Quantum Cryptography Market – Global Industry Analysis And Forecast (2023-2029)

Quantum Cryptography Market is expected to be worth US$ 126.45 Million in 2022 and is estimated to grow at a CAGR of 19.3% over the forecast period.
Quantum Cryptography Market Overview:
Cryptography is the method of encrypting data or scrambling ordinary text so that only those with the applicable key can read it. Similarly, quantum cryptography encrypts data and transmits it in an unhackable method by using quantum mechanics ideologies. Quantum cryptography is defined as the technology for creating a cryptographic key using photons and spreading it to an inheritor through an appropriate communication channel. In the 1970s, Columbia University discovered quantum cryptography.To know about the Research Methodology :- Request Free Sample Report

In cryptography, the cryptographic key is the most significant constituent, it is used to encrypt and decrypt various statistics. Quantum cryptography allows users to interconnect in ways that are more protected than previous methods. It is based on quantum mechanics' essential and inflexible principles, which increases communication confidentiality. It's the use of the quantum procedure in cryptography
Quantum Cryptography Market Dynamics:
The number of cyber-attacks is increasing which is fuelling the growth of the market:

Today is the generation of Science & Technology and across various industrial verticals, digitalization delivers several prospects to optimise systems and procedures. The growing number of associated devices is confounding cyber risk management and increasing the frequency of objectionable cyber events around the world. As a result, cyber-attacks are flattering more common and are progressively aimed at businesses and governments. Cyber-attackers are mostly targeting the United States, Turkey, Brazil, China, Pakistan, India, and Europe, thus there is a wide usage of quantum cryptography used, and hence these factors are driving the growth of the quantum cryptography market.

High Cost of Installation in hampering the Quantum Cryptography Market:

Quantum Cryptography methods increase the security of the programme, they are costly and very complex to install, which indicates a lower reception of quantum cryptography systems. The cost of installing and maintaining these software and products rises as the space between them grows, as result, most companies are forced to pay excessive fees for installing and monitoring these software and products, which develops a hardship for the business. Quantum cryptography devices cost $50,000 and connect only two people at a time. As result, high installation costs trigger a major hindrance to the quantum cryptography market's expansion.

The demand for reliable storage technologies has also increased significantly which is giving lucrative growth opportunities for the market:

Consumers of banking firms have access to digital internet banking operations, which is projected to increase the security level, thanks to next-generation quantum cryptography technologies. Protecting customer and trade secrets becomes critical in financial transactions and various applications. For extremely protected crypto operations and banking applications, quantum cryptography delivers the supreme practices in today’s generation. It generates keys for security and cryptographic procedures like substantiation, numeral signatures, and secure access mechanism. It also helps the government defend the mission which is critical data and brings high presentation layer encryption. Owing to these factors, it is giving lucrative growth opportunities for the quantum cryptography market.

Key Trends in Quantum Cryptography Market:

• The growing usage of computer networks for business activities and communications including private documents have increased the demand for data encryption to protect this knowledge from third-party access.

• A major driver boosting the market's development is the necessity to secure data and combat rising cyber security issues. Governments, security groups, and financial institutions are among the application segments that have been adopting quantum key exchange protocol for several years.
Quantum Cryptography Market Segment Analysis:
By Application, the market is segmented into Application Security, Database Encryption, and Network Security Trends. The Network Security Trends segment is expected to grow at a CAGR of 7.4% through the forecast period. To ensure networking and security testing, a quantum cryptography network solution is required. Network security is a procedure for ensuring the programs and information's security and usefulness. It is made up of both hardware and software mechanisms. As a result of these secure influences of security breaches, diverse industry lines of business such as authorities and defensive performance, healthcare, BFSI, general merchandise, and automobiles have begun to use quantum cryptography networking solutions, causing data security to develop which is boosting the growth of this segment.

By Vertical, the market is segmented into Government and Defense, Banking and Financial Services, Retail, Healthcare, Automotive, and Others. The BFSI segment held the largest market share accounting for 38% in 2022. The information about a customer's checking account and banking transactions is critical. If this information is not securely protected, a security breach could result in a massive financial tragedy. Banks and financial institutions must protect their transactions and should communicate with their customers. Thousands of million-dollar transactions take place amongst banks on daily basis. This communication must be safe and secure, meeting identification, secrecy, and consistency criteria. In this case, quantum cryptography could be employed to provide extra secure communication which is a major reason for driving the growth of this segment.
Quantum Cryptography Market Regional Insights:
The North American region held the largest market share accounting for 48.6% in 2022. One of the major factors driving the market's expansion in this region is the increase in cyber-attacks in various countries such as Canada and Mexico. The attacks are increasing quickly and flattering more progressive of the extensive procedure of encrypted based applications in America. In addition, the growing complication of IT management, as well as the rising demand for data privacy and security, is a key factor in driving the Quantum Cryptography Market. Because of its rapid technological acceptance and digitization, the United States is a very profitable market for quantum cryptography. As technology improves and becomes more cultured than ever before, the demand for privacy and data security has never been greater. The United States consists world’s most influential tech companies, and thus modern security solutions are necessary to keep their networks safe and secure, therefore there is a wide usage of quantum cryptography in the U.S, which is considered a major factor in driving the growth of the market in the North American region.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the market dynamics, and structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Technology, price, financial position, product portfolio, growth strategies, and regional presence in the market makes the report investor's guide.
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Quantum Cryptography Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 126.45 Mn.


Forecast Period 2023 to 2029 CAGR:
19.3%
Market Size in 2029:
US $434.94 Mn.


 Segments Covered:
by Application
Application Security
Database Encryption
Network Security Trends


by Vertical
Government and Defense
Banking and Financial Services
Retail
Healthcare
Automotive
Others


by Organisation Size
SME’s
Large Enterprises


by Component
Solutions
Services



Quantum Cryptography Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Quantum Cryptography Market Key Players are:
1. ID Quantique SA
2. MagiQ Technologies Inc.
3. Nippon Telegraph and Telephone Corp.
4. Nucrypt LLC
5. Oki Electric Industry Company Ltd.
6. QuintessenceLabs Inc.
7. Raytheon BBN Technologies
8. SK Telecom
9. Universal Quantum Devices
10.Anhui Qasky Quantum Technologies
11.Qubitekk
12.qutools GmbH
13.Toshiba Corporation
14.International Business Machines (IBM) Corporation
15.Infineon Technologies AG
Frequently Asked Questions:
1. Which region has the largest share in Global Quantum Cryptography Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Quantum Cryptography Market?
Ans: The Global Quantum Cryptography Market is expected to grow at a CAGR of 19.3% during forecast period 2023-2029.

3. What is scope of the Global Quantum Cryptography market report?
Ans: Global Quantum Cryptography Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Quantum Cryptography market?
Ans: The important key players in the Global Quantum Cryptography Market are – , ID Quantique SA, MagiQ Technologies Inc., Nippon Telegraph and Telephone Corp., Nucrypt LLC, Oki Electric Industry Company Ltd., QuintessenceLabs Inc., Raytheon BBN Technologies, SK Telecom, Universal Quantum Devices, Anhui Qasky Quantum Technologies, Qubitekk, qutools GmbH, Toshiba Corporation, International Business Machines (IBM) Corporation, and Infineon Technologies AG.

5. What is the study period of this market?
Ans: The Global Quantum Cryptography Market is studied from 2022 to 2029.