According to a new market research report "Quantum Cryptography Market by
Component (Solutions and Services), Services (Consulting and Advisory,
Deployment and Integration, and Support and Maintenance), Security Type
(Network and Application Security), Vertical & Region - Global Forecast to
2023", Published by MarketsandMarkets™,
the global Quantum
Cryptography Market size is expected to grow from USD 101 million in 2018 to
USD 506 million by 2023, at a Compound Annual Growth Rate (CAGR) of 37.9%
during the forecast period.
Factors such as the growing incidents of cyber-attacks in the
era of digitalization, increasing cybersecurity funding, rising demand of
next-generation security solutions for cloud and IoT technologies, and evolving
next-generation wireless network technologies are expected to drive the growth
of the global Quantum Cryptography Market.
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– Tables
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Solution segment to
account for a higher market share during the forecast period
The quantum cryptography solutions segment includes the
revenue generated from Quantum Key Distribution (QKD) platforms, QKD servers,
virtual encryptors, QKD distributors, key and policy managers, SDK to integrate
cryptography, quantum cryptography communication device, quantum security
gateway, Quantum Random Number Generator (QRNG), hackerbox, quantum secure
communication network products, and repeaters, along with factors essential for
the implementation of quantum cryptography. This solution helps in encrypting
the critical information without being leaked midway.
Increasing demand for consultation to
solve the problems that hinders commercial clients’ business growth set to fuel
the growth of consulting and advisory segment
Quantum cryptography service providers render a variety of
services, such as consulting and advisory, deployment and integration, and
support and maintenance service. Quantum cryptography consulting and advisory
services play an important role in the implementation of the required set of
solutions and techniques for securing the transmission of data. For this,
qualified industry experts and security professionals are involved as
consultants. Consultants help enterprises devise security strategies, minimize
risks, understand the maturity of their quantum cryptography solutions, and
reduce compliance costs. Advisory services assist organizations in solving a
problem that hinders their business growth; the experts guide the path or
directs the clients on where to go for help. Advisory service is provided by
experienced experts, who offer hands-on, practical help, advice, and support business
areas that will help make a difference to the business.
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Americas region is expected to grow at
the highest CAGR during the forecast period
the rise in cyber-attacks in
this region is one of the major factors responsible for the growth of the
market. Due to the high adoption of encryption-based applications in the
Americas, the attacks are increasing dramatically and becoming more
sophisticated. Furthermore, the growing IT management complexity along with the
increasing need for data privacy and security is an important factor driving
the Quantum Cryptography Market in the region. Countries such as the US,
Canada, Brazil, and Mexico are generating significant revenue in this market.
The organizations in this region are focusing on securing their applications
and networks using various quantum cryptography appliances. In addition, the
region has witnessed several government initiatives followed by heavy funding
in research and development.
Major vendors in the global Quantum Cryptography Market include ID Quantique (Switzerland), QuintessenceLabs (Australia), NuCrypt (US), Qasky (China), Crypta Labs (UK), Qubitekk (US), Post-Quantum (UK), MagiQ Technologies (US), ISARA (Canada), QuNu Labs (India), QuantumCTek (China), Quantum Xchange (US), Aurea Technologies (France), qutools (Germany), Infineon (Germany), Mitsubishi Electric (Japan), IBM (US), HP (US), NEC (Japan), Toshiba (Japan), and Microsoft (US).
Major vendors in the global Quantum Cryptography Market include ID Quantique (Switzerland), QuintessenceLabs (Australia), NuCrypt (US), Qasky (China), Crypta Labs (UK), Qubitekk (US), Post-Quantum (UK), MagiQ Technologies (US), ISARA (Canada), QuNu Labs (India), QuantumCTek (China), Quantum Xchange (US), Aurea Technologies (France), qutools (Germany), Infineon (Germany), Mitsubishi Electric (Japan), IBM (US), HP (US), NEC (Japan), Toshiba (Japan), and Microsoft (US).
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