New Jersey, NJ, Nov. 05, 2019 (GLOBE NEWSWIRE) — Factors propelling the growth of the market include rising cyber-attack occurrences due to growing digitalization and sprouting next-generation wireless network technologies. The is expected to grow from USD 107.02 million in 2017 to USD 759.51 million by 2025 at a CAGR of 39.61% during the forecast period 2018-2025, according to the new report published by Fior Markets.
The quantum cryptography is also known as quantum key distribution. It is used to provide security using advanced cryptographic frameworks that are very hard to crack. This includes the sharing of the private key that is only known to the data sharing parties. This key is used for the encryption and decryption of the message. Breaking the cryptographic system is difficult due to a huge number of possible keys. For instance, in 2018, ISARA Catalyst Agile Digital Certificate Technology was introduced by ISARA that offers infrastructure and connected devices security. This technology empowers organizations and manufacturers to secure their networks from encryption-breaking quantum threats. The major advantage of quantum cryptography is that it requires fewer resources for maintenance and can detect eavesdropping in QKD (quantum key distribution), and also it is simple to use.
Rising cyber-attack occurrences due to growing digitalization and rising usage of cloud and IoT technologies have increased need for next-generation security solutions are key driving factors to lead the market in a couple of years. Moreover, sprouting next-generation wireless network technologies will supplement market growth. However, high cost and lack of expertise and awareness about quantum cryptography may limit the growth of the market. However, increasing demand for security solutions across industry verticals and growing need for integration solutions challenges are expected to boost the quantum cryptography market over the forecast period.
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Key players operating in the global quantum cryptography market include QuintessenceLabs, QuantumCTek, ID Quantique, Quantum Xchange, Crypta Labs, Qubitekk, Post-Quantum, Aurea Technologies, qutools, Infineon, Mitsubishi Electric, IBM, NuCrypt, Qasky, MagiQ Technologies, ISARA, QuNu Labs, HP, NEC, Toshiba, and Microsoft. To enhance their market position in the global quantum cryptography market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in September 2019, EDAG entered into a partnership with Crypta Labs to develop Automotive Cyber Security (ACS) solutions with unbreakable quantum encryption to the highest safety and connectivity standards. This partnership between EDAG and Crypta Labs will focus on creating the most secure Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) solutions for the mobility industry to satisfy the growing demand for security countermeasures necessary to protect vehicle communications.
- For instance, InfoSec Global entered into a collaboration with ID Quantique for offering quantum-safe Virtual Private Network (VPN). This VPN integrates InfoSec Global‘s cryptographic agility and ID Quantique’s Quantis Quantum Random Number Generator (QRNG) for generating encryption in single device.
Solutions segment dominated the global quantum cryptography market and valued around USD 60.82 Million in 2017
The component segment covers solutions and services. The solutions segment dominated the global quantum cryptography market and valued around USD 60.82 million in 2017 due to the increasing need to encrypt critical information without any leakage. The increasing deployment of cloud and IoT technologies, as well as wireless network technologies, has increased the demand for quantum cryptography solutions.
IT and telecom segment held the largest market share of 23.11% in 2017
The vertical segment is divided into government and defence, BFSI, retail, healthcare, automotive, IT and telecom, and others. IT and telecom segment dominated the market with a market size of USD 24.73 Million in 2017. This increasing industry size was due to the necessity for a secured network owed to network vulnerabilities and privacy concerns. The quantum cryptography restricts the third party to encrypt data and this increases the security of the data. Hence, the deployment and integration of quantum cryptography systems has also increased. This will decrease the cyber security attacks and will further lead to the growth of IT and telecom segment in the future.
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Network security segment is anticipated to hold the largest market share of 38.32% over the forecast period
Application segment is segmented into database encryption, application security, and network security. Network security segment is anticipated to hold the largest market share of 38.32% over the forecast period. Here, contributing factors are the demand for integrity and usability of networks, prevention and misuse due to unauthorized access, and denial of network-accessible resources. The use of the quantum cryptography to provide the security for various applications has helped application security segment to maintain its noticeable presence in the global quantum cryptography market.
Regional Segment Analysis of the Quantum Cryptography Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region held the largest market share of approximately 34.39% in 2017 whereas the Asia Pacific region held the second dominant position in the global quantum cryptography market. Increasing cyber-attacks, presence of major players, higher adoption of encryption-based application, and rapid technological advancements are some of the factors that led to the growth of the quantum cryptography market in the North America region. The Asia Pacific is the fastest-growing region in the market due to an increasing pervasiveness of fraud activities in several organizations and increasing internet-based attacks.
About the report:
The global quantum cryptography market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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