A new analysis by Fact.MR predicts demand for quantum cryptography to surge at a stellar CAGR of nearly 30% over the decade, with market revenue being valued at approximately US$ 550 Mn globally, at present.
Surging digitization trend has also increased the risk of cyber-threats and attacks. In this information age, it has become imperative to protect data, being an extremely valuable asset to any company. The global quantum cryptography market is driven by high demand for unique and secure solutions to safeguard data against malicious and unauthorized access.
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Key takeaways from market study
- Global market for quantum cryptography to expand at an impressive CAGR of nearly 30% through 2031.
- Increasing digitisation and adoption of cloud-based technologies to fuel demand for quantum cryptography.
- High installation and implementation cost to be the major restraining factor for progress of quantum cryptography industry.
- North American expected to hold the largest market share owing to rising technology advancements and adoption in the region.
“Increasing digitisation and prevalence of network-based technologies are majorly expected to boost demand for secure communication and secure data transmission technologies such as quantum cryptography,” says a senior research analyst.
Key companies in the global quantum cryptography market are focusing on developing the technology and are investing in commercializing it. Market players are looking to accomplish this by adopting different sales and marketing strategies, and are also trying to educate people on the merits of the technology.
Research in quantum technology is speeding up, and its potential is expected to be fully realized through this.
- Toppan Printing and National Institute of Information and Communications Technology (NICT) are collaborating to develop smart cards that will also be equipped post-quantum public key cryptography.
- Japanese firms have launched their first study on the use of quantum cryptography in the security of stock trading. They plan to do this by using a cryptographic device by Toshiba, and run tests at brokerage unit of Nomura Securities Co. Results would then be evaluated to check its efficiency and impact.
- ISRO (Indian Space Research Organization) has also demonstrated its free-space quantum communication technology, which used quantum-key encrypted signals. This is its step forward in creating a secured satellite data communications system.
Demand for quantum cryptography is expected to increase due to its unhackable nature of transfer of data. The technology transfers data via quantum keys, which, when tampered with, simply destroy the data, thereby securing it from falling into the wrong hands. From transferring confidential data of governments to offering secure banking and finance solutions, quantum cryptography is touted to be the future of encryption and security technologies.
As more industries implement cloud infrastructure and move to a more digital world, the requirement for reliable security solutions has also increased, and this is a major factor driving demand for quantum cryptography solutions and services.
However, implementing quantum cryptography systems is a very price-intensive and time-consuming task due to complexity of the systems. High installation and implementation costs are restraining demand for these systems to some extent. Lack of consumer awareness for quantum cryptography is also an obstacle in the growth path for this technology.
Categorization of Quantum Cryptography Industry Research
- By Component:
- By Service:
- Quantum Cryptography Consulting and Advisory Services
- Quantum Cryptography Deployment and Integration Services
- Quantum Cryptography Support and Maintenance Services
- By Security:
- Network Security
- Application Security
- By End Use:
- Use of Quantum Cryptography in Government and Defense Sector
- Use of Quantum Cryptography in BFSI Sector
- Use of Quantum Cryptography in Retail Sector
- Use of Quantum Cryptography in Healthcare Sector
- Use of Quantum Cryptography in Automotive Sector
This research details the global quantum cryptography industry landscape across major regions such as North America, Latin America, Europe, APAC, and MEA.
The North American region is anticipated to be the most lucrative in terms of global market share as well as revenue potential for quantum cryptography services and solutions. Demand for quantum cryptography in Canada is expected to rise at a CAGR of around 26% over the next ten years.
Research and innovations are expected to drive demand for quantum cryptography globally. High demand for quantum cryptography services and solutions is expected to be seen in regions that have rapid technological advancements, innovations in technology, and a booming tech industry.
The U.S., China, and Germany are some of the prime nations where quantum cryptography is expected to see a major demand boost.
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