Primary Drivers and Key Barriers
The global quantum cryptography market is presumed to achieve a CAGR of approximately 14% during the forecast period (2017-2023), suggests Market Research Future (MRFR).
In September 2019, imec and the National University of Singapore (NUS) announced their research collaboration agreement, which is aimed at developing new types of silicon photonics chip-based prototypes to attain secure quantum communication networks. Several types of research in this field are taking place that aims to develop enhanced solutions, in addition to catering to the rising security needs of customers. Such innovations add to the potential possessed by quantum communication technologies and also help create a worldwide secured quantum internet. Therefore, given the surge in the number of researches all over the world, data analysts at MRFR are of the view that the quantum cryptography can have a lucrative run during the forecast period.
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The market also benefits from the increasing number of cyber-attacks and the rising adoption of advanced technologies including cloud computing and internet of things (IoT). Growth in government rules and regulations to maintain customer data security also works in favor of the market. As quantum cryptography systems offer a host of characteristics that help solve cyberspace security essential issues, its demand is predicted to surge in the coming years, giving the market the much-needed boost.
The increasing prevalence of digitalization has augmented the number of cyber breaches across almost every industry vertical. However, the financial sectors are constantly targeted and are therefore vulnerable to cyber-attacks, given the sensitivity of the information. Some examples are cyber-attack against Tesco Bank and DDoS attack against HSBC Bank. The data stored on the clouds or on-premise is extremely vulnerable to cyberattacks, the adoption of quantum cryptography solutions to safeguard private information of cash or data related to customers has risen significantly over the past few years.
The leading vendors in the worldwide quantum cryptography market are Qubitekk (U.S), Magiq Technologies (U.S), Nucrypt Llc (U.S), PQ Solutions (U.K), qutools GmbH (Germany), Infineon (Germany), Crypta Labs (U.K), NEC Corporation (Japan), Toshiba (Japan), Quintessencelabs (Australia), and others.
The worldwide quantum cryptography market has been examined with respect to primary segments like service, application, vertical, component.
Service-wise, the market caters to support and maintenance services, deployment and integration services, consulting services.
With regard to the application, the market includes application security, database encryption, and network security.
The vertical segment includes consumer goods and retail, banking and financial services (BFSI), IT and telecom, government and defense, healthcare and life sciences. The IT and telecom vertical is slated to account for the largest share in the market, backed by the increasing number of cyber-attacks along with the subsequent rise in the need for safety and security.
The component-dependent segments in the market are software and hardware.
The quantum cryptography market is primarily concentrated in the regions of North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW).
North America is presumed to be the most profitable market for quantum cryptography in the years to come. The region notes huge data generation due to the expanding IoT market, which encompasses smart grids, IIoT, smart consumer wearables, smart cities, smart appliances, and smartphones. This has led to high demand for quantum cryptography in the region. Mounting concerns associated with cyberattacks and data theft, surging cybersecurity market and thriving fiber optics industry are additional factors that promote the growth of the quantum cryptography market in the region.
In Europe, rising need for encryption-based applications coupled with the growing adoption of connected devices like BYOD and IoT prompt a number of sectors to make use of quantum cryptography solutions.
There is a high possibility that the APAC market can achieve the fastest growth rate in the following years, thanks to the mounting incidences of cyber-attacks in online banking as well as financial services. High penetration of internet services also adds to market strength. Besides, soaring demand for next-generation security solutions such as quantum cryptography that helps secure confidential data stimulates the market growth in the region.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
LIST OF TABLES
Table1 Global Quantum Cryptography Market: By Region, 2017-2023
Table2 North America Quantum Cryptography Market: By Country, 2017-2023
Table3 Europe Quantum Cryptography Market: By Country, 2017-2023
LIST OF FIGURES
FIGURE 1 Global Quantum Cryptography Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis of Global Quantum Cryptography Market
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