Quantum Cryptography Market to Register an Exceptional CAGR through 2028F
Rising number of cyber-attacks
is a significant factor driving the growth of the global quantum cryptography
market during the forecast period of 2024-2028.
According to TechSci
research report, “Quantum
Cryptography Market – Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2018-2028F,” the Global Quantum Cryptography Market is
projected to expand in the coming years owing to advancements in technologies
such as AI, ML, and blockchain. According to the quantum
theory of physics,
wave is made up of atoms and sub atoms, respectively. Utilizing the capacity of
subatomic particles to exist in
more than one state, quantum technology aids in the development of novel
computing techniques. That is, unlike computer bits, which can only represent 0
or 1, quantum bits or qubits can take on both values at the same time.
Increased computing power results from this. Cryptography is the method of encrypting data so
that no one else can read it. To stop hackers from reading data, one need to use
a variety of cryptographic techniques. Cryptography, for example, ensures that
no one else can see bank account information when an online payment is made, or
money is sent.
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The Global Quantum
Cryptography Market can be segmented by component, organization size, application,
end user, region and competitive landscape.
Based on end user, the market can be segmented into BFSI, IT
& Telecom, Government & Military and Others. The BFSI industry's quick adoption of
technology, such as artificial intelligence, machine learning, and block chain,
has raised serious concerns about data security. Additionally, as this sector
becomes more digitalized, the quantum cryptography is seeing a continued
increase in demand for data security due to cyber-attacks and thefts. The
adoption and use of security solutions and services has also significantly
increased because of the rapid digitalization of business operations by banks,
financial institutions, and other financing organizations. Furthermore,
implementing regulatory standards and reducing the risk of data loss will slow
the rate of growth of the global quantum cryptography market.
By region, North America is expected to
dominate the global quantum cryptography market in the forecast period. Quantum
cryptography is an area of quantum computing that focuses on using the
principles of quantum mechanics to secure communication. North America is home
to many research and development efforts in this field, including academic and
corporate research labs. One notable example is the Quantum Communication and
Cryptography Laboratory at the University of Waterloo in Canada. The lab has
been a pioneer in the field of quantum cryptography, developing several
groundbreaking protocols and technologies, such as the BB84 protocol and the
first quantum key distribution system. There are also several companies in
North America that specialize in quantum cryptography, including ID Quantique
in Switzerland with a branch in the US, and Qubitekk in the US. These companies
are developing quantum key distribution systems and other quantum security
solutions for industries such as banking, government, and defense. Overall,
North America has a strong presence in the field of quantum cryptography, and
the region is likely to continue to be a major player in the development and
application of quantum security technologies in the years to come.
Major companies operating in the Global Quantum
Cryptography Market are:
- ID Quantique SA
- MagiQ Technologies, Inc.
- Quintessence Labs Pty Ltd.
- Qubitekk, Inc.
- Qutools GmbH
- Crypta Labs
- NuCrypt LLC
- QuNu
- Toshiba
- SK Telecom
Various companies operating in the market are
following strategies such as mergers & acquisitions, collaborations &
partnerships, among others to stay competitive and have an edge over other
market players.
- In 2021, the India’s
Ministry of Electronics and Information Technology (MeitY), in collaboration
with Amazon Web Service, established a Quantum Computing Applications Lab to
ease quantum computing-led research and development.
- In 2022, the
Department of Science and Technology jn India signed a joint declaration with
Ministry for Employment and Economic Affairs, Finland, to form Finland India
Quantum Network (FIN-Q n) to build a virtual network center on quantum
computing. Both countries discussed the possible areas of cooperation and the
roadmap of collaboration to bring India into the global competitive market.
- In 2022,
Harvard University and Amazon Web Services signed a strategic alliance to
advance basic research and innovation in quantum technologies. The
collaboration between AWS and Harvard will utilize top research talent to
explore quantum networking and establish a framework to develop the future
quantum workforce.
- In 2022,
Vellore Institute of Technology signed a Memorandum of Understanding (MoU) with
two Bangalore- based two companies, namely QpiAI India Private Limited and NoPo
Nanotechnologies India Private Limited, on a virtual platform. The agreement
aims to conduct research in Quantum Computing, Machine Learning and Data
Science.
- In 2022,
India and the United States of America decided to have advanced cooperation in
quantum technologies.
- In 2022, Tata
Consultancy Services signed an MoU with IIT Tirupati to provide quantum computing
and quantum technology internships to MSc and BTech students. Through the
collaboration, the institution looks to attract high-calibre faculty from
academic partners in the TCS Innovation Network.
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“North
America is expected to dominate in the global quantum cryptography market,
owing to increasing spending on IoT infrastructure and related services. As the
number of IoT edge devices increases, each device becomes a potential gateway
into the network. Quantum encryption can bolster cybersecurity and prevent
hazardous cyberattacks. The aforementioned factors are expected to positively
influence the region’s quantum cryptography market over the course of next five
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Quantum Cryptography
Market – Global Industry Size, Share, Trends, Competition, Forecast &
Opportunity, 2018-2028 Segmented By Component (Hardware and Software), By
Organization Size (SME and Large Organization), By Application (Database
Encryption, Network Layer Encryption, Application Security, and Others), By End
User (BFSI, IT & Telecom, Government & Military and Others), By Region”, has evaluated the future growth potential of global quantum
cryptography market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global quantum
cryptography market.
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