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Global Quantum Cryptography Market is expected to grow at a CAGR of 39.61% during the forecast period from 2019-2025
Global Quantum Cryptography Market Growth, Global Quantum Cryptography Market 2019, Global Quantum Cryptography Market Trends
Global Quantum CryptographyMarket byComponent (Solutions, Services), Services (Consulting and Advisory, Deployment and Integration, Support and Maintenance), Vertical, Application, Region and Global Forecast 2018-2025.
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Prominent companies in the industry include QuintessenceLabs, QuantumCTek, ID Quantique, Quantum Xchange, Crypta Labs, Qubitekk, Post-Quantum, Aurea Technologies, qutools, Infineon, Mitsubishi Electric, IBM, NuCrypt, Qasky, MagiQ Technologies, ISARA, QuNu Labs, HP, NEC, Toshiba, and Microsoft. The ID Quantique, QuintessenceLabs, NuCrypt, Qasky, and Crypta Labsare offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share.For instance, InfoSec Global entered into collaboration with ID Quantique for offering quantum safe Virtual Private Network (VPN). This VPN integrates InfoSec Global's cryptographic agility and ID Quantique'sQuantis Quantum Random Number Generator (QRNG) for generating encryption in single device.
Component segment covers solutions and services. The solutions segment dominated the market with market share of 56.83% in 2017 due to increasing need to encrypt critical information without any leakage. Services segment includes consulting and advisory, deployment and integration, and support and maintenance. The deployment and integration segment valued around USD 39.43 Million in 2017 owing to demand for point-to-point safety and storage networks for durable data protection. Vertical segment is divided into government and defense, BFSI, retail, healthcare, automotive, IT and telecom, and others. IT and telecom segment dominated the market with the market size of USD 24.73 Million in 2017. This increasing industry size was due to necessity for secured network owed to network vulnerabilities and privacy concerns.Application segment is segmented into database encryption, application security, and network security. Network security segment is anticipated to grow with highest CAGR 41.67% over the forecast period. Here, contributing factors are demand for integrity and usability of networks, prevention and misuse due to unauthorized access, and denial of network-accessible resources.
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Rising cyber-attack occurrences due to growing digitalization, increasing cyber security investments, rising usage of cloud and IoT technologies has increased need for next-generation security solutions are key driving factors to lead the market in couple of years. In addition, sprouting next-generation wireless network technologies will supplement the market growth. However, high cost and lack of expertise and awareness about the quantum cryptography may limit the growth of market. However, flourishing demand for security solutions across industry verticals and maturing need for integration solutions challenges is expected to boost the quantum cryptography market over the forecast period.
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