Market scenario:
The global Quantum Cryptography Market Trends has been witnessed to be growing at a highly positive CAGR of 14% during the assessment period from 2017 to 2023. Market Research Future has predicted consistent and optimistic growth for the global quantum cryptography market. Quantum cryptography uses quantum key distribution among other techniques to offer secure solutions and improve security on digital data. In a global environment where most everything has been digitized and there are high volumes of sensitive data, the demand for security solutions to protect such data has grown tremendously.
Applications for quantum cryptography are huge and significant. Governments can use quantum cryptography to secure voting data and results safely to prevent vote tampering. This practice is already being used in Switzerland and Geneva. Meanwhile, NASA also uses quantum cryptography to ensure the security of information transmitted to space stations. With the growth of the smart power grid, particularly in developed economies, there is worry that cyber threats and attacks can damage smart electricity grids thereby encouraging the use of quantum encryption, such smart grids are more secure. Quantum key distribution offers a method of guaranteed security. Consumers are increasingly aware of security threats and cyber attacks. These consumers are increasing their demand for secure connections to protect data. Many industries including BFSI and healthcare also have a high demand for strong security solutions due to the desire to protect sensitive consumer data.
However, the complexity of quantum cryptography is slowing the growth of the market. The point to point nature of connectivity makes quantum cryptography expensive to deploy to scale. Long distance networks are also difficult to protect using this technology. Moreover, there is a significant lack in standards regarding commercial security which is expected to hinder market growth.
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Segmentation:
Segments in the global quantum cryptography market have been determined on the basis of service, application, vertical, component, and region. Service has been segmented into support & maintenance services, deployment & integration services, and consulting services.
Applications of quantum cryptography can be found in application security, network security, and database encryption.
Verticals which employ the use of quantum cryptography include BFSI, consumer goods, retail, government & defense, IT & telecom, and healthcare & life sciences.
Components have been primarily segmented between hardware and software.
Competitive Outlook:
The worldwide competitors of the quantum cryptography market are Infineon (Germany), P.Q. Solutions (U.K), Qubitekk (U.S), Nucrypt Llc (U.S), QuintessenceLabs (Australia), Crypta Labs (U.K), Magiq Technologies (U.S), qutools GmbH (Germany), NEC Corporation (Japan), Toshiba (Japan), and a few more.
Regional Analysis:
Major regions that have been studied in the global analysis of the quantum cryptography market include Europe, North America, Asia Pacific and the Rest of the World. North America has been observed to be leading market growth due to the high adoption of quantum cryptography to ensure the security of data. The high adoption of cloud-based applications and integration with cloud platforms has resulted in increased security risks which drive the global market. Increasing safety concerns about data following general consumer awareness are expected to drive the North American market. Europe is another significant region where quantum cryptography is prominent and growing as a market. Quantum cryptography is being used in both North America and Europe as a way to secure communications with space stations. In Europe, several countries use quantum cryptography to secure voting and prevent tampering or any other kind of problem with the security of voting data.
Industry News
A network of thousands of kilometers of quantum key distribution (QKD) is developed in China. It connects four metropolitan area quantum networks (QMANs) to a remote location in the far west of China in cities in eastern China. It consists of a 2000-kilometer fiber optics link between Shanghai, Hefei, Jinan and Peking and a 2600-kilometer satellite connection between two observatories - one east of the cathedral and a few hundred kilometers away from China's Kazakhstan border.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Quantum Cryptography Market
5 Industry Overview of Global Quantum Cryptography Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
6 Market Trends
6.1 Introduction
6.2 Growth Trends
6.3 Impact Analysis
Continued….
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