Global Quantum Cryptography Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028

Global Quantum Cryptography Market: Overview

"The Quantum Cryptography Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Quantum cryptography is a science of exploiting the quantum and using current physics knowledge in order to implement a cryptography system that is able to prevent any types of attacks on data. Quantum cryptography is used to securely send data over network, wherein if quantum cryptography is applied to a particular data that needs to be being transferred, then only sender and receiver of data are able to access that data with the help of special key. Quantum cryptography is different as compared to traditional cryptography method, as quantum cryptography is more dependent on physics, instead of mathematics.

Global Quantum Cryptography Market: Dynamics

Increasing cyber-attacks on sensitive data and risk of losing confidential information have resulted into higher adoption of quantum cryptography by various enterprises, and is a major factor estimated to drive growth of the global quantum cryptography market. In addition, concerns related to privacy of vital data from evolving technology and hackers is another key factor anticipated to drive growth of the global quantum cryptography market.

Moreover, high adoption of cloud-based services and other wireless networks are expected support growth of the global quantum cryptography market. One of the major benefit of quantum cryptography is that it is impossible to steal information that is being transferred over channel, which has been protected by quantum cryptography.

In traditional cryptography method, data is transferred over public network in encoded form, a special key is transferred using public channel only to receiver of the data to decode that data. While performing this task there is high risk of losing information about special key, which will result into data loss. To avoid this problem, the companies have now developed quantum cryptography, which uses quantum key distribution method.

In this method a special key is transferred using light (photons), instead of public channel. This method will ensure confidentiality of data, that is another key factor expected to drive growth of the global quantum cryptography market.

However, lack of knowledge about quantum cryptography technology and lack of skilled professionals are major factors expected to hinder growth of the global quantum cryptography market. In addition, fluctuating cyber-attack patterns is another key factor estimated to deter growth of the global quantum cryptography market.

Global Quantum Cryptography Market: Segment Analysis

Among the enterprise size segments, the large enterprises segment is anticipated to account for highest revenue share in the global quantum cryptography market. Increasing need to protect sensitive data of large enterprises from intruders is a major factor estimated to drive growth of the large enterprise segment in the global quantum cryptography market.

Among the end-use industry segments, the government & military segment is anticipated to account for highest revenue share in the global quantum cryptography market, as government & military sectors contain high volume of sensitive data that is to be transferred over network.

Global Quantum Cryptography Market: Region Analysis

North America market is anticipated to account for highest revenue share in the global quantum cryptography market. High adoption of quantum cryptography by various organizations in order to keep data safe is expected to drive growth of the target market in the North America.

North America has experienced more cyber-attacks, threats, and increasing fraud in various sectors such as in BFSI and IT & Telecom, etc. as compared to other regions and is another key factor expected to fuel growth of the market in North America.

Global Quantum Cryptography Segmentation:

Segmentation by Component:

• Hardware
• Services

Segmentation by Enterprise Size:

• Large Enterprises
• Small Enterprises

Segmentation by Application:

• Database Encryption
• Network Layer Encryption
• Application Security

Segmentation by End-use Industry:

• IT & Telecom
• BFSI
• Government & Military

Segmentation by Region:            

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa