Quantum Cryptography Market 2023: Comprehensive Research Study
Market Overview
According to Market Research Future Analysis, the global Quantum Cryptography market is estimated to generate revenue of approximately USD 640 million by 2023 growing at a CAGR of 14% during the forecast period 2017-2023. According to the report, the key drivers of this market include increasing data security, privacy concerns, and rise in adoption of cloud storage & computing technologies. The global quantum cryptography market is expected to emerge as a lucrative market due to rising demands for security solutions across verticals.Quantum Cryptography market is estimated to exhibit high growth potential during the forecast period owing to its increasing demand across various industry verticals. Increasing data security and privacy concerns is driving the growth of the market.
Quantum Cryptography market is estimated to exhibit high growth potential during the forecast period owing to its increasing demand across various industry verticals. Increasing data security and privacy concerns is driving the growth of the market.
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Various energy projects for different industries require quantum mechanics or quantum physics because quantum field theory, describes nature at the smallest scales of energy levels of atoms and subatomic particles. To keep the information of these projects secure, quantum cryptography is used. The advanced cryptographic systems offered by quantum cryptography cannot be compromised easily. It allows two parties to share secret keys that only they (sharing parties) know. The keys encrypt the messages and make them secure. Using a quantum key distribution system allows the detection of any third party in the system if there is one. Therefore, the market of quantum cryptography is rising. Quantum cryptography is useful for automotive electronics, data protection, data security, industry power control, power management, semiconductor solutions, and quantum computing. Quantum cryptography solutions are also designed for machine to machine communication.
Market Research Future (MRFR) has published a research report about global quantum cryptography market that envisions growth in this market skyrocket with a 14% CAGR (Compound Annual Growth Rate) between 2017 and 2023. According to the report, the key drivers of this market include increasing data security, privacy concerns, and rise in adoption of cloud storage & computing technologies. Restraints that might cause the market growth to hit a roadblock include low customer awareness about quantum cryptography. The global quantum cryptography market is expected to emerge as a lucrative market due to rising demands for security solutions across verticals.
The global quantum cryptography market has been segmented on the basis of application, component, service, vertical, and lastly region. Based on application, this market has been segmented into database encryption, application security and network security. Database encryption is the process of converting data, within a database, in plain text format into a meaningless cipher text via a suitable algorithm. Application security is defined as the usage of hardware, software, and various procedural methods to protect applications from external threats like malware. Network security is defined as a set of policies and practices adopted to prevent and monitor misuse, modification, unauthorized access, or denial of a computer network and network-accessible resources.
Key Players
The key players in the global quantum cryptography market are Crypta Labs (UK), Infineon (Germany), Magiq Technologies (USA), NEC Corporation (Japan), Nucrypt Llc (USA), PQ Solutions (UK), Qubitekk (USA), Quintessencelabs (Australia), qutools GmbH (Germany), and Toshiba (Japan).
Market Segmentation
The global quantum cryptography market can be segmented on the basis of service, application, vertical, component and end user. The vertical segment is further segmented into banking and financial services, consumer goods and retail, government and defense, IT and telecom, healthcare and life sciences. The increased amount of data in the BFSI and need to increase the security and privacy is expected to drive the market.
Regional Analysis:
The regional segmentation of about global quantum cryptography market includes North America, Europe, Asia Pacific, Middle East & Africa (MEA), Latin America and rest of the world (RoW). According to the report, North America is estimated to grow significantly and account for the largest share of the market during the forecast period. The North American market growth has been attributed to high adoption of cloud based applications and advanced safety and security concerns. In North America, the biggest markets are the United States of America (USA), Canada and Mexico. Europe also has technological advancements and its population is more than North America. Therefore, quantum cryptography has a huge market in Europe as well. The biggest markets of Europe region are France, Germany, and the United Kingdom (UK). During forecast period, Asia Pacific is projected to grow at the fastest rate. Technologically, Asia Pacific still lags behind North America and Europe but it is still catching up. According to this report, the biggest markets for quantum cryptography in Asia Pacific region are China, India and Japan, with other countries of Asia Pacific, slowly and steadily catching up. In MEA region, market is small and limited due to poverty, poor infrastructure and limited internet connectivity.
Latest Industry News
The UK’s first quantum network has been launched in Cambridge. This network enables “unhackable” communications that have been, made secure by the laws of physics. 13 JUNE 2018
Startup Quantum Xchange announced that with the new funds worth US $10 mn received via seed funding, it would be launching the first-ever quantum fiber optic network in the USA. This network has been designed to protect data in transmission from attacks powered by quantum computers. The new fiber optic quantum network will be used to power the company’s commercial Quantum Key Distribution service that has been designed to address the shortcomings of present-day encryption standards. 26 JUNE 2018
LIST OF TABLES
Table1 Global Quantum Cryptography Market: By Region, 2017-2023
Table2 North America Quantum Cryptography Market: By Country, 2017-2023
Table3 Europe Quantum Cryptography Market: By Country, 2017-2023
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LIST OF FIGURES
FIGURE 1 Global Quantum Cryptography Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Quantum Cryptography Market
FIGURE 4 Value Chain Of Global Quantum Cryptography Market
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