Quantum Cryptography Market to surge
at 31.36% CAGR, increasing cyber-attack cases in the period of digitalization
expected to boost the market growth, says Industry and Research
Industry and Research has released a report labeled “Quantum Cryptography
Market – Analysis of Market Size, Share & Trends for 2016-2019 and
Forecasts to 2030” which is anticipated to reach USD 1,082 million by 2030.
According to a study by Industry and Research, the market is estimated to
portray a CAGR of 31.36% during the forecast period i.e. 2020-2030. As per the
report, rising cases of cyber-attacks in the period of digitalization is likely
to drive the market for quantum cryptography in the coming years.
With the rise in need for digitalization, there is a growth in need for quantum
cryptography. Organizations are aware of the fact that data retrieval is very
expensive these days, and with a rise in the cyber-attacks, organizations are
purchasing quantum cryptography solutions to safeguard their information. An
upsurge in the usage of cloud-based software implementation among various
organizations has also raised the demand for quantum cryptography solutions.
Industries are observing the rising need for training and consulting services
to guarantee the efficient utilization of quantum cryptography solutions in the
region. Also, the rising setting up of security organizations in the database
and the services provided are also pushing the encryption market.
The market report on global quantum cryptography market comprises of the
following in-depth analysis:
• The estimated value of the market in 2019 was USD 95 million.
• Based on component, the services segment emerged out as a key segment in the
quantum cryptography market across the globe.
• On the basis of security type, the network security segment was the leading
segment of the market across the globe.
• Based on organization size, the large enterprises segment came out to be the
key segment in the market.
• Region-wise, the market in North America emerged as the leading segment in
the market for quantum cryptography.
• Key players are likely to focus on product innovations and expansion through
merger to retain their positions in developed markets.
“The rising number of linked devices is acting as a leading factor to
complications in cyber risk management and also uninvited cyber cases round the
globe. Consequently, cyber-attacks are happening at a higher frequency and are
pursuing businesses and governments”, said a lead analyst at Industry and
Research.
Quantum Cryptography consists of the use of physics knowledge with an objective
to build a cryptosystem that is not easily consumable. Quantum indicates the primary behavior of
particles of matter and energy. It explains everything that occurs and nothing
can disrupt it. It is nothing but an ability to code in which the IT operator
copses mathematics to physics for larger security purposes. Quantum
cryptography targets at the security of data or the treasured data of the
company from hackers or code breakers. Quantum Key Distribution (QKD) is a very
prevalent cryptographic application. It comprises of encoding and sending the
required information for decoding.
The global quantum cryptography market is segmented by component into solutions
and services. Among these, the services segment emerged as the key segment,
holding a market share of xx% in 2019. On the basis of security type, the
market for quantum cryptography is divided into network security, application
security and database security. Among these, the network security segment was
observed to be the leading segment, holding xx% of the total market share in
2019. Based on organization size, the market is divided into large enterprises
and small & medium enterprises. Among these, the large enterprises segment
emerged as the key segment of the market, holding xx% of the total market share
in the year 2019. Region-wise, the market is segmented into North America,
Latin America, Europe, Middle East & Africa and Asia Pacific. Among these,
the market in North America is witnessed to be the key segment of the global
quantum cryptography market, acquiring xx% of the total market share in 2019.
Key Players in the Market :
Some of the key players in global quantum cryptography market are Toshiba, PQ
Solutions, NEC Corporation, Infineon, Magic Technologies, Qubitekk, Qutools
GmbH, Quintessence Labs, Crypta Labs and Nucrypt Llc.
Get Valuable Insights into Quantum
Cryptography Market :
In the new report, Industry and Research thrives to present an unbiased
analysis of the global quantum cryptography market that covers the historical
demand data as well as forecast figures for the period i.e. 2020-2030. The
study includes compelling insights into growth that is witnessed in the market.
The global quantum cryptography market is segmented by component into solutions
and services. The market is divided by services into consulting & advisory,
deployment & integration and support & maintenance. On the basis of
security type, the market for quantum cryptography is segmented into network
security, application security and database security. Based on organization
size, the market is divided into large enterprises and small & medium
enterprises. On the basis of on end-users, the market for quantum cryptography
is segmented into BFSI, IT & telecommunications, government & defense,
healthcare and others. Region-wise, the market is segmented into North America,
Latin America, Europe, Middle East & Africa and Asia Pacific.
About Industry and Research
Industry and Research is a leading management consulting, advisory and market
research organization that serves its clients globally by its team of experts
and industry veterans that have years of expertise for management consulting,
advisory and market research analysis. The organization functions across
business consulting, strategy consulting, market research, operations
consulting, financial advisory, human resources, risk & compliance,
environmental consulting, software consulting and sales consulting amongst
others, and aim to aid businesses with bold decisions that help them embrace
change for their sustainable growth.
Contact Us @ sales@industryandresearch.com
