Quantum Cryptography Market Analysis
The quantum cryptography market is poised to achieve an outstanding CAGR in the forecast period. The Quantum Cryptography market has been segmented on the basis of service, application, vertical, component and end user. The vertical segment is classified into banking and financial services, consumer goods and retail, government and defense, IT and telecom, healthcare and life sciences. The IT and telecom is expected to hold major share in the segment which is supported by increasing cyber-attacks and need for safety and security.
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There are abundant factors that is propelling the growth of the quantum cryptography market. These factors as stated by the Market Research Future (MRFR) report include increasing incidences of cyber-attacks in this age of digitalization, growing cybersecurity funding, growing need for next-generation security solutions for loT and cloud technologies and evolving wireless network technologies. The additional factors which are boosting the market growth include increasing privacy concerns and data security and need for security services across verticals. On the contrary, low customer awareness regarding quantum cryptography, its complexity, point to point connectivity that makes it expensive for deploying to scale, major lack in standards concerning commercial security and long-distance networks which are difficult to protect through this technology are factors that may impede the growth of the quantum cryptography market over the assessment period.
Some of the prominent players in the Quantum Cryptography market: PQ Solutions (U.K), Infineon (Germany), Qubitekk (U.S), Quintessencelabs (Australia), Nucrypt Llc (U.S), Crypta Labs (U.K), qutools GmbH (Germany), Magiq Technologies (U.S), NEC Corporation (Japan) and Toshiba (Japan)
The Quantum Cryptography market is segmented by service, application, vertical, and component. Based on the service, the market is segmented into support and maintenance services, deployment and integration services, consulting services. Based on application, the market is segmented into database encryption, application security and network security. The vertical segment includes banking and financial services, consumer goods and retail, government and defense, it and telecom, healthcare and life sciences. Based on component the market is segmented into hardware and software.
Major regions that have been studied in the global analysis of the quantum cryptography market include Europe, North America, Asia Pacific and the Rest of the World. North America has been observed to be leading market growth due to the high adoption of quantum cryptography to ensure the security of data. The high adoption of cloud-based applications and integration with cloud platforms has resulted in increased security risks which drive the global market. Increasing safety concerns about data following general consumer awareness are expected to drive the North American market. Europe is another significant region where quantum cryptography is prominent and growing as a market. Quantum cryptography is being used in both North America and Europe as a way to secure communications with space stations. In Europe, several countries use quantum cryptography to secure voting and prevent tampering or any other kind of problem with the security of voting data.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
LIST OF TABLES
Table1 Global Quantum Cryptography Market: By Region, 2017-2023
Table2 North America Quantum Cryptography Market: By Country, 2017-2023
Table3 Europe Quantum Cryptography Market: By Country, 2017-2023
LIST OF FIGURES
FIGURE 1 Global Quantum Cryptography Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis of Global Quantum Cryptography Market
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