Quantum Cryptography Market Research – Forecast to 2027 | MRFR
Quantum Cryptography Market Overview:
The world is moving towards the evolving era of digitization and because of this, there have been many incidents that are related to cybersecurity and related threats like data breach and security. Also, there is an increase in the funding related to cybersecurity along with an increase in the demand for security solutions belonging to the next generation. These are applicable for both the cloud and IoT technologies that are prevailing in the current market. Also, the solutions that are being provided by the market are evolving for the wireless network technologies that are also from the next generation. All these factors are expected to have positive growth for the market by the end of the global forecast period ending in 2023.
Hence, the quantum cryptography market size is expected to rise at a 14% CAGR during the forecast period 2017-2023.
COVID 19 Analysis:
Owing to the increased demand for digitization in the current scenario, the overall demand for the market is also experiencing a huge surge. The companies that are functioning in the current scenario have expensive terms because of the pandemic. Also, during the pandemic, cyberattacks are increasing and hence, this is majorly pushing the companies to opt for quantum crypto solutions that will help them protect their confidential data. Also, increased adoption of cloud-based software across several industry verticals will increase the demand for these solutions post the pandemic as well. Further, the enterprises are demanding training and consultation services that ensure that there is effective deployment of solutions in these areas. Also, the growing establishment of the database belonging to the security companies and the services that are on the roll for being offered will help the pandemic after the pandemic.
Quantum Cryptography Market Dynamics:
Drivers:
Digitization is bringing along a lot of opportunities that help in the optimization of the systems and operations across various end-users of the market. The increase in the number of devices is further increasing the prevailing complexities related to cyber risk management. Also, there is an increase in cybercrimes in many areas around the globe which is pushing the need for the market and end-users to opt for solutions. Hence, to curb the frequency of cyber-attacks, businesses and governments are investing in the large-scale development and adoption of these solutions.
Restraints:
However, the cost of implementing cryptography solutions is quite high. The main reason behind this is that these solutions have a major role to play in maintaining the authenticity and safety of communication between the parties. Also, the implementation consumes a considerable amount of time which is acting as a major restraint in the large-scale adoption of these solutions across various industries verticles and target audience.
Opportunities:
Across the various government vertices and the BFSI sector, the demand for these security solutions is on the rise. The main reason behind this is their developing need to secure their transactions. There is an increase in the businesses switching to the online model and because of this, their daily transactions are also increasing. Moreover, to keep these transactions authenticated and secured, the major need is to adopt quantum cryptography solutions on a large scale. Many financial solutions are gaining momentum by providing the online banking facility to their customers which is again going to boost the demand for such solutions for the prevailing and future transactions.
Value Chain Analysis:
The online transactions and discussions might make the use of the transmission of data that is confidential. Hence, on a global scale, it is more than important to maintain their security and authentication so that no break or misuse takes place. The development of these solutions is playing a vital role in reducing the possible chances of committing cybersecurity attacks in space. These solutions are offering the best kind of practice when it comes to key generation and for the crypto operations and solutions that belong to a highly secured nature.
Quantum Cryptography Market Segmentation:
The quantum cryptography market has been divided all across the globe based on service, vertical, application, and Components
Based on the Service:
The market has been divided all across the globe based on service into consulting services, deployment and integration services, and support and maintenance services.
Based on the Vertical:
The quantum cryptography market has been divided all across the globe based on vertical into the healthcare sector, life sciences sector, IT and telecom sector, government and defense sector, consumer goods sector, retail sector, and banking and financial services sector. The largest market share in the vertical dividend is held by the IT and telecom sector owing to an increase in cyber-attacks and increasing demand for safety and security.
Based on the Application:
The market has been divided all across the globe based on application into network security, application security, and database security.
Based on the Components:
The quantum cryptography industry has been divided all across the globe based on components into software and hardware.
Quantum Cryptography Market Regional Analysis:
The quantum cryptography market has been divided all across the globe based on the region into Asia-Pacific region, North American region, European region, South American region, and the Middle East and African region. The largest market share in the quantum cryptography industry in the global market is held by the North American region owing to the increasing adoption of cloud-based applications coupled with increasing demand for security and safety concerns.
Being the fastest-growing region, the second-largest market share in the quantum cryptography market in the global market is held by the Asia-Pacific region owing to the presence of highly populous countries like India and China who demand high security and safety and hence drives the quantum cryptography market.
The third-largest market share in the quantum cryptography market in the global market is held by the European region owing to well-developed infrastructure and high advancement of technology in this region.
The Middle East and Africa region and South American region also show a positive growth rate towards the quantum cryptography industry. Both these regions have comparatively low growth rates as these regions are at the developing stage.
Quantum Cryptography Market Competitive Landscape:
The most prominent major key players in the quantum cryptography market in the global market are mentioned below:
These major key players use various strategies to sustain their market position in the quantum cryptography market in the global market by collaborating, by going for mergers, and acquisitions, establishing a partnership, developing a new product line, setting up a new joint venture, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the quantum cryptography all across the globe.
Recent Developments:
Report Overview:
This global quantum cryptography market research report consists of the following elements mentioned below:
This global quantum cryptography market research report contains factors that drive the growth of the quantum cryptography market in the global market along with the factors that restrict the growth in the global market. The opportunities available for the growth of the quantum cryptography market during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the quantum cryptography market all across the globe is mentioned. The future growth rate of the quantum cryptography market during the forecasted period is estimated and mentioned.
Intended Audience:
Retailers, government bodies, technology solution providers, research and consultancy firms, technology investors, and many others.
Frequently Asked Questions (FAQ) :
Crypta Labs (U.K), NEC Corporation (Japan), qutools GmbH (Germany), Nucrypt Llc (U.S), Magiq Technologies (U.S) and Toshiba (Japan) are the opponents in the market.
The largest regional market is the North American region in the market.
A 14% CAGR is estimated to reflect constructively on the global market.
The rise in data security and privacy concerns are estimated to stimulate the market.
The low customer awareness levels are estimated to create an optimistic impetus in the market.
The main reason behind this is that these solutions have a major role to play in maintaining the authenticity and safety of communication between the parties.
TABLE OF CONTENTS
