Global Quantum Cryptography Market is expected to reach $1,586.42 million by 2027 growing at a CAGR of 35.8% during 2019 to 2027.
Some of the key players in quantum cryptography market include NEC, Toshiba, Microsoft, Quantum Xchange, Aurea Technology, Qutools, Mitsubishi Electric, IBM, HP, Qubitekk, ISARA Corporation, Post-Quantum, Qunu Labs, Infineon, Quantumctek, Magiq Technologies, Nucrypt, ID Quantique, Quintessencelabs, and Crypta Labs.
Some of the key factors propelling the market growth include growing incidents of cyber-attacks in the era of digitalization, increasing cybersecurity funding, rising demand of next-generation security solutions for cloud and IoT technologies, and evolving next-generation wireless network technologies. However, high implementation cost and lack of expertise are identified as key factors hindering the market growth.
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Quantum cryptography is a science of exploiting the quantum and using current physics knowledge in order to implement a cryptography system that is able to prevent any types of attacks on data. It is used to securely send data over network, wherein if quantum cryptography is applied to a particular data that needs to be being transferred, then only sender and receiver of data are able to access that data with the help of special key. Quantum cryptography is different as compared to traditional cryptography method, as quantum cryptography is more dependent on physics, instead of mathematics.
By security type, the network security application is anticipated to grow at the significant rate in the quantum cryptography market. The recent advances in technology have a widespread effect on the network infrastructure worldwide. This development has given a boom to the e-commerce sector, as there are a growing number of customers adopting digital shopping solutions and generating a vast amount of network traffic. Moreover, the growing trend of remote access security and wireless communication has resulted in growth in the adoption of quantum cryptography, aiming toward protecting the integrity of networks.
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On the basis of geography, North America region is expected to have considerable market growth during the forecast period, due to the rising demand for IT and cloud services, advancements in communication networks, and a rise in the number of cyber threats. To meet the rising demand for wireless network carriers, the U.S. officials have invested over the last two decades in their wireless capital expenditure to build the mobile networks. Furthermore, an increasing requirement for encryption-based applications and an enhanced adoption of connected devices including IoT and BYOD are driving the industries in North America to implement quantum cryptography solutions.
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• Quantum Cryptography Appliances
Security Types Covered:
• Application Security
• Network Security
• Database Encryption
• Cloud Encryption
End Users Covered:
• Healthcare and Life Sciences
• Government and Defense
• Retail & E-Commerce
• Other End Users
Organization Sizes Covered:
• Large Enterprises
• Small and Medium Enterprises
• Governing and Regulatory Bodies
Algorithm Types Covered:
• Asymmetric key
• Symmetric key
Deployment Protocols Covered:
• BB84 protocol
• TSL/SSL protocol
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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