Quantum cryptography helps protect important and critical data by encrypting the data, which can be further accessed by the receiver only. Quantum Cryptography is used to shield data from cyber-attacks. Growing connectivity, digitalization and internet banking are few factors responsible for growing demand of quantum cryptography. To protect the data generated by different transactions from cyber-attacks and hackers advanced security technologies like quantum cryptography is being used.
The global Quantum Cryptography market revenue is projected to reach close to USD 321.0 Million by 2028. Growing demand to maintain data security and improve cyber security of data along with growing digitalization are the factors responsible for speedy adoption of quantum cryptography. The digital payment solutions are being adopted globally and thus to keep the digital financial solutions safe and secure the need for security technologies like quantum cryptography is increasing globally.
The BFSI sector is expected to lead the adoption of quantum cryptography technology. The data regarding customer bank account details and financial transactions is of outmost importance. If this data is not protected properly the data breach might lead to huge financial disaster. After BFSI sector the defense and military segment is expected to have second largest adoption of quantum cryptography technology.
Key Segments of the Global Quantum Cryptography Market
Component Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
- Network Security
- Application Security
- Database Security
Industry Vertical Overview, 2018-2028 (USD Million)
- Government & Defense
- IT & Telecommunication
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global quantum cryptography market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Quantum Cryptography market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Quantum Cryptography industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solution, service, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global quantum cryptography market. The report will benefit: Every stakeholder involved in the quantum cryptography market.
- Managers within the Quantum Cryptography industry looking to publish recent and forecasted statistics about the global Quantum Cryptography market.
- Government & Defense organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Quantum Cryptography market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Quantum cryptography as a security measure has huge potential in coming years. The growing amount of data and increasing digitalization especially in the financial domain is expected to boost the demand for quantum cryptography in coming years. The demand in BFSI sector is expected to be highest in present and during the forecast period. The North American region is expected to lead the market in terms of adoption followed by Europe and APAC.
In terms of component, the market is bifurcated into Solutions and Services. The services segment is estimated to accrue significant market growth over the forecast period. In the year 2019, the services segment is expected to grow and it is likely to keep its position throughout the forecast years. The market growth of this segment is primarily ascribed to the increasing demand from numerous organizations for tailor made cyber security solutions which is mostly available through services segment.
Based on the Application, the market is segmented into network security, application security and database Security. The network security segment leads the market growth in 2019 and it is anticipated to hold its position during the forecast years. Ensuring network security and application security are few of the major uses of quantum cryptography. Network security helps in ensuring the integrity of network and data. Powerful cyber security focuses on a range of risks and prevents them from accessing or spreading to one’s system. As the network needs to be protected due to network vulnerabilities, different industry verticals such as healthcare, government and defense, retail, BFSI, and automotive have begun to use quantum cryptography solutions, further contributing to network security rising at the highest CAGR during the forecast period.
Industry Vertical Segment
The BFSI industry is expected to lead the adoption of quantum encryption technology. The government and defense is expected to follow BFSI sector in terms of adoption of the technology. The data the defense and government segment deals with is of high importance and very much critical. It can be data related to some upcoming secret project or military exercise. The breach of security might lead to increased threat to the country and its people. Thus leading to increased adoption of quantum cryptography.
The North American region is considered to be the largest contributor to the demand for quantum cryptography in 2020. One of the major factors responsible for industry growth is the increase in cyber-attacks in this region. Moreover, the rising sophistication of IT industry, along with the increasing need for data security and privacy, is indeed an significant factor pushing the region 's market.
The major players of the global Quantum Cryptography market are PQ Solutions, Infineon, Qubitekk, Quintessencelabs, Nucrypt, Crypta Labs, Qutools, Magiq Technologies, NEC Corporation, and Toshiba. The industry is failry new and is in its initial stage of adoption thus completion is increasing and is expected to increase amongst players over the forecast period.