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.
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