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Editing: 17; Published: March 2022
Executive Pool: 3897
Companies: 97 – Players covered include the Fraunhofer Institute for Applied Optics and Precision Engineering; ID Quantum SA; MagiQ Technologies, Inc.; Nippon Telegraph and Telephone Corp.; Nucrypt LLC; Oki Electric Industry Company Ltd; QuintessenceLabs, Inc.; Raytheon BBN Technologies; SK TELECOM CO., LTD. ; Toshiba Corp. and others.
Cover: All major geographies and key segments
segments: Component (Solutions, Services); End Use (Government & Defense, BFSI, Retail, Healthcare, Other End Uses)
Geographies: World; UNITED STATES; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Rest of the world.
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ABSTRACT-
Amid COVID-19 crisis, Global Quantum Cryptography Market Estimated at US$128.9 million in 2022, is expected to reach a revised size of US$291.8 million by 2026, growing at a CAGR of 20.8% over the analysis period. Solutions, one of the segments analyzed in the report, is expected to grow at a CAGR of 18.3%, while Services segment growth is readjusted to a revised CAGR of 24.7%. The global market is expected to exhibit an impressive growth rate in the coming years owing to the rising frequency of cyber attacks, growing attention on cyber security, and the evolution of sophisticated wireless networks. Quantum cryptography technology leverages quantum physics to secure the symmetric distribution of encryption keys. These solutions help users ensure reliable and more secure communication and data transmission compared to conventional options. Quantum cryptography is gaining attention due to increasing digitization and increasing cybersecurity risks and other threats such as security and data breach. Industries across different sectors are facing an increasing frequency and sophistication of cyberattacks due to the proliferation of the internet, connected devices and online services.
Market growth is aided by the heavy reliance of organizations and customers on computer networks for transactions and communications, resulting in demand for advanced technologies to protect sensitive data. As increasing cybersecurity funding and high adoption of advanced security solutions augment the market growth, increasing penetration of IoT and cloud technologies are expected to create new avenues for growth. Additionally, the growth of the market is driven by the increasing implementation of next-generation wireless networking technologies. These factors are poised to boost the demand for quantum cryptography solutions to thwart emerging cyberattacks and mitigate cybersecurity concerns. Additionally, continuous efforts by various countries to support R&D related to quantum cryptography solutions are expected to complement the overall market growth in the coming years.
The market receives a strong contribution from the network security segment which is expected to show the fastest growth rate in the coming years. Organizations are increasingly implementing quantum cryptography solutions to strengthen network and application security. The network security process relies on software and hardware technologies to ensure the desirable level of usability and data and network integrity. The approach focuses on various risks and prevents malware and other malicious components from entering the system to enhance security. The pressing need to protect the network against various vulnerabilities is driving an increasing number of industries such as BFSI, defense, government, healthcare, automotive, and retail to adopt quantum cryptography solutions. The trend provides a noticeable impetus for the expansion of the network security segment.
The quantum cryptography market is expected to witness new opportunities due to the growing adoption of these solutions in the government and BFSI sectors. Players in these verticals pay attention to advanced solutions to improve security and make transactions safer. The growing shift of banking institutions towards the online platform and the increase in transactions has created a pressing need for organizations to ensure secure and authenticated transactions, which is poised to boost the demand for payment solutions. quantum cryptography. Financial institutions providing online banking and transaction services to their customers are paying increasing attention to sophisticated quantum cryptography solutions to ensure payment security while protecting proprietary and consumer data. On the other hand, government organizations use these solutions to ensure the security of massive volumes of confidential information transmitted around the world. The data is highly susceptible to the risk of cyberattack and is driving the adoption of quantum cryptography for key generation and secure cryptographic operations such as digital signatures, secure access, and user authentication. These solutions enable organizations and government agencies to protect sensitive data and achieve the desired layer of encryption. These demand patterns are expected to create new growth opportunities for quantum crypto solution providers.
The quantum crypto market is driven by the BFSI sector which is expected to maintain its strong position through 2027. Companies in the sector are constantly focusing on implementing sophisticated solutions to protect proprietary and consumer data from cyberattacks. The growing shift from the BFSI vertical to online banking and transactions has created an urgent need for businesses to ensure secure payments. These factors play an important role in the adoption of quantum cryptography solutions within the BFSI industry.
North America is expected to dominate the global quantum crypto market and account for the major revenue share owing to a large customer base, increasing incidents of cyberattacks, and increased R&D investment. The proliferation of encryption-based applications in the region has led to a dramatic increase in the frequency of sophisticated cyberattacks, forcing enterprises to secure networks and applications with the implementation of quantum cryptography solutions. Market growth is also driven by increasing requirements for data security and privacy, along with increasing investment in R&D activities and developments in sophisticated wireless networks. Additionally, various countries in the region, primarily the United States, are making significant investments to deliver advanced quantum cryptography solutions that are expected to be more widely adopted in the coming years. The European quantum crypto market is expected to show impressive growth in terms of value. The regional market is expected to be driven by the growing adoption of encryption-based applications and the resultant increase in the risk of cyber attack. On the other side, the Asia Pacific The quantum crypto market is expected to show a significant growth rate in the coming years. The regional market is expected to witness increasing efforts by quantum crypto service and solution providers to partner with their customers to boost overall sales and market presence. After
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