New York, NY, July 17, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Quantum Cryptography Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Security Type (Network Security, Application Security); By Vertical; By Region; Segment Forecast, 2023 - 2032” in its research database.
“As per the latest research analysis, the global quantum cryptography market size/share will be valued at roughly USD 363.20 Million in 2022, and its revenue is projected to reach about USD 11,336 Million by 2032. The market is forecasted to expand at a compound annual growth rate of approximately 41.1% between 2023 and 2032.”
What is Quantum Cryptography? How Big is Quantum Cryptography Market Size?
- Overview
Quantum cryptography is a strategy for encryption that utilizes the normally happening properties of quantum mechanics to get and send information in a manner that can't be hacked. The benefit of quantum cryptography lies in the way that it permits the consummation of different cryptographic undertakings that are demonstrated or guessed to be unimaginable, utilizing just old-style (for example, non-quantum) correspondence.
Thus, quantum cryptography provides safe and secure data transfer, ensuring no cyber-attack threat. These are some major key drivers contributing to quantum cryptography market sales. The increasing adoption of cloud computing and the Internet of Things (IoT) also significantly influences the industry's growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Leaders Are:
- ID Quantique
- QuintessenceLabs
- Crypta Labs
- MagiQ Technologies
- Toshiba
- Qubitekk
- QuTech
- PQ Solutions
- Post-Quantum
- Xanadu
- Cryptography Research Centre
- Cambridge Quantum Computing
- SK Telecom
- Nokia
- Alibaba
- Cambridge Quantum
- Rigetti Computing
- Microsoft
- IBM
- D-Wave Systems
- Zapata Computing
- Honeywell
- PsiQuantum
- Entanglement Partners
- Quantum Motion
- QuSecure
- Qnami
- QuNu Labs
- Quantum Xchange
- Raytheon Technologies
- NEC
- Secure Communication Systems
- Huawei Technologies
- CryptoExperts
- Cygnacom
- QuantumCTek
- SwissQuantum
- Universal Quantum & Quantum Machines
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Key Growth Driving Factors
- An increasing number of data breaches: The rising number of breaches, such as the notable incidents affecting COMB, Clubhouse, Facebook, and Raychat, has created a higher demand for advanced security solutions.
- Growing demand for advanced security solutions: Organizations increasingly recognize the need for more robust security measures to protect their data from cyber threats.
- Quantum cryptography as a solution: quantum cryptography is gaining prominence as an effective solution due to its utilization of quantum mechanics principles to secure data transmission, making it highly resistant to hacking attempts.
- Rising adoption of quantum cryptography: More and more organizations seek to implement quantum cryptography solutions to enhance their data security and protect against cyber threats.
- Market growth potential: The increasing demand for quantum cryptography is expected to drive the quantum cryptography market size growth in the coming years.
Top Findings Of The Report
- The emergence of quantum cryptography as a solution to enhance their data security without relying on scarce resources.
- The market segmentation is based on offering, security type, vertical, and region.
- The demand in Asia Pacific is anticipated to register significant growth.
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Top Trends Influencing the Market
- In 2022, the National Institute of Standards and Technology (NIST) announced the first four quantum-resistant cryptographic algorithms. This is a significant development in quantum cryptography and a growth factor for the market for quantum cryptography.
- According to Surfshark's data, 212.4 million users will be affected by a data breach in 2021, up from 174.4 million in 2020. This puts the United States ahead of any other nation.
- The improvement of a local quantum PC by Japan and the objective of having 10 million individuals utilizing quantum innovation by 2030 could prompt expanded venture and development in the field, which could drive development in the quantum cryptography market trend in the Asia Pacific and worldwide.
Segmental Analysis
- Solutions segment will go through the fastest growth over the forecast period
Based on the offering segment of quantum cryptography market segmentation, the solutions category will flourish over the forecast period. This growth can be attributed to the increasing adoption of quantum key distribution (QKD) systems and the development of new quantum cryptography technologies. The researchers are dealing with growing new quantum-safe encryption calculations that can endure assaults from quantum PCs, which could represent a danger to current encryption techniques.
- Network Security segment accounted for the largest market share
Increasing adoption of cloud computing and The Internet Of Things (IoT) are the factors driving the network security segment and, ultimately, the quantum cryptography market growth. The growing threat of cyber-attacks and the need for an enhanced network across various industries is also why the segment accounted for the largest market share growth.
- Government segment is expected to hold the larger revenue share
Among some of the largest users of communication networks, the government segment contributes to the largest quantum cryptography market share. Government agencies and military organizations generate large amounts of sensitive data to be secured. With the rising refinement of cyber-attacks, conventional encryption strategies are becoming less powerful, and associations are going to quantum cryptography answers to guarantee the security of their correspondence organizations and channels.
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Quantum Cryptography Market: Report Scope & Segments
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 11,336 Million |
| Market size value in 2023 | USD 511.38 Million |
| Expected CAGR Growth | 41.1% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | ID Quantique, QuintessenceLabs, Crypta Labs, MagiQ Technologies, Toshiba, Qubitekk, QuTech, PQ Solutions, Post-Quantum, Xanadu, Cryptography Research Centre, Cambridge Quantum Computing, SK Telecom, Nokia, Alibaba, Cambridge Quantum, Rigetti Computing, Microsoft, IBM, Google, D-Wave Systems, Zapata Computing, Honeywell, PsiQuantum, Entanglement Partners, Quantum Motion, QuSecure, Qnami, QuNu Labs, Quantum Xchange, Raytheon Technologies, NEC, Secure Communication Systems, Huawei Technologies, CryptoExperts, Cygnacom, QuantumCTek, SwissQuantum, Universal Quantum & Quantum Machines |
| Segments Covered | By Offering, By Security Type, By Vertical, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific: Quantum cryptography market demand in the Asia Pacific region is expected to grow prominently over the forecast period. This is mainly due to the increased adoption of quantum technologies, rising cybersecurity threats, and the growing need for secure communication channels. The district has numerous innovation organizations, new businesses, and scholastic foundations chipping away at quantum cryptography, as most would consider to be normal to drive the development of the market in the locale.
Browse the Detail Report “Quantum Cryptography Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Security Type (Network Security, Application Security); By Vertical; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/quantum-cryptography-market
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Recent Developments
- ETSI GS QKD 016, a Protection Profile (PP) for the purpose of assessing the security of quantum key distribution (QKD) modules, was released in April 2023.
- In collaboration with Korea Computer & Systems (KCS), SK Telecom and ID Quantique unveiled a new cryptographic chip in February 2023 to secure the communication of IoT devices.
Key Questions Answered in The Report
- Who are the key players in this market?
- What was the market status in 2023?
- What will be market share, supply, and consumption by 2032?
- What are some of the other regions that are rising at promising CAGR?
- What are the key driving factors in the quantum cryptography market?
- What recent developments have been made in the technology?
Polaris Market Research has segmented the quantum cryptography market report based on offering, security type, vertical, and region:
By Offering
- Solutions
- Services
By Security Type
- Network Security
- Application Security
By Vertical
- Government
- Defense
- BFSI
- Health Care
- Retail and eCommerce
By Region
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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