The global quantum cryptography market accounted for US$ 105.3 Mn in 2018 and is expected to grow at a CAGR of 39.2% over the forecast period 2019-2027, to account for US$ 1,996.1 Mn by 2027. The quantum cryptography market is at a nascent stage with massive potential to break through the cybersecurity industry. The quantum cryptography market players are constantly engaging themselves in advancing their features intending to offer highly secured solutions to their clients. The rise in quantum computing has led to the surge in expose of confidential data across industries. Owing to this, several end users of encryption solutions are investing significant amounts in procuring advanced data security solutions and services such as quantum cryptography.
The governments of different countries across the globe as well as various private organizations are significantly investing in cybersecurity. This is majorly attributed to secure critical data from unauthorized individuals while transferring. The enhanced security solutions offered by the market players including Quantum Key Distribution (QKD), virtual encryptor, quantum cryptography communication device and Quantum Random Number Generator (QRNG) among others facilitate in strongly encrypting critical data. This factor is attracting several governments and industries to invest in such advanced technology. Thus, the rising investment towards cybersecurity solutions is a key catalyzer for quantum cryptography market.
The spending on quantum cryptography is growing in both developed and developing regions such as North America, Europe, and the Asia Pacific. The demand for quantum cryptography is expected to grow further during the forecast period of 2019 to 2027. Rising digitization and positive economic outlook are some of the major macroeconomic factors driving the growth of the quantum cryptography market. Quantum cryptography technology is turning more into the global business, and various large players can offer quantum cryptography solutions and services worldwide. Presently on a global scale, industry verticals such as BFSI, IT & telecom, government and defense, and healthcare are the major contributors in quantum cryptography spending.
The global quantum cryptography market is segmented based on offering, application, end user, and geography. Based on the offering, the quantum cryptography market is bifurcated into solutions and services. Based on application, the quantum cryptography market is categorized into the network security, application security, database security. Based on end user, the quantum cryptography market is segmented into IT & telecommunication, BFSI, government & defense, healthcare, others. Geographically, the quantum cryptography market is categorized into four regions, including North America, Europe, Asia-Pacific, and Rest of World.
The key companies operating in the quantum cryptography market include ID Quantique, Infineon Technologies, Magiq Technologies, IBM, NuCrypt, Anhui Qasky Quantum Technology Co. Ltd., Qubitekk, Quintessence Labs, Qutools GmbH, and Toshiba Corporation, among others. Several other players are also operating in the field, and are contributing substantial revenue generation in the market.
The overall global quantum cryptography market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global quantum cryptography market. It also provides an overview and forecast for the quantum cryptography market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the quantum cryptography market.