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Global quantum cryptography market size to grow at a CAGR of 37.9% during the forecast period
The global quantum cryptography market is expected to grow from USD 101 million in 2018 to USD 506 million by 2023, at a Compound Annual Growth Rate (CAGR) of 37.9% during the forecast period. Major growth factors for the market include the 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, lack of expertise and high implementation cost could restrain the market growth.
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Growing demand for integration of quantum cryptography solutions is set to fuel the growth of solutions segment
The continuous increase of data transmitted electronically has led to an increased need for and reliance on cryptography. Quantum cryptography solutions enables people to experience the same level of trust and confidence in the digital world as in the physical world. These solutions further enable millions of people to interact electronically via e-mail, eCommerce, ATMs, cell phones, etc. The quantum cryptographic solutions such as Quantum Key Distribution (QKD) platforms, QKD servers, virtual encryptors, QKD distributors, key and policy managers, SDK to integrate cryptography, quantum cryptography communication device, quantum security gateway, Quantum Random Number Generator (QRNG), hackerbox, quantum secure communication network products, and repeaters, used to secure advanced cyber-attacks are in huge demand across the globe. Moreover, this solution can easily be integrated with existing security systems. Hence, the solution segment is expected to hold the highest market share as well as the highest CAGR in the quantum cryptography space.
North America to hold the largest market size, and to grow at the highest growth rate during the forecast period
The US is the most developed country in terms of technology adoption and investments. The widespread adoption of PCs and internet services for business purpose and storage of critical data across the world has increased the propensity of data breach and theft. In addition, the major growth factors that would drive the adoption of quantum cryptography include the growing need for data privacy and security and an increasing number of cyber-attacks. The Americas are the largest revenue contributors in the quantum cryptography market, as the market is being driven by the early adoption of advanced technologies such as cloud and IoT, high level of IT capabilities, and higher IT investments.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the quantum cryptography marketplace.
The following list provides the breakup of primary respondents’ profiles:
- By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By designation: C level Executives: 35%, Director Level: 25%, and Others: 40%
- By region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of the World: 5%
Major vendors in the global quantum cryptography market include include ID Quantique (Switzerland), QuintessenceLabs (Australia), NuCrypt (US), Qasky (China), Crypta Labs (UK), Qubitekk (US), Post-Quantum (UK), MagiQ Technologies (US), ISARA (Canada), QuNu Labs (India), QuantumCTek (China), Quantum Xchange (US), Aurea Technologies (France), qutools (Germany), Infineon (Germany), Mitsubishi Electric (Japan), IBM (US), HP (US), NEC (Japan), Toshiba (Japan), and Microsoft (US).
- The report includes an in-depth competitive analysis of the key players in the quantum cryptography market, along with their company profiles, recent developments, and key market strategies.
- The report segments the global quantum cryptography market by component (solutions and services), security type, vertical, and region.
Key Benefits of Buying the Report:
- The report would help the market leaders/new entrants in the quantum cryptography market with the information on the closest approximations of the revenue numbers for the overall quantum cryptography market and subsegments.
- The report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.