The global Quantum Cryptography Market size is estimated to be USD 89 million in 2020 and is projected to reach USD 214 million by 2025, at a CAGR of 19.1% during the forecast period. Factors such as the growing incidents of cyber-attacks in the era of digitalization, increasing cybersecurity funding, rising demand of next-generation security solutions for cloud and IoT technologies, and evolving next-generation wireless network technologies are expected to drive the growth of the global quantum cryptography market.
Solution segment to account for a higher market share during the forecast period
The quantum cryptography solutions segment includes the revenue generated from Quantum Key Distribution (QKD) platforms, QKD servers, virtual encryptors, QKD distributors, key and policy managers, SDK to integrate cryptography, quantum cryptography communication device, quantum security gateway, Quantum Random Number Generator (QRNG), hackerbox, quantum secure communication network products, and repeaters, along with factors essential for the implementation of quantum cryptography. This solution helps in encrypting the critical information without being leaked midway.
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Increasing demand for consultations to solve the problems that hinder commercial clients’ business growth set to fuel the growth of consulting and advisory segment
Quantum cryptography service providers render a variety of services, such as consulting and advisory, deployment and integration, and support and maintenance service. Quantum cryptography consulting and advisory services play an important role in the implementation of the required set of solutions and techniques for securing the transmission of data. For this, qualified industry experts and security professionals are involved as consultants. Consultants help enterprises devise security strategies, minimize risks, understand the maturity of their quantum cryptography solutions, and reduce compliance costs. Advisory services assist organizations in solving a problem that hinders their business growth; the experts guide the path or directs the clients on where to go for help. Advisory service is provided by experienced experts, who offer hands-on, practical help, advice, and support business areas that will help make a difference to the business.
Major quantum cryptography market vendors include ID Quantique (Switzerland), QuintessenceLabs (Australia), NuCrypt (US), Qasky (China), Crypta Labs (UK), Qubitekk (US), Post-Quantum (UK), MagiQ Technologies (US), ISARA (Canada), QuNu Labs (India), QuantumCTek (China), Quantum Xchange (US), Aurea Technologies (France), qutools (Germany), Infineon (Germany), Mitsubishi Electric (Japan), IBM (US), HP (US), NEC (Japan), Toshiba (Japan), and Microsoft (US), Raytheon Technologies (US), Crypto Quantique (UK), Qrypt (US) and Onboard Security (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global quantum cryptography market. New product launches, partnerships, and agreements have been the most adopted by the major players from 2016 to 2020, which helped them innovate their offerings and broaden their customer base.
ID Quantique is one of the leading players in the global quantum cryptography market. The company develops and commercializes network encryption, scientific instrumentation, and random number generator products. ID Quantique, in the quantum cryptography marketspace, has adopted inorganic growth strategies to stay ahead of the competition. In August 2019, Thales collaborated with ID Quantique and ISARA Corp. for a quantum-safe, crypto-agile solution designed to protect against the security threat of quantum computing.
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ISARA is one of the leading vendors in the quantum cryptography market. The company holds expertise in building security solutions and focuses on creating quantum-safe cryptography for computing ecosystems. In the area of quantum cryptography, the company offers ISARA Radiate Security Solution Suite, the first complete security solution to offer high-quality quantum-safe algorithms and integration tools made for developers. The company follows both organic and inorganic growth strategies. In October 2018, ISARA announced ISARA Catalyst Agile Digital Certificate Technology, which enables organizations and manufacturers to secure their infrastructure and connected devices from encryption breaking quantum compute threats. In April 2020, Cybersec Innovation Partners Limited (CIP) partnered with ISARA to offer quantum-safe, crypto agile, and hybrid certificate offerings.
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