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Market Analysis:
The global quantum communication market demonstrates significant growth potential. Growing security issues and cyber threats would drive the market growth. Market Research Future (MRFR) states that the global quantum communication market value will escalate from USD 0.57 BN in 2022 to USD 8.3 BN by 2032, growing at a 29.3% CAGR throughout the assessment period (2023-2032).
Major Players:
Leading quantum communication market players are,
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Besides, government initiatives for technology development and quantum technology advances boost the quantum communication market size. Rising awareness about quantum communication benefits increases the adoption of these solutions in various sectors. Public sectors present a significant growth opportunity for the market, increasing quantum communication applications and leading to a higher commercial interest in the technology.
Growing interests in cutting-edge topical areas such as quantum communication, quantum computation, quantum optics, and quantum fundamentals impact the market favorably. The increasing number of research to deliver new technologies that can enable reliable quantum communication over long distances and accelerate scientific R&D impacts the market growth positively.
Also, the growing trend of quantum computing devices integrated into communication systems influences market revenues. Quantum communication is crucial to support secure data transfer across various sectors, such as banking, defense, power distribution, and healthcare. The public and the private sector can break the ultra secure quantum communication system. Additionally, increasing developments of Telematics required in developing quantum communication push the market growth.
Global Quantum Communication Market – Segments
The market report is segmented into product types, applications, and regions. The product type segment is sub-segmented into software/solutions, hardware, and services. The application segment is sub-segmented into national defense, aerospace, finance, and others. By region, the quantum communication market is segmented into the Asia-Pacific, Americas, Europe, and the rest of the world.
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Global Quantum Communication Market – Regional Analysis
North America dominates the global quantum communication market. The growing adoption of quantum communication by governments for its potential benefits in national security drives market growth. Besides, significant investments in quantum research and quantum communication boost the market size. The large presence of major technology providers and increasing R&D investments to improve quantum communication technology substantiate market shares.
Global Quantum Communication Market – Competitive Analysis
The highly competitive quantum communication market is fragmented due to numerous well-established players. Prevailing strategies traced from the study of recent developments of the players include product launch, agreement & partnership, acquisition, and expansion. The study indicates large investments by multinational companies and emerging startups.
Industry/Innovation/Related News
Nov.08, 2023 – Azure Quantum announced a strategic co-innovation collaboration with Photonic Inc. for quantum at scaleShare. Together, they aim to deliver new technologies that will enable reliable quantum communication over long distances and accelerate scientific R&D with quantum computing devices to be integrated into Azure Quantum Elements.
Photonic focuses on building scalable, fault-tolerant, distributed quantum technologies. These companies will develop new capabilities built on their unique & complementary approaches to unlock the next stages in quantum networking and empower the quantum computing ecosystem with their scalable quantum infrastructure.
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