Quantum Cryptography Market Global Trends Evaluation, Demand, Progression Status, Growth Factors, Key Players, Business Opportunity & Future Scope 2026
The digital payment solutions are being adopted globally and thus to keep the digital financial solutions safe and secure the need for security technologies like quantum cryptography is increasing globally.
Dallas, United States – April 29, 2021 /MarketersMedia/ —
The global quantum cryptography market size is projected to reach nearly USD 321 million by 2028. In addition, it is projected to gather a CAGR of above 19.53% over the forecast years 2020-2028. Quantum cryptography, also called quantum encryption, uses principles of quantum mechanics to encrypt messages such that it cannot be read by anyone outside of the intended recipient. It takes benefit of quantum’s compound states, coupled with its “no change theory,” which means it cannot be unintentionally interrupted.
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Quantum cryptography refers to a technique for the generation of cryptographic key by making use of photons that are later transmitted it to a receiver with the help of a compatible communication channel. The major role is played by cryptographic key in the process of cryptography i.e. it is mainly used for the encryption or decryption of data. Quantum cryptography enables users to communicate with the use of more secured methods than the conventional ones. The process is based on the invariable and fundamental principles of quantum mechanics that provides users with enhanced privacy of communication. The process basically involves the use of quantum mechanics in cryptography. One of application areas that is best suited for quantum cryptography is the detection of eavesdropping. Quantum Cryptography method is gaining major traction across the globe and being widely adopted in several end user industries.
The global Quantum Cryptography Market has recorded a noteworthy rise in the overall growth of the industry over the time. The increasing adoption of Quantum cryptography for secure data transmission as it allows complete security of communication among two parties by providing the exchange of encryption key through a private channel is one of the most fundamental aspect providing boost to the growth of the Global Quantum Cryptography industry. For the transmission of the data only standard communication channels are used. The sectors in which secured transmission of confidential data is obligatory the quantum cryptography technology is an ideal choice. The rising adoption of quantum cryptography in several end user applications like defense, bank ATMs, satellites, etc. is anticipated to provide momentum to the growth of the industry.
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The increasing adoption of computing technologies and cloud storage among organizations worldwide is one of the vital aspects fuelling the growth of the global industry. Cybersecurity is an inevitable important component of the Organization’s IT modernization efforts and the organizations across the globe are proactively focusing more and more on securing the Federal enterprise from any cyber attack or threat. With rising digitalization across the globe, the cyber attacks are getting more and more sophisticated day by day. The rise in data privacy and security concerns across the globe has been acting as a catalyst in the growth of the Quantum Cryptography industry on global level. However, the growth of the industry is anticipated to be restrained by lack of awareness among customers about quantum cryptography. Nevertheless, the rising demand for security solutions among various industry verticals is anticipated to provide lucrative growth opportunities in coming years.
The North America region is projected to hold the highest growth during the forecast years. The market growth in this region is mainly attributed to the existence of developed countries (the US and Canada), which give it an upper hand over other regions in terms of adoption and usage of extremely high tech security technologies such as quantum cryptography. Rise in cyber attacks in this region has led to increase in demand for security technologies like quantum cryptography. The region is expected to provide immense growth opportunities for quantum cryptography companies, due to the increasing demand for secured repository for long-term storage of critical information.
The major players of the global quantum cryptography market are PQ Solutions, Infineon, Qubitekk, Quintessencelabs, Nucrypt, Crypta Labs, Qutools, Magiq Technologies, NEC Corporation, and Toshiba. The quantum cryptography market comprises well established local as well as global players.
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Segment Overview of Global quantum cryptography Market
Component Overview, 2018-2028 (USD Million)
Solutions
Services
Application, 2018-2028 (USD Million)
Network Security
Application Security
Database security
Industry Vertical Overview, 2018-2028 (USD Million)
BFSI
Government & Defense
IT & Telecommunication
Healthcare
Others
Regional Overview, 2018-2028 (USD Million)
North America
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America
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