Quantum Cryptography Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3113
Quantum Cryptography Market size is growing at a fast rate from 2019 to 2025 owing to rise in the number of cyber-attacks, growing adoption of advanced technologies such as IoT and cloud computing and increasing government rules and regulations for maintaining customer data security. Quantum cryptography encrypts information at the network level in a way that can never be read by anyone other than the intended recipient. These systems offer characteristics necessary for solving cyberspace security critical issues for the future internet.
The rising advent of digitalization has led to an increase in the number of cyber breaches across all industry verticals. The financial sectors are the most vulnerable to cyber-attacks due to the sensitivity of information and the impact of each data loss. This includes instances such as DDoS attack against HSBC Bank, bringing it to a standstill, cyber-attack against Tesco Bank. leading to hackers stealing around USD 2 million from customer accounts and phishing scams targeting the clients of all major UK banks. As the data stored on-premise or on the clouds is highly vulnerable to cyberattacks, it is essential to adopt quantum cryptography solutions for protecting the private information of cash or data related to customers.
Other benefits offered by quantum cryptography solutions include ease-of-usage, reduced resource requirement, continuous improvement, and secured communication. Various researches are going on in this field, aiming toward developing enhanced solutions and meeting the growing security requirements of customers. For instance, in 2017, the Oxford University researchers in collaboration with Bay Photonics and Nokia developed a system for transmitting quantum keys utilized in PoS systems. In September 2017, Australian and Chinese researchers streamed the first encrypted quantum video call. These innovations contribute toward the potential carried by quantum communication technologies and assist in creating a worldwide secured quantum internet.
Despite the growing adoption of the quantum cryptography, there are certain issues restricting the market demand. The main issue in adopting this advanced technology is its high implementation costs. Moreover, these solutions also require their own infrastructure with the fiber-based quantum cryptography, applicable only for short distances. The lack of customer awareness regarding the benefits of quantum cryptography and the low availability of expertise also hamper market growth.
The network security application is anticipated to grow at the fastest rate in the quantum cryptography market. The recent advances in technology have a widespread effect on the network infrastructure worldwide. This development has given a boom to the e-commerce sector, as there are a growing number of customers adopting digital shopping solutions and generating a vast amount of network traffic. Moreover, the growing trend of remote access security and wireless communication has resulted in growth in the adoption of quantum cryptography, aiming toward protecting the integrity of networks.
Quantum cryptography market solutions are accepted across various industry verticals including government organizations, retail, IT & telecom, BFSI, and healthcare. The market is witnessing a high adoption rate from the IT & telecom sector due to its rising penetration of smartphones and internet and an increase in the requirement for safe and secure communication. The government organizations contribute to a major market share due to various e-government initiatives, online utility bill payment systems, and a rise in the number of corporate accounts.
North America dominates the global quantum cryptography market due to the rising demand for IT and cloud services, advancements in communication networks, and a rise in the number of cyber threats. To meet the rising demand for wireless network carriers, the U.S. officials have invested approximately USD 350 billion over the last two decades in their wireless capital expenditure to build the mobile networks. Furthermore, an increasing requirement for encryption-based applications and an enhanced adoption of connected devices including IoT and BYOD are driving the industries in North America to implement quantum cryptography solutions.
The quantum cryptography market is characterized to be fragmented due to the presence of a considerable number of players. Some of the major players functioning in the market are ID Quantique, MagiQ Technologies, Infineon Technologies, QuintenssenceLabs, Crypta Labs, ISARA, Toshiba, Microsoft, IBM, HP, PQ Solutions, and Qubitekk. These players are involved in research and development initiatives for expanding their offerings and developing innovative quantum cryptography solutions deployable across all industry verticals.
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