DELRAY BEACH, Fla., Sept. 5, 2024 /PRNewswire/ -- The quantum networking market is projected to grow from USD 861.8 million in 2024 and is estimated to reach USD 5,382.0 million by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 44.2% from 2024 to 2029 according to a new report by MarketsandMarkets. The growth of the quantum networking market is driven by the growing focus on developing quantum networking solutions that can work alongside current classical networks, Increasing collaborations between tech companies, telecom operators, and research institutions to advance quantum networking technologies, growing interest in combining quantum sensing with quantum networks for applications like improved GPS and environmental monitoring, Improvements in quantum memory technologies are crucial for creating quantum repeaters, a key component of long-distance quantum networks, and exponential rise in data generation from various sources driving demand for quantum networking.
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Browse in-depth TOC on "Quantum Networking Market"
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Quantum Networking Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 861.8 million |
Estimated Value by 2029 | $ 5,382.0 million |
Growth Rate | Poised to grow at a CAGR of 44.2% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, End-user Industry, Application, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Vulnerabilities to interference, decoherence, and signal loss |
Key Market Opportunities | Increasing need for quantum networking technologies for secure financial transactions |
Key Market Drivers | Growing demand for quantum-secure communication solutions to mitigate cyber-attacks |
By Offering, Quantum Random Number Generator (QRNG) is projected to grow at a high CAGR of quantum networking market during the forecast period.
Quantum Random Number Generator (QRNG) is projected to growth at a high CAGR in the forecasted years. QRNG is a highly sophisticated engineering innovation that involves the power of complex deep-tech technologies (such as semiconductors. optoelectronics, high-precision electronics, and quantum physics) working together to create the highest level of randomness possible. These devices use the principles of quantum mechanics to generate random numbers that can truly be considered unpredictable. Most of these devices work on quantum effects-photon behavior, quantum noise, or atomic decay-to guarantee that none of the numbers generated show any kind of deterministic pattern or bias. QRNGs generate random numbers at very high speeds, normally above megabits per second, and are an important constituent in high-quality randomness applications. Their ability to ensure unmatched randomness and security makes them crucial for enhancing encryption and protecting data, fueling their demand in the quantum networking market.
Healthcare & Life Sciences in end-user industry segment in quantum networking industry will account for the high CAGR by 2029
Healthcare & Life Sciences segment will account for the high CAGR in the forecasted period. Quantum cryptography is increasingly being applied in the healthcare sector in securing sensitive information from patients, since it is perceived to offer a higher security level compared to traditional methods of encryption. Cybersecurity has been a major challenge facing most of the healthcare organizations moving from the paper-based records to digitized ones, with an ever-increasing threat of quantum computers breaking the current encryption protocols. Quantum networking provides quantum- safe encryption, securing devices for data confidentiality and integrity in medical records, financial transactions, and other very sensitive information. The technology protects sensitive information but helps the healthcare industry with compliance requirements under regulations like HIPAA, enabling further diffusion in the sector. As healthcare organizations transitions into digital records, the demand for QRNGs to ensure data confidentiality will increase, fueling growth in the quantum networking market.
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North America will account for the highest CAGR during the forecast period.
In North America, MIT, Caltech, and the University of Chicago are among the top institutions globally in quantum research. Of course, breakthroughs in quantum networking research must involve these frontline institutions. For instance, the University of Chicago's Chicago Quantum Exchange is the center for advancing quantum technology by building a community of universities, national laboratories, and industry partners in the advancement of quantum technology. It is this concentration in competence and research capability that allows for rapid innovation and development in quantum networking, which is foreseen to yield a continuing pipeline of new technologies and applications. This growth will be underpinned by increased demand for secure channels of communications, advanced computational capabilities, and versatile applications in many industries related to finance, healthcare, and national security.
Key Players
Key companies operating in the quantum networking companies are TOSHIBA CORPORATION (Japan), Terra Quantum (Switzerland), Quantumctek Co.,Ltd. (China), ID Quantique (Switzerland), HEQA Security (Israel), QuintessenceLabs (Australia), MagiQ Technologies (US), Crypta Labs Limited (UK), Quantum Xchange (US), Qunnect Inc. (US) among others.
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