Chicago, May 08, 2023 (GLOBE NEWSWIRE) -- The Quantum Cryptography Market 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, according to a new report by MarketsandMarkets™. The market is expected to witness substantial growth in the upcoming years due to increased demand for security solutions across industry verticals and the need for integrated solutions to provide comprehensive security.
Browse in-depth TOC on "Quantum Cryptography Market"
204 - Tables
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223 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2017–2028 |
| Base year considered | 2022 |
| Forecast period | 2023–2028 |
| Forecast units | Value (USD Billion) |
| Segments Covered | Offering, Security Type, Vertical, and Region |
| Geographies covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
| Major companies covered | ID Quantique (Switzerland), QuintessenceLabs (Australia), Toshiba (Japan), QuantumCTek (China), Magiq Technologies (US), Crypta Labs (UK), Qasky (China), Qubitekk (US), and many more. |
By offering, Solutions segment to account for a larger market size during the forecast period
Quantum cryptography solutions protect and future-proof data communication for the secure transmission of sensitive information. Solution segment further includes QKD, QRNG, and other solutions such as quantum-safe cryptography and quantum key management. Apart from this segment, quantum cryptography also includes the revenue generated from virtual encryptors, key and policy managers, quantum cryptography communication devices, quantum security gateway, hackerbox, quantum secure communication network products, and repeaters, along with factors essential for implementing quantum cryptography. These solutions help encrypting critical information without being leaked midway. With the help of quantum-safe cryptography solutions, fraudulent cannot read the encrypted data, as it alerts the sender and receiver about it.
By vertical, healthcare segment is expected to grow at the highest CAGR during the forecast period
The healthcare vertical covers personal health information and critical data about patients. The patients’ data needs high security; thus, data security is of utmost importance in this vertical. Healthcare organizations use quantum cryptography to prevent theft of patients' medical records. Quantum cryptography solutions and services help healthcare professionals secure patients’ personal health information on their devices, such as laptops and smartphones. Furthermore, the encryption of data, files, and folders helps healthcare professionals to ensure the security and privacy of confidential data, financial transactions, and medical records related to patients.
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By Security Type, Network security segment is expected to account for a larger market size during the forecast period
Network security is a process intended to ensure the integrity and usability of networks and information. It incorporates both hardware and software technologies. Powerful network security focuses on various dangers and prevents them from entering or spreading on your system. Network security consists of wireless communication and remote access security, and gateway. Wireless communication is carried out with the help of various secure protocols, such as Low-Power Wide-Area Network (LPWAN), Zigbee, internet protocol version 6 (IPv6) over Low-Powser Wireless Personal Area Networks (6LoWPAN), Bluetooth, Z-Wave, and Near Frequency Communication (NFC). The adoption of cloud technologies has increased the importance of securing network points in organizations across multiple verticals. Advanced cryptographic technologies are driving the market's demand for network security solutions and services.
International companies have been playing a role in the Quantum Cryptography Market by partnering with local organizations and governments. For instance, in April 2022, Toshiba partnered with Chicago Quantum Exchange to introduce a Quantum Key Distribution (QKD) network link between the University of Chicago and the U.S. Department of Energy's Argonne National Laboratory. These international partnerships and collaborations are expected to continue in the coming years to contribute in the Quantum Cryptography Market growth.
Major players operating in the Quantum Cryptography are ID Quantique (Switzerland), QuintessenceLabs (Australia), Toshiba (Japan), QuantumCTek (China), Magiq Technologies (US), Crypta Labs (UK), Qasky (China), Qubitekk (US), ISARA (Canada), Nucrypt (US), Quantum Xchange (US), qutools (Germany), QNu Labs (India), Post Quantum (UK), IBM (US), HPE (US), NEC (Japan), Crypto Quantique (UK), Qrypt (US), KETS Quantum Security (UK), PQShield (UK), QuBalt (Germany), VeriQloud (France), SSH Communication Security (Finland), QuantLR (Israel), and QuSecure (US) are the key market players.
Frequently Asked Questions (FAQs)
What is the definition of quantum cryptography?
MarketsandMarkets defines quantum cryptography as " a field of cryptography that uses quantum mechanics principles to secure communications. Unlike classical cryptography, which relies on mathematical techniques to encrypt and decrypt messages, quantum cryptography uses the principles of quantum physics to create unbreakable codes. Quantum cryptography is based on the properties of quantum particles such as photons, which can exist in multiple states simultaneously and can be used to transmit information in a way that is resistant to eavesdropping. By leveraging the principles of quantum entanglement and superposition, quantum cryptography allows two parties to share a secret key that is completely secure and cannot be intercepted by an eavesdropper."
What is the projected value of the Quantum Cryptography Market?
The Quantum Cryptography Market is expected to grow from an estimated USD 0.54 billion in 2023 to 3.0 billion USD by 2028, at a Compound Annual Growth Rate (CAGR) of 41.2% from 2023 to 2028.
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