The Quantum Cryptography market accounted for $137.16 million in 2019 and is expected to reach $1,586.42 million by 2027 growing at a CAGR of 35.8% during the forecast period.
Some of the key factors propelling market growth include 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.
However, the high implementation cost and lack of expertise are identified as key factors hindering market growth.
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.
It 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.
By security type, the network security application is anticipated to grow at a significant rate in the quantum cryptography market.
The recent advances in technology have a widespread effect on the network infrastructure worldwide.
This development has given a boom to the e-commerce sector, as there are a growing number of customers adopting digital shopping solutions and generating a vast amount of network traffic.
Moreover, the growing trend of remote access security and wireless communication has resulted in growth in the adoption of quantum cryptography, aiming toward protecting the integrity of networks.
On the basis of geography, North America region is expected to have considerable market growth during the forecast period, due to the rising demand for IT and cloud services, advancements in communication networks and a rise in the number of cyber threats.
To meet the rising demand for wireless network carriers, the U.S. officials have invested over the last two decades in their wireless capital expenditure to build the mobile networks.
Furthermore, an increasing requirement for encryption-based applications and an enhanced adoption of connected devices including IoT and BYOD are driving the industries in North America to implement quantum cryptography solutions.
Some of the key players in quantum cryptography market include NEC, Toshiba, Microsoft, Quantum Xchange, Aurea Technology, Qutools, Mitsubishi Electric, IBM, HP, Qubitekk, ISARA Corporation, Post-Quantum, Qunu Labs, Infineon, Quantumctek, Magiq Technologies, Nucrypt, ID Quantique, Quintessencelabs and Crypta Labs.
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