Dublin, May 09, 2023 (GLOBE NEWSWIRE) -- The "Quantum Cryptography Market by Offering (Solutions and Services), Security Type (Network Security and Application Security), Vertical (Government, Defense, BFSI, Healthcare, Retail, and eCommerce) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Quantum Cryptography market is expected to grow from an estimated USD 0.5 billion in 2023 to USD 3.0 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 41.2% from 2023 to 2028.
The market growth can be attributed to the growing instances of cyberattacks and increased adoption of cloud and IoT technology solutions. However, lack of awareness and understanding; inadequate infrastructure, lack of skilled professionals, and the constantly evolving threat landscape are expected to hinder the market growth.
By solution, the Quantum Random Number Generator (QRNG) segment is expected to grow at a higher CAGR during the forecast period.
Quantum Random Number Generator is a highly sophisticated engineering innovation that involves the power of complex deep-tech technologies (such as semiconductors, optoelectronics, high-precision electronics, and quantum physics) working together to create the highest level of randomness possible.
Quantum random number generators (QRNGs) are a special case of True Random Number Generator (TRNG) that generates randomness by measuring quantum processes, which are, non-deterministic.
The advantages are multiple, including a fundamental advantage in using quantum indeterminacy, typically faster performances by leveraging photonics, and most importantly, the ability to understand and verify the origin of unpredictability, which is a core assurance for the entire cybersecurity chain. QRNG technology has been used in everything from automotive, state lotteries, and HSMs, to IoT devices and smartphones.
By Vertical, Government is expected to hold the highest market share during the forecast period.
Quantum cryptography is virtually unbreakable, making it an ideal tool for protecting sensitive information. This makes it particularly attractive to government and public sector organizations, which often handle highly sensitive data. The demand for managed services is rising due to the increase in large-scale networks and IoT applications in organizations.
Quantum cryptography plays a major role in ensuring security during data transfer and reducing the risk of data loss. As the digital age continues to evolve, so too does the need for robust quantum cryptography measures. Quantum cryptography is one of the latest advancements in quantum field, and its potential impact on the government sector is immense.
By Region, North America is expected to grow at a higher CAGR during the forecast period.
Private companies in North America, such as IBM, Microsoft, and Google, are investing in quantum technology research and development, with the development of quantum computers and quantum communication networks. This investment is expected to drive the growth of the quantum cryptography market.
In recent years, there have been several high-profile data breaches in North America, such as the Equifax breach in 2017, the Capital One breach in 2019, and the SolarWinds breach in 2020. While these breaches were not prevented by quantum cryptography, they highlight the need for more secure communication methods and the potential benefits of quantum cryptography in preventing similar breaches in the future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 216 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $0.5 Billion |
| Forecasted Market Value (USD) by 2028 | $3 Billion |
| Compound Annual Growth Rate | 41.2% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Rising Cyberattacks in Digitalization Era
- Increasing Cybersecurity Fundings
- Rising Demand for Next-Generation Security Solutions for Cloud and IoT Technologies
- Evolving Next-Generation Wireless Network Technologies
Restraints
- High Implementation Cost
- Rising Technical Complexities
- Lack of Expertise
Opportunities
- Spur in Demand for Security Solutions Across Industry Verticals
- Increasing Need for Integrated Solutions
Challenges
- Commercialization of Quantum Cryptography
- Technological Implementation Challenges
Use Cases
- Hitachi Energy and Id Quantique to Deliver Highly Secure End-To-End Encryption for Critical Infrastructure Networks
- Quintessencelabs' Crypto Gateway Solution to Enable High Security and Low-Cost Cloud Storage for Financial Institutions
- Korean Government to Prioritize Optimizing Efficiency and Strengthening Their Security Measures
Companies Mentioned
- Crypta Labs
- Crypto Quantique
- HPE
- IBM
- ID Quantique
- Isara
- Kets Quantum Security
- Magiq Technologies
- NEC
- Nucrypt
- Post Quantum
- PQ Shield
- Qasky
- QNU Labs
- Qrypt
- Quantlr
- Quantum Xchange
- Quantumctek
- Qubalt
- Qubitekk
- Quintessencelabs
- Qusecure
- Qutools
- SSH Communications Security
- Toshiba
- Veriqloud
For more information about this report visit https://www.researchandmarkets.com/r/6k2eg4
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