Rising Data Theft and Cyber Attacks to Aid the Growth of Quantum Cryptography
Need to
safeguard the crucial data due to rising number of data theft and cyber attacks
coupled with increasing implementation of cloud storage and IoT solutions to
drive quantum cryptography market
through 202.
According
to TechSci Research report, “Global
Quantum Cryptography Market By Component, By Enterprise, By Application, By
End-User, By Region, Competition Forecast & Opportunities, 2023”,
the global quantum cryptography market is projected to grow at a CAGR of over 25%
during 2018-2023. Increase in number of cyber attacks and data thefts along
with the advent of quantum computers and booming IoT market is driving the
global quantum cryptography market across the globe. Furthermore, according to the
voice-of-customer market survey, it was observed that the majority of consumers
using quantum cryptography were satisfied with the solution offering.
Browse 98 market data Tables and 90 Figures
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Pages and an in-depth TOC on "Global Quantum Cryptography
Market"
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By Component, global
quantum cryptography market is segmented into hardware and software. Hardware dominated
the global quantum cryptography market and is expected to lead during the
forecast period. However, services of product integration is also anticipated
to grow at a fast pace during the forecast period. Among applications, database
encryption garnered the highest market share on the back of disaster mitigation
and data protection efforts by the companies. A large demand for quantum
cryptography emanates from IT & Telecom sector as this sector majorly deals
in data transmission and storage, which makes adoption of quantum cryptography
a necessity.
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APAC leads the global quantum cryptography market
and is expected to continue dominating during the forecast period as well on
account of the efforts by the Chinese and Japanese government to integrate
quantum cryptography solutions in the government and defense sector. ID
Quantique SA, MagiQ Technologies, Inc., Quintessence Labs Pty Ltd., are some of
the market leaders in global quantum cryptography market. SK Telecom, in partnership with Nokia has
successfully created a Quantum Random Number Generator (QRNG) on a chip, which
is expected to revolutionize the mobile payment industry. With the
aforementioned factors the quantum cryptography market is estimated to grow at
a rapid pace during the forecast period
“With the advent of quantum computers and
increase in the number of data thefts, adopting of quantum cryptography is
increasing across the globe. Moreover, use of quantum cryptography across
various end use sectors like BFSI and defence is further likely to bolster the
demand for quantum cryptography.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Quantum
Cryptography Market By Component, By Enterprise, By Application, By
End-User, By Region, Competition Forecast & Opportunities, 2023” has evaluated the future growth potential
of the quantum cryptography market and has also provided the statistics and
information on market structure, size, share and future growth of quantum cryptography
market. The report intends to provide cutting-edge market intelligence and help
decision makers to take sound investment decision. Besides, the report also
identifies and analyses the emerging trends along with essential drivers,
challenges and opportunities existing in the global quantum cryptography market.
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