Quantum Cryptography Market to Surge Impressively at 30% CAGR Over the Decade: Fact.MR Analysis
Published : 01 Oct 2021 Industry: Technology
Analysts at Fact.MR, a market research and competitive intelligence provider, have conducted a detailed research on the global quantum cryptography market. In this survey, demand for quantum cryptography has been predicted to rise at an astounding CAGR of nearly 30% over the decade. This high demand can be attributed to increased cyber-threats and thereby rising demand for innovative security solutions.
There has been massive evolution in wireless and networking technology, with more data being transferred and shared than ever before, and with the probability of cyber-attacks rising, quantum cryptography solutions are gaining momentum as they are an effective solution to prevent and tackle these problems.
Demand for quantum cryptography is expected to increase due to its unhackable nature of transfer of data. The technology transfers data via quantum keys, which, when tampered with, simply destroy the data, thereby securing it from falling into the wrong hands. From transferring confidential data of governments to offering secure banking and finance solutions, quantum cryptography is touted to be the future of encryption and security technologies.
As more industries implement cloud infrastructure and move to a more digital world, the requirement for reliable security solutions has also increased, and this is a major factor driving demand for quantum cryptography solutions and services.
However, implementing quantum cryptography systems is a very price-intensive and time-consuming task due to complexity of the systems. High installation and implementation costs are restraining demand for these systems to some extent. Lack of consumer awareness for quantum cryptography is also an obstacle in the growth path for this technology.
Key Takeaways from Market Study
- Global market for quantum cryptography to expand at an impressive CAGR of nearly 30% through 2031.
- Increasing digitization and adoption of cloud-based technologies to fuel demand for quantum cryptography.
- High installation and implementation cost to be the major restraining factor for progress of quantum cryptography industry.
- North American expected to hold the largest market share owing to rising technology advancements and adoption in the region.
“Increasing digitization and prevalence of network-based technologies are majorly expected to boost demand for secure communication and secure data transmission technologies such as quantum cryptography,” says a Fact.MR analyst.
Some of the key providers of quantum cryptography, such as ID Quantique, QuintessenceLabs, NuCrypt, Qasky, Crypta Labs, Qubitekk, Post-Quantum, MagiQ Technologies, ISARA, QuNu Labs, QuantumCTek., etc., have been profiled in this research analysis.
- Arqit a U.K.-based quantum technology startup recently announced that it would be starting to deliver and track quantum encryption keys via two satellites that are scheduled to be launched in 2023. These quantum key distribution satellites would be launched from Spaceport Cornwall and onboard the LauncherOne, the two stage launch vehicle by Virgin Orbit.
- QNu Labs has become the first company in India to offer quantum secure devices. In May, 2021 it announced the launch of a new quantum key distribution (QKD) system, which has a range of around 100 kms. The company also launched a chip called Ikaria, which is a QRNG (Quantum Random Number Generator) chip.
More Valuable Insights Available
This global quantum cryptography survey provides a detailed assessment while providing with the data for historic period (2016-2020) and also predictive insights for the forecast period of 2021-2031.
The report defines the quantum cryptography market in terms of segments to make it comprehensive and effective. The segmentation is on the basis of component (solutions and services), service (consulting and advisory, deployment and integration, and support and maintenance), security (network security and application security), and end use (government and defense, BFSI, Retail, healthcare, automotive, and others), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
About the Technology Division at Fact.MR
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Shambhu Nath Jha
Consultant – Technology Industry