New York, USA, May 16, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Quantum Cryptography Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 41.40% to attain a valuation of around USD 124.3 Billion by the end of 2030.
Drivers
Increase in Data Theft and Cyber-Attacks to Boost Market Growth
A significant growth driver for quantum cryptography market over the forecast period has been the rising demand for quantum cryptography as a result of an increase in cyber-attacks and data theft occurrences in the digital age. As multiple opportunities to optimize operations & systems across numerous industry verticals are presented by digitization. Hence, as more devices become connected, there are more data thefts and cyber-attacks occurring globally. A further factor driving the development of quantum cryptography in recent years and the expansion of its industry is the rise in cyber-attacks in financial services & online banking as a result of the widespread use of internet services.
Quantum Cryptography Industry Key Players
Eminent industry players profiled in the global quantum cryptography market report include PQ Solutions (U.K)
- Infineon (Germany)
- Qubitekk (U.S)
- Quintessencelabs (Australia)
- Nucrypt Llc (U.S)
- Crypta Labs (U.K)
- qutools GmbH (Germany)
- Magiq Technologies (U.S)
- NEC Corporation (Japan) and Toshiba (Japan).
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Quantum Cryptography Market Report Scope:
| Report Metrics | Details |
| Quantum Cryptography Market Size by 2030 | 124.3 Billion |
| Quantum Cryptography Market CAGR during 2022-2030 | 41.40% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Increasing data security and privacy concerns. In addition, rise in adoption of cloud storage and computing technologies drives the growth for market. |
Opportunities
Increasing use in BFSI Sector to offer Robust Opportunities
The demand for such security solutions is increasing across all governmental vertices and the BFSI industry. Their growing need to protect their transactions is the key cause of this. Businesses are increasingly converting to the internet model, which has resulted in an increase in daily transactions. Therefore, widespread adoption of quantum cryptography systems is essential for maintaining the authenticity and security of these transactions. By offering online banking to their clients, several financial solutions in fact are gaining ground, which will increase demand for these services in both current and future transactions.
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Restraints and Challenges
Increasing Implementation Cost to act as Market Restraint
Increasing implementation cost, lack of awareness, and lack of expertise may act as market restraints over the forecast period.
Market Segmentation
The global quantum cryptography market is bifurcated based on components, application, vertical, and service.
By service, deployment & integration services will lead the market over the forecast period.
By vertical, IT and telecom sector will domineer the market over the forecast period.
By application, network security will spearhead the market over the forecast period.
By components, software will have the lions share in the market over the forecast period.
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Regional Analysis
North America to Command Quantum Cryptography Market
Due to several initiatives by regional governments to advance IoT in the private sector, North America domineered the global market for quantum cryptography. Several governmental organizations provide technical resources to promote IoT by supervising routine development and interoperability, enhancing cyber-security, creating legislation that encourage innovation, and funding R&D initiatives. In the upcoming years, the use of IoT in the US healthcare industry is anticipated to increase demand for quantum cryptography, which typically employs its capabilities to protect data transfer. Moreover, enterprises are obligated to take corrective, preventive, & enhancement steps to deploy security measures suited to avoid data breaches in accordance with Mexico legislation (specifically, the Mexican Privacy Law). One of the main countries where data breaches occur is Mexico.
Hence, it is projected that in the next years, there will be a major increase in the need for quantum cryptography solutions. The rise in cyberattacks in nations like Canada and Mexico is one of the key factors propelling the market's progress in this area. Attacks are escalating swiftly and undermining further advancement of America's substantial use of encrypted-based services. A significant driver propelling the quantum cryptography market is the expanding complexity of IT administration and the growing need for data privacy and security. The United States is a tremendously valuable market for the quantum cryptography due to its quick technology adoption and digitization. The need for privacy & data protection is higher than ever as technology advances and gets more sophisticated. Because the United States is home to some of the most significant technology companies in the world and because modern security solutions are required to keep the networks safe & secure, quantum cryptography is widely used in the country, which is thought to be a vital factor in the market's expansion in the North American region.
APAC to Have Admirable Growth in Quantum Cryptography Market
In comparison to other top regions, Asia Pacific has more risk of cybercrimes due to fast expanding connectivity and the brisk speed of digital change, which has businesses in the area worried about technical risks. One of the top five technology dangers to company operations in Asia Pacific is cyber-attack. Lack of transparency and the ensuing lax cyber-enforcement and governmental rules are blamed for the region's growing cybercrime problem. The market for quantum cryptography in the area is being hampered by relatively lower awareness & investments in cyber sector.
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Industry Updates
April 2023- According to SK Telecom, it has recently created technology that enables automated distribution of quantum keys and integrated management of the quantum cryptography network equipment from various suppliers using SDN. The decision could be a crucial one in the process of incorporating quantum cryptography network hardware into next-generation telecommunications networks.
COVID-19 Analysis
The overall market demand is greatly increasing as a result of the increased desire for digitalization in the current environment. Due to the epidemic, the businesses operating in the current situation have exorbitant terms. Cyber-attacks are also becoming more frequent during the epidemic, which is strongly encouraging businesses to choose quantum crypto solutions to safeguard their sensitive data. Following the pandemic, there will be a boost in demand for these solutions due to increased adoption of the cloud-based software in numerous industry verticals. Additionally, the businesses want training and consulting services that guarantee the successful implementation of solutions in such fields.
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