Estimated revenues for the Global Quantum Cryptography market to reach $1.53 billion by 2024
Increasing incidents of global cyber-attacks is the key market driver; the need to secure data is also increasing in the face of a growing IoT market, which includes IIoT, smart grids, smart cities, smart consumer wearables, smart appliances, and smartphones, thereby boosting the quantum cryptography market.
Bangalore, India, May 14, 2018: Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Quantum Cryptography Market: Global Drivers, Restraints, Trends, and Forecasts up to 2024” (April 2018).
According to Infoholic Research, the Americas held the largest chunk of the market share in 2017 and is expected to dominate the quantum cryptography market during the forecast period. The region has always been a hub for high investments in research and development (R&D) activities, thus contributing to the development of new technologies. In addition, the U.S. and Canada are among the most technically advanced countries, which are ahead in adopting new technologies. The global Quantum Cryptography market is expected to grow at a CAGR of 26.13% during the forecast period 2018–2024.
Quantum cryptography is a technology that allows users to communicate using more secure methods than the traditional ones. It is based on the fundamental and invariable principles of quantum mechanics which enhances the privacy of communication. It is basically the application of quantum mechanics to cryptography. The need for securing data to counter the widespread cyber security threats is the major factor boosting market growth. Governments and Defense organizations, and financial institutions such as banks are some of the application segments that have been using quantum key distribution method for several years. Given the success rate of this technology, it is expected that quantum cryptography will be used for several more applications such as securing internet transactions, large enterprises, and airports, among several others.
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“The rise of quantum computing requires a revolution in security and encryption to keep data safe; this is where quantum cryptography comes to play. The main reason for using quantum cryptography is to perform cryptographic tasks that were earlier deemed to be impossible using non-quantum techniques. Data encoded in a quantum state cannot be replicated and the state of the data stored in a quantum state changes. Primarily, quantum cryptography is best suited for the detection of eavesdropping,” analyses Priyanka Yadav, Research Analyst at Infoholic Research.
The Americas is the leading region for the Quantum cryptography market, followed by EMEA and APAC. The market in APAC is expected to witness growth due to increase in technology advancement, increasing penetration rate of connected devices, and increasing government initiatives. Among the countries covered in the report, Japan, the US, and China are expected to grow at a high rate during the forecast period due to the increase in the adoption of cloud-based technologies and various other governmental schemes.
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The report aims to highlight key insights from service providers, verticals, and stakeholders. The report covers the current scenario and also the development prospects of the Quantum Cryptography market during the forecast period 2018–2024. It also provides an in-depth analysis and forecast of the industry covering the following key features:
- Key perspectives of the global intelligent application market.
- Analysis based on components, applications, end-users, and regions.
- Evolution of its features, advantages, and importance of the technology in terms of future perspective.
- Drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2018–2024).
- Analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape, which includes vendor assessment.
- Types of quantum cryptography viz. hardware and software.
- Analysis of countries such as the US, Canada, Switzerland, UK, France, Germany, India, China, and Japan.