Dublin, May 31, 2024 (GLOBE NEWSWIRE) -- The "Quantum Cryptography Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
Overall world revenue for the Quantum Cryptography Market, is set to surpass US$245.8 million in 2024, with strong revenue growth through to 2034.
The Quantum Cryptography Market Is Witnessing Rapid Growth Driven by Escalating Cybersecurity Concerns and Advancements in Quantum Computing Technology
The quantum cryptography market is witnessing rapid growth driven by escalating cybersecurity concerns and advancements in quantum computing technology. As traditional cryptographic methods face vulnerabilities from quantum computing, the demand for secure communication solutions has surged, propelling the market forward. Key drivers of market growth include the rising frequency and sophistication of cyber threats, increasing adoption of digital transformation initiatives across industries, and growing awareness about the need for future-proof encryption methods.
Opportunities in the quantum cryptography market abound, particularly in sectors such as government and defence, banking, financial services, and insurance (BFSI), healthcare, and critical infrastructure protection. The adoption of quantum cryptography offers these industries the promise of unconditionally secure communication channels, ensuring the protection of sensitive data and critical infrastructure from cyber-attacks. Additionally, advancements in quantum cryptographic hardware and software technologies present opportunities for innovation and the development of new applications and use cases.
However, the market also faces significant challenges that may impede its growth trajectory. Key challenges include the complexity and cost associated with implementing quantum cryptographic solutions, interoperability issues with existing IT infrastructure, and the limited availability of skilled professionals with expertise in quantum cryptography. Moreover, regulatory and compliance requirements, particularly in highly regulated industries such as finance and healthcare, pose additional challenges to market adoption.
Rising Technical Complexities Hinder the Market Growth
One of the significant restraining factors for the quantum cryptography market is the rising technical complexities associated with the implementation of quantum-safe security solutions. While quantum cryptography offers unparalleled security benefits, its adoption is impeded by the intricate technical requirements and challenges involved in integrating these solutions into existing infrastructure. Firstly, the transition from classical to quantum cryptography requires a fundamental shift in the underlying technology and infrastructure. Traditional cryptographic methods rely on mathematical algorithms that may become vulnerable to attacks from quantum computers. As a result, organizations need to invest in upgrading their systems to accommodate quantum-safe encryption protocols, which often involves substantial technical expertise and resources.
Key Market Dynamics
Market Driving Factors
- Rising Cyberattacks in Digitalization Era Driving the Market Growth
- Rising Demand for Next-Generation Security Solutions for Cloud and IoT Technologies
- Increasing Need for Integrated Solutions Driving the Market Growth
Market Restraining Factors
- Rising Technical Complexities Hinder the Market Growth
- Commercialization of Quantum Cryptography Hinder the Market Growth
- Lack of Expertise Hinder the Market Growth
Market Opportunities
- Spur in Demand for Security Solutions Across Industry Verticals
- Market Expansion Opportunities for the Market Players
- Collaboration and Partnership Between Market Players Opportunities for the Market
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising quantum cryptography prices and recent developments.
Segments Covered in the Report
Market Segment by Component
- Software
- Hardware
Market Segment by Software
- Encryption Algorithms
- Key Management Solutions
- Other Software
Market Segment by Hardware
- Quantum Key Distribution (QKD) Devices
- Quantum Random Number Generators (QRNG)
- Quantum Cryptography Communication Systems
- Other Hardware
Market Segment by Application
- Network Security
- Data Centre Security
- Secure Communication
- Critical Infrastructure Protection
- Other Application
Market Segment by Industry Vertical
- Government and Defence
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecommunications
- Healthcare
- Aerospace
- Other Verticals
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the Quantum Cryptography Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- Crypta Labs
- Cryptomathic
- HP Development Company
- IBM
- ISARA
- MagiQ Technologies, Inc.
- NEC
- Nokia
- Post-Quantum
- Quantum Machines Ltd.
- Quantum Xchange
- Qubitekk
- Quintessence Labs
- SecureRF
- Toshiba
For more information about this report visit https://www.researchandmarkets.com/r/3ljm85
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