Quantum Cryptography Market Analysis
The global quantum cryptography market is touted to have an impressive growth at a whopping 14% CAGR over the assessment period (2017-2023). Quantum cryptography which is also known as quantum key distribution (QKD) offers unconditional secure communication. The security challenges of today and the security fears of tomorrow are increasingly driving the use of reliable quantum cryptography services and solutions to offer better data security. Some of its key advantages include less resources required to maintain it, simple to use and is virtually un-hackable. Its applications are significant and huge. Governments are using quantum cryptography for securing voting data as well as results safely for preventing vote tampering. NASA is using it for ensuring the security of information that is transmitted to the space station. In smart power grids, quantum cryptography is used to prevent cyber-attacks and threats. It ensures guaranteed security. On the other hand, various industries including healthcare and BFSI are also making the most of quantum cryptography for protecting sensitive consumer data.
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There are abundant factors that is propelling the growth of the quantum cryptography market. These factors as stated by the Market Research Future (MRFR) report include increasing incidences of cyber-attacks in this age of digitalization, growing cybersecurity funding, growing need for next-generation security solutions for loT and cloud technologies and evolving wireless network technologies. The additional factors which are boosting the market growth include increasing privacy concerns and data security and need for security services across verticals. On the contrary, low customer awareness regarding quantum cryptography, its complexity, point to point connectivity that makes it expensive for deploying to scale, major lack in standards concerning commercial security and long-distance networks which are difficult to protect through this technology are factors that may impede the growth of the quantum cryptography market over the assessment period.
Quantum Cryptography Market Key Players
Leading players profiled in the quantum cryptography market include Nucrypt Llc (U.S), Toshiba (Japan), Crypta Labs (U.K), Infineon (Germany), PQ Solutions (U.K), Quintessencelabs (Australia), NEC Corporation (Japan), Qubitekk (U.S), qutools GmbH (Germany), Magiq Technologies (U.S), and others.
March 2019- SK Telecom, leading South Korean mobile carrier will use quantum cryptography for ensuring security of their 5G mobile networks. This move has been designed for preventing hacking and ensuring quantum-safe security. Besides, they will also further strengthen security by applying the quantum key distribution technology of the IDQ to its LTE and 5G networks amid Seoul and Daejeon, the place that records the maximum mobile data traffic within the country.
Quantum Cryptography Market Segmentation
MRFR report provides an extensive segmental analysis of the quantum cryptography market on the basis of component, vertical, application and service.
Based on service, it is segmented into consulting services, deployment and integration services and support and maintenance services.
Based on applications, the quantum cryptography market is segmented into database encryption, network security, and application security. Of these, network security will have the maximum share in the market over the assessment period.
Based on verticals, it is segmented into healthcare and life sciences, IT and telecom, government and defense, retail, consumer goods and BFSI.
Based on components, the quantum cryptography market is segmented into software and hardware.
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Quantum Cryptography Market Regional Analysis
By region, the quantum cryptography market covers growth opportunities and latest trends across Rest of the World, Asia Pacific, North America and Europe. Of these, North America will remain the leading market over the assessment period. This is owing to increasing use of quantum cryptography for ensuring data security. The growing use of cloud-based applications along with integration with cloud platforms led to increased security risks that fuel the market growth. Growing safety concerns concerning data following consumer awareness is predicted to propel market growth in this region. Europe has a significant share in the market as the use of quantum cryptography here is prominent. Both in Europe and North America, quantum cryptography is used for securing communications in space stations. Several countries in Europe use it to prevent tampering and secure voting or any other form of problem related to the security of the voting data.
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