The growing adoption of digital technologies to operate and conduct financial transactions brings opportunities for the quantum cryptography market growth
The global quantum cryptography market size is projected to reach nearly USD 321 million by 2028. In addition, it is projected to gather a CAGR of above 19.53% over the forecast years 2020-2028. Quantum cryptography, also called quantum encryption, uses principles of quantum mechanics to encrypt messages such that it cannot be read by anyone outside of the intended recipient. It takes benefit of quantum’s compound states, coupled with its "no change theory," which means it cannot be unintentionally interrupted.
The future and existing quantum cryptography market progress are outlined in the report to know the market attractiveness. Key influencing factors focus on the quantum cryptography of market opportunities over the forecast years. Factors such as the increase in adoption of digital technologies increase in number of cyber attacks globally and the increase in investment in improving cyber security is expected to boost the market for quantum cryptography.
The report also outlines the various characteristics of the global quantum cryptography industry by assessing the market from value chain analysis. Moreover, the quantum cryptography market report comprises various qualitative parts of the quantum cryptography industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The quantum cryptography market has solid competition amongst the already well-known and new market players. Also, the quantum cryptography industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the component segment, the market is bifurcated into solutions and services. In the year 2020, the services segment gathered the major growth and it is likely to maintain its position during the forecast years. The growing threat of cyber attacks is expected to boost the demand for quantum cryptography services.
Based on the industry vertical, the market is bifurcated into BFSI, healthcare, IT & Telecomm, government & military and others. The others segment includes automotive, retail, critical infrastructure and oil & gas. The increasing awareness about the benefit has led to increase in adoption of the quantum cryptographic solutions in different end user segments. The BFSI segment is expected to have the highest share amongst all the industry verticals followed by government and military segment.
Based on the security type, the market is split into network security and application security. The others segment includes automotive, retail, critical infrastructure and oil & gas. The increasing awareness about the benefit has led to increase in adoption of the quantum cryptographic solutions in different end user segments. The BFSI segment is expected to have the highest share amongst all the industry verticals followed by government and military segment.
The North America region is projected to hold the highest growth during the forecast years. The market growth in this region is mainly attributed to the existence of developed countries (the US and Canada), which give it an upper hand over other regions in terms of adoption and usage of extremely high tech security technologies such as quantum cryptography. Rise in cyber attacks in this region has led to increase in demand for security technologies like quantum cryptography. The region is expected to provide immense growth opportunities for quantum cryptography companies, due to the increasing demand for secured repository for long-term storage of critical information.
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 quantum cryptography market comprises well established local as well as global players.
Segment Overview of Global quantum cryptography Market
Component Overview, 2018-2028 (USD Million)
Application, 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America