A new analysis by Fact.MR predicts demand for quantum cryptography to surge at a stellar CAGR of nearly 30% over the decade, with market revenue being valued at approximately US$ 550 Mn globally, at present.
Surging digitization trend has also increased the risk of cyber-threats and attacks. In this information age, it has become imperative to protect data, being an extremely valuable asset to any company. The global quantum cryptography market is driven by high demand for unique and secure solutions to safeguard data against malicious and unauthorized access.
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Key Insights Offered in Quantum Cryptography Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Production Capacity Analysis of Prominent Manufacturers
- Quantum Cryptography Market Size in 2021
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Quantum Cryptography Industry Growth to 2031
- Leading Export - Import Destinations
- Analysis of Supply Contracts, Avg. Consumption, Potential for Direct & Indirect Sales
- Analysis of Top Vendors in the Quantum Cryptography Market
- COVID-19 Impact on Quantum Cryptography Demand and How to Navigate
- Recommendation on Key Winning Strategies
Demand Analysis of Quantum Cryptography from 2016 to 2020 Vs. Market Outlook for 2021 to 2031
As the trend of digitization and automation progress rapidly, demand for secure solutions to safe-keep data has also seen a substantial rise. Quantum cryptography technology is one of the most sought-after solutions to secure data transmission and communication. Encryption is a huge part of security and secure information communication.
Data breaches and cyber-attacks have now become more frequent and prevalent than ever before, as the proliferation of smart devices has made everything digital. Quantum-based cryptography is a relatively new concept and still has a long way to go and develop. Technological advances are expected to fuel demand for quantum cryptography systems, which is anticipated to increase at a rapid pace.
Use of quantum cryptography in the corporate sector is expected to see some major growth as enterprises migrate to more network and cloud-based infrastructure with connected devices, as such, requiring more advanced security.
Demand for quantum cryptography systems is expected to surge at an astronomical CAGR of nearly 30% through 2031.
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What is Restricting Deployment of Quantum Cryptography Solutions?
Quantum cryptography solutions are a very recent technology, and there is very less information about the technology, which is restricting market growth to some extent.
Lack of consumer awareness, high cost of implementation and installation, and dearth of international and domestic providers & manufacturers are some of the major factors hindering the utilization of this technology to its full potential.
How Will Efficient Quantum Cryptography Solutions and Services Make the World a Better Place?
Quantum cryptography can prove be a very effective solution in securing the transmission of data via cloud networks and other wireless networks that are currently in high demand. Use of quantum cryptography to secure mobile transactions could be a very efficient way to rule out the possibilities of fraud caused due to misuse of information and unsecure transactions.
Electric grids are an essential part of this digital world and play a vital role in ensuring the efficient functioning of various systems of the economy. These grids are now being digitized and automated and are available on a network where it’s vulnerable to attack from hackers. Hence, as smart grid proliferation increases, demand of quantum cryptography in securing data for electric grids will also increase in parallel.
Military and defense systems are crucial to every nation, and securing military equipment and communication is essential to the sector. Use of quantum cryptography in the defense sector ensures safe communication and prevents any leakage or tampering.
The banking and finance sector is all about security, and the sector is always looking for technologies that can make transactions more secure and safe for end users. Use of quantum cryptography in the finance sector aids in creating a safe and secure transaction system to prevent and safeguard funds and important data.
With level 4 automation being researched and developed, we are soon expected to see fully autonomous vehicles and a more digitally controlled and automated transport system. This transport system can be prone to cyber-attacks, and the malfunction of the system would have devastating repercussions on the economy.
Use of quantum cryptography in the transport sector can allow companies to add another layer of security to the transport infrastructure and make it more secure.
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How is the Quantum Cryptography Industry Categorized in this Analysis?
The global quantum cryptography market has been segmented on the basis of component, service, security, end use, and region.
Based on component, it’s further segmented into solutions and services. Based on services, it’s further bifurcated into consulting and advisory, deployment and integration, and support and maintenance.
On the basis of security, it’s classified into network security and application security. According to end use, it is sub-segmented into government and defense, BFSI, retail, healthcare, automotive, and others.
Which Regions Should Prime Quantum Cryptography Providers Watch Out for?
This research details the global quantum cryptography industry landscape across major regions such as North America, Latin America, Europe, APAC, and MEA.
The North American region is anticipated to be the most lucrative in terms of global market share as well as revenue potential for quantum cryptography services and solutions. Demand for quantum cryptography in Canada is expected to rise at a CAGR of around 26% over the next ten years.
Research and innovations are expected to drive demand for quantum cryptography globally. High demand for quantum cryptography services and solutions is expected to be seen in regions that have rapid technological advancements, innovations in technology, and a booming tech industry.
The U.S., China, and Germany are some of the prime nations where quantum cryptography is expected to see a major demand boost.
What is the Outlook for Key Quantum Cryptography Market Players in the U.S?
The U.S. is a very lucrative market for quantum cryptography due to its rapid technology adoption and digitization. Technologies are becoming more advanced and sophisticated than ever before, and the need for privacy and data security is much more important now.
The U.S. is home to some of the best tech giants in the world, and in order to keep the networks of these huge tech conglomerates safe and secure, advanced security solutions are needed.
Demand for quantum cryptography appliances is high in the U.S. as the popularity and reliability of quantum cryptography is being realized. Manufacturers of quantum cryptography hardware and providers of quantum cryptography consulting services are expected to see some major demand surge over the coming years in the U.S.
How is Demand for Quantum Cryptography Solutions Shaping Up in China?
From 2021 to 2031, the quantum cryptography industry in China is expected to balloon at a CAGR of nearly 30%.
Technological advancements in China have always been popular, and the nation has taken some huge strides in the technology sector. China has already put its foot down on the use of quantum technology and has created a quantum key distribution (QKD) network spanning over thousands of kilometers that links 4 metropolitan area networks in Eastern China.
What is the Use of Quantum Cryptography in Network Security?
Networks span a huge area and are connected to multiple devices; failure of one component in a network can result in a complete shutdown. Attackers and hackers can target networks and completely take control of the devices connected and associated to the network, which could result in frauds and other malpractices that harm users as well as providers associated to the networks.
Implementation of quantum cryptography would add an extra layer of security to networks, which is extremely vital in today’s world.
Why is Use of Quantum Cryptography in Application Security Rising?
We are living in the age of smart devices, and for every smart device there are hundreds of smart applications to ensure that they run efficiently and provide promised smart solutions to consumers. These applications have permissions to use mics and cameras of the smart device, and if the application is not secure and can be hacked, or data from the application can be misused, it would hurt the privacy of consumers.
Quantum cryptography can be applied in the working of applications, whether its data transmission, storage, or utilization; all this can be secured via quantum technology. Hence, as the use of applications increases, the need for implementation of secure technologies such as these will also increase.
Key companies in the global quantum cryptography market are focusing on developing the technology and are investing in commercializing it. Market players are looking to accomplish this by adopting different sales and marketing strategies, and are also trying to educate people on the merits of the technology.
Research in quantum technology is speeding up, and its potential is expected to be fully realized through this.
- Toppan Printing and National Institute of Information and Communications Technology (NICT) are collaborating to develop smart cards that will also be equipped post-quantum public key cryptography.
- Japanese firms have launched their first study on the use of quantum cryptography in the security of stock trading. They plan to do this by using a cryptographic device by Toshiba, and run tests at brokerage unit of Nomura Securities Co. Results would then be evaluated to check its efficiency and impact.
- ISRO (Indian Space Research Organization) has also demonstrated its free-space quantum communication technology, which used quantum-key encrypted signals. This is its step forward in creating a secured satellite data communications system.
Quantum Cryptography Industry Report Scope
Historical Data Available for
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Categorization of Quantum Cryptography Industry Research
- Quantum Cryptography Consulting and Advisory Services
- Quantum Cryptography Deployment and Integration Services
- Quantum Cryptography Support and Maintenance Services
- Network Security
- Application Security
By End Use:
- Use of Quantum Cryptography in Government and Defense Sector
- Use of Quantum Cryptography in BFSI Sector
- Use of Quantum Cryptography in Retail Sector
- Use of Quantum Cryptography in Healthcare Sector
- Use of Quantum Cryptography in Automotive Sector
- FAQs -
The global quantum cryptography market was estimated to be worth nearly US$ 550 Mn in 2020.
Increasing digitalization and growing vulnerability of networks and systems to cyber-attacks are major trends driving the need for quantum cryptography.
ID Quantique, ISARA, QuintessenceLab, MagiQ Technologies, and QuantumCTek are some of the top players profiled in the research.
As per this research, application of quantum cryptography in network security is expected to be in high demand.
The quantum cryptography industry is predicted to progress at an astronomical CAGR of nearly 30% over the next ten years.
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