Quantum Cryptography Market projected to reach USD 404.7 Million by 2030, growing at a CAGR of 20.5% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study

Quantum Cryptography Market was valued USD 109.7 Million in 2023 and projected to reach USD 404.7 Million by 2030, growing at a CAGR of 20.5% during the forecast period of 2023-2030.

Richmond, Dec. 27, 2023 (GLOBE NEWSWIRE) — According to a research report Quantum Cryptography Market, by Component (Service, Solutions), Security Type (Application Security, Network Security), Industry Vertical (BFSI, Cloud & Datacentre, Government, Energy & Utilities, Healthcare, Automotive, Others), and Region

Global Quantum Cryptography Market Report Scope:

Report Details
Market size value in 2023 USD 109.7 Million
Market size value in 2030 USD 404.7 Million
CAGR (2023-2030) 20.5%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Offering, Component, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • ID Quantique
 
  • Qubitekk
Sample of Companies Covered
  • Quantum XC
 
  • QuintessenceLabs
 
  • PQ Solutions Limited

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TOC Covers in Depth & Breath on Quantum Cryptography Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

The quantum cryptography market is witnessing robust growth driven by the increasing need for secure communication in the digital age. Leveraging principles of quantum mechanics, this technology ensures unparalleled security by detecting any unauthorized attempt to access encrypted data. As cyber threats escalate, industries such as finance, healthcare, and government are adopting quantum cryptography solutions to safeguard sensitive information. The market is characterized by key players developing innovative quantum key distribution (QKD) systems. With rising awareness of quantum-resistant cryptography, the global quantum cryptography market is poised for significant expansion, offering a transformative approach to data security in the ever-evolving digital landscape.

Major Vendors in the Global Quantum Cryptography Market:

  • ID Quantique
  • Qubitekk
  • Quantum XC
  • QuintessenceLabs
  • PQ Solutions Limited
  • Toshiba Corporation
  • Infineon Technologies AG
  • Thales (Gemalto)
  • MagiQ Technologies
  • Crypta Labs Ltd.
  • Anhui Qasky Quantum Technology Co. Ltd.
  • ISARA Corporation
  • QuantumCTek Co., Ltd.
  • QuNu Labs Pvt. Ltd.

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Rising cyberattacks in digitalization era

The escalating frequency and sophistication of cyberattacks in the digitalization era serve as a compelling driver for the Quantum Cryptography Market. As businesses and individuals increasingly rely on digital platforms for communication, transactions, and data storage, traditional cryptographic methods face heightened vulnerabilities. Quantum Cryptography emerges as a transformative solution to address these security concerns by leveraging the principles of quantum mechanics. Unlike classical cryptography, quantum cryptography ensures the utmost security through the use of quantum key distribution (QKD), a method that detects any eavesdropping attempts, providing a quantum-safe communication channel. With the proliferation of cyber threats, organizations across sectors are recognizing the imperative to fortify their data protection strategies, propelling the demand for quantum-resistant cryptographic solutions. This trend underscores the crucial role of Quantum Cryptography in mitigating the risks associated with evolving cyber threats and safeguarding sensitive information in the rapidly advancing digital landscape.

Market Dynamics

Drivers:

  • Rising cyberattacks in digitalization era
  • Stringent Data Protection Regulations

Opportunities:

  • Spur in demand for security solutions across industry verticals
  • Integration with Emerging Technologies

Spur in demand for security solutions across industry verticals

The burgeoning demand for robust security solutions across diverse industry verticals presents a significant opportunity for the Quantum Cryptography Market. In an era characterized by escalating cyber threats and increasing digitization, organizations across finance, healthcare, government, telecommunications, and beyond are grappling with the imperative to fortify their data protection measures. Quantum Cryptography, with its unparalleled security features rooted in the principles of quantum mechanics, emerges as a transformative solution to address these concerns. The quantum-resistant cryptographic methods offered by Quantum Cryptography, particularly through Quantum Key Distribution (QKD) systems, meet the pressing need for advanced security solutions that can withstand evolving cyber threats. As businesses and institutions recognize the limitations of classical cryptography, the market for quantum-resistant cryptographic solutions is poised for substantial growth, capitalizing on the universal demand for cutting-edge security measures across various industry verticals in an increasingly interconnected and digitized world.

The market for Quantum Cryptography is dominated by North America.

North America stands as the dominant force in the market for Quantum Cryptography, with its leadership underscored by a combination of technological innovation, robust research and development initiatives, and a heightened awareness of cybersecurity imperatives. The region’s prominence is attributed to the active involvement of key industry players, government support, and a thriving ecosystem for quantum technologies. The United States, in particular, boasts a robust quantum research community, fostering advancements in Quantum Cryptography. Moreover, the region’s critical infrastructure, financial institutions, and government agencies are at the forefront of adopting quantum-resistant cryptographic solutions to counter emerging cyber threats. As North American businesses increasingly recognize the pivotal role of Quantum Cryptography in fortifying data security, the market is propelled by a growing demand for quantum-resistant communication channels. This dominance positions North America as a primary hub for the development, deployment, and commercialization of Quantum Cryptography solutions, solidifying its status as a key influencer in the global quantum security landscape.

The Network Security Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

The Network Security segment is poised to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period, establishing its dominance within the Quantum Cryptography market. As digital communication and data transfer become increasingly pervasive, the critical need to secure network infrastructures against evolving cyber threats drives the accelerated adoption of Quantum Cryptography in this segment. Quantum Key Distribution (QKD), a fundamental component of Quantum Cryptography, plays a pivotal role in fortifying network security by providing an inherently secure method for key exchange. The rising sophistication of cyberattacks targeting network vulnerabilities propels businesses and organizations to prioritize quantum-resistant solutions. The dominance of the Network Security segment reflects a strategic response to the growing demand for robust cryptographic measures, particularly in safeguarding sensitive data traversing interconnected networks. This trend signifies a paradigm shift towards quantum-safe communication channels, positioning the Network Security segment as a key driver in the dynamic landscape of quantum security solutions.

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