating a quantum system, disrupts the entire system. Thus introducing detectable irregularities when a third party tries to interfere on the key.

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The global quantum key distribution (QKD) market can be classified based on product type, service type, enterprise size, end-use industry, and region. In terms of product type, the market can be segmented into standard multilayer, rigid 1-2 sided, IC substrate, flexible circuits, and rigid flex. Based on service type, the global quantum key distribution (QKD) market can be bifurcated into professional services and managed services. The professional services segment of the market can sub-segmented into consulting, integration & implementation, and support services.

In terms of enterprise size, the quantum key distribution (QKD) market can be divided into small, medium, and large. The enterprise size has been categorized base on the strength of employees in an enterprise; for instance, enterprises with less than 250 employees are classified as small enterprises, enterprises with an employee strength between 250 and 500 are in medium enterprises, and enterprises with more than 500 employees are termed as large enterprises in the quantum key distribution (QKD) market. In terms of end-use industry, the market can be classified into government & defense; IT & telecommunication; banking, financial services & insurance (BFSI); and others.

Based on region, the global quantum key distribution (QKD) market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is projected to be the major contributor to the revenue of global quantum key distribution (QKD) market in 2019. Rise in the number of cyber-attacks in North America is a key factor driving the market.

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These attacks are growing and becoming more sophisticated owing to the high adoption of encryption-based applications in North America. Additionally, growing complexity in IT management and rising need for security and data privacy is an important factor driving the global quantum key distribution (QKD) market in the region. Countries such as Canada and the U.S., are generating significant revenue in the QKD market. Organizations in this region are focusing on securing their networks and applications by using various QKD. Other drivers boosting the demand for QKD include evolution of next-generation wireless networks and increase in research & development investments.

Key players operating in the global quantum key distribution (QKD) market include ID Quantique SA, SeQureNet, QuintessenceLabs Pty. Ltd., MagiQ Technologies, Inc., Toshiba Research Europe Ltd., QuantumCTek Co., Ltd., and Anhui Qasky Quantum Technology Co. Ltd. These players are spending significantly on research & development activities to adopt new and advanced technologies in their solutions and develop or enhance their existing offerings accordingly. Major players in the global quantum key distribution (QKD) market are engaging in strategic alliances with other players to expand their geographical presence, product & service base and gain market share in diverse geographical locations worldwide.