Quantum Cryptography Market is valued at USD 416.1 Million in 2021 and is expected to reach USD 2317.0 Million by 2030 with a CAGR of 27.8% over the forecast period.
Quantum Cryptography Market Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2028, Increasing cases of cyber-attacks and leakage of data and financial losses are some of the major factors expected to drive the growth of the Global Quantum Cryptography Market.
Quantum cryptography is the concept of utilizing quantum mechanics properties to perform cryptographic tasks. It is the generation of a cryptographic key by using photons which are later transmitted to the receiver by using a suitable communication channel. Quantum cryptography was invented in the 1970s at Columbia University. The quantum key distribution is a good example of quantum cryptography which provides a detailed theoretically secure solution to the key exchange problem. In other words, it is a type of coding in which the programmer converts math to physics for higher security reasons. The Quantum Key Distribution (QKD) is the most popular cryptographic application, which includes encoding and sending the needed information for decryption. Quantum computing majorly pivots on the increasing computer technology that is assembled on the principles of quantum theory which anticipate the description of the nature and behavior of energy and matter at the quantum level. This is primarily based on the consumption of individual particles/waves of light and their crucial quantum properties for the evolution of an unbreakable cryptosystem’ as it is impossible to measure the quantum state of any system without disturbing that system.
Due to the Covid-19 pandemic, most of the countries have gone under lockdown, which affected the operations of various industries, but quantum cryptography witnessed a surge in this pandemic due to the increasing focus on digitalization. Various players are investing in quantum cryptography solutions to get defense against online threats. Additionally, the increased adoption of this kind of solution due to the rise in cloud-based software adoption, also rising preference for cashless payments, and the growing number of online transactions have also increased the technology demand and will continue to experience rapid growth even after the coronavirus pandemic.
Quantum Cryptography Market report covers the prominent players like:
The Quantum Cryptography Market is segmented on the basis of service, application, and region & country level. On the basis of service, the market is classified into support and maintenance, deployment and integration, consulting, and others. On the basis of application, the market is classified as database encryption, application security, network security, and others.
The regions covered in Quantum Cryptography Market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of Global Quantum Cryptography is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
On July 8th, 2021; Terra Quantum, the Swiss quantum technology company, invented a breakthrough in quantum cryptography with a technology that allows quantum cryptography keys to be transmitted over a distance of more than 40,000km, the circumference of the Earth. The technology is based on measuring the loss of photons over a particular line and carefully controlling the transmitted signal so that the amount of signal that an eavesdropper on the line is never enough to be able to extract meaningful information. The technique is based on the second law of thermodynamics, the one that states that entropy always increases. The technology bowed all previous quantum cryptography distance records out of the water with an almost 100x improvement and potentially solves the biggest problem preventing quantum cryptography from becoming practically usable.
The cases of occurrence of cybercrime are increasing especially in financial services and in online banking, due to the increasing penetration of internet services. In every 39 seconds, there is a new attack somewhere on the web, which is around 2244 attacks that happened on the internet on daily basis. However new attack strategies and the emergence of quantum computers make public-key encryption is an essential part of data security. Additionally, the increasing use of computer networks for business transactions and communication which consists of confidential information has led to rising the need of encrypted techniques to ensure security from third parties. The need to widespread cyber security concerns and increasing secured data is one of the major factors augmenting the growth of global quantum cryptography market.
However, the lack of awareness regarding the quantum cryptography market along with less knowledge and expertise leads to restraining the growth of the market. The implementation of quantum cryptography solutions is expensive and also time-consuming and this may hinder the market growth up to some extent. Additionally, the installation cost increases with an increase in distance, thus high installation costs act as a restraint for the growth of the quantum cryptography market.
In spite of all these factors, increasing digitalization and continuous evolution of quantum cryptography in the different sectors such as financial, pharmaceutical, IT, and other sectors to generate big data to protect from cyber threats may offer more opportunities for further growth of the global quantum cryptography market.
North America is anticipated to capture the largest share of the global quantum cryptography market within the forecast period. The increasing incidences of cyber-attacks in this region is one of the major factors responsible for the growth of the quantum cryptography market. The high investments in research and development (R&D) activities’ also lead to contributing to the market growth. Additionally, the growing threat for the security of IT infrastructure and complex data has directed the enterprises in this region to apply quantum cryptography and reliable solutions.
Europe is expected to witness a significant growth global quantum cryptography market owing to the increasing adoption of encryption-based applications in this region. In addition, the high intricacy of IT infrastructure and the need for better data privacy and security also contribute to benefit the quantum cryptography solution providers in this region. The Asia Pacific is an emerging market for quantum cryptography due to the rising digitalization coupled with increasing investments in increasing security in this region.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 416.1 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2030:||USD 2317.0 Million|
|Tables, Charts & Figures:||175|
|Quantum Cryptography Companies:||ID Quantiques SA, Terra Quantum, Anhui Qasky Science and Technology Ltd, PW Solutions, NEC Corporation, Qutools GmbH, MagIQ Technologies, Quintessence Labs, 1QBit, River Lane Research, Accenture, imec, Toshiba, Crypta Labs, Airbus, Aliyun (Alibaba Cloud), others|
|Segments Covered||By Services, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa