Increasing investment in cybersecurity is propelling the demand for quantum cryptography market

Cybersecurity is one of the critical components of the Organization’s IT modernization efforts, and the organizations are actively focusing on securing the Federal enterprise from cyber-associated threats globally. The investment of the Federal Government’s inclusively for cybersecurity risk is continuously increasing to protect the Federal enterprise from cyber risk. For instance, in 2018, the Whitehouse announced the National Cyber Strategy through which the government concentrates strongly on securing the personal data of the American Public. The National Cyber Strategy identifies that public, as well as private entities, are struggling for securing their systems as market rivals have increased the frequency of their malicious cyber activities, which forced the Federal Government to invest more and more to secure cyber environment for the country. The significant investments in cybersecurity are positively influencing the quantum cryptography market.

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Quantum Cryptography Market Players from Value Chain:

ID Quantique SA, MagiQ Technologies, NuCrypt, Anhui Qasky Quantum Technology, Qubitekk, QuintessenceLabs, qutools GmbH, Toshiba Corporation, International Business Machines (IBM) Corporation, Infineon Technologies AG

The global quantum cryptography market accounted at US$ 105.3 Mn in 2018 and is expected to reach US$ 1,996.1 Mn by 2027 with a CAGR growth rate of 39.2% in the forecast period from 2019 to 2027.

North America holds the majority revenue share of the quantum cryptography market. The US dominated the North America quantum cryptography market throughout the forecast period. The US is accelerating research in quantum technology. Further, the US Government is also developing other quantum technology. In 2018, the US President launched the US National Quantum Initiative Act. The Act involved funding of US$ 1.25 Bn funding for a synchronized multiagency program to fund research, foster development of quantum information technology, as well as encourage industry participation for the first five years.

The constant enhancement in the data transmitted electronically has led to a growing requirement of reliable cryptography. Quantum cryptography solutions permit the individuals to maintain the same level of confidence and trust in the digital world as they have on the physical world. These Quantum encryption solutions further empower millions of people to interact electronically with each other through cell phones, e-mail, ATMs, and many more. The growing software firms globally, especially in developing countries of Asia-Pacific, are bolstering the rising number of cyber-attacks are demanding the need for data security and privacy. The factor mentioned above offers prosperous opportunities to the quantum cryptography market.

The global quantum cryptography market by offering is bifurcated into solutions and services segment. The quantum cryptography developers offer robust technologies and services to their clients intended towards securing data from the quantum hacker. The offering segment in the quantum cryptography market includes solutions and services. The demand graph of quantum cryptography market is continually rising at a significant rate owing to the increase in the number of incidents involving data accessibility by unauthorized third parties.

The global quantum cryptography market by end-user is segmented into BFSI, healthcare, government & military, telecommunication & IT, and others. The others segment of the quantum cryptography market in the end-user segment include automotive, oil & gas, retail/e-commerce, and critical infrastructure. The end-users in the developed countries are aggressively adopting the quantum cryptography solutions, owing to the substantial awareness related to the benefits of the technology among them. Additionally, data generated by the end-users in the developed countries is much higher as compared to that of the end users in the developing countries.

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