Growing Data Theft Incidences to Drive Europe Quantum Cryptography Market through 2023
With growing need to protect the crucial
data, owing to data theft and cyberattacks and rising implementation of cloud
storage and IoT solutions, Europe quantum cryptography market is expected to
register robust growth during the forecast period
According to TechSci Research report, “Europe Quantum Cryptography Market By
Component, By Application, By End-User, By Country, Competition Forecast &
Opportunities, 2013-2023”, the quantum cryptography market in Europe is projected to grow at a
CAGR of 27% during the forecast period 2018 - 2023. Owing to growing number of cyberattacks, data security is becoming a major concern among enterprises and government
organizations. Moreover, with increasing adoption of the cloud for data
storage, data is being subjected to a greater risk. Additionally, booming IoT
industry is resulting in rapid increase in the number of connected devices, which
in turn is creating a need for safeguarding the data. All the aforementioned
factors are anticipated to have a positive impact on the quantum cryptography
market in Europe during the forecast period.
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Quantum computing is on the verge of realization and
companies such as IBM and Google are working on bringing quantum computing to
the consumer domain. It is anticipated that quantum computers can break
classical encryption with ease, thus quantum cryptography market is generating
demand and playing a pivotal role in cybersecurity. Backed by growing
government investments in enterprises
engaged in the field of quantum cryptography, the United Kingdom accounts for the
largest share in the region’s quantum cryptography market. Moreover, IT & Telecom is anticipated to become
the fastest growing segment, as this sector majorly deals in data transmission
and storage, thereby driving the adoption of quantum cryptography.
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“With increasing
efforts by large and small enterprises for the realization of quantum computing,
Europe quantum cryptography market is projected to exhibit a double-digit
growth in the coming years. Moreover, increasing incidences of cyberattacks and
data theft are making it crucial to create awareness and explain the benefits
of quantum cryptography on how it can safeguard the data from cyberattacks.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Europe Quantum Cryptography Market By
Component, By Application, By End-User, By Country, Competition Forecast &
Opportunities, 2013-2023” 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 decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities existing in the market.
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