By the end of 2029, it is Anticipated that the Market for Quantum Cryptography Would have grown at a CAGR of 26.4%

Quantum Cryptography Market

The nature of cyberattacks is evolving, and encryption methods have improved over time. Quantum cryptography techniques are expected to produce encryption that is almost impossible to decrypt using binary systems, making them more secure than present security measures.

Because computers are getting faster and more effective, it is essential to have an encryption system that makes it difficult for such computers to decipher the transmitted data.

To capitalise on the financial opportunities given by providing quantum cryptography services and solutions to the public and private sectors, top technical companies throughout the world are investing more money and scaling up their R&D efforts.

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With the usage of quantum computers, it is very easy to break traditional encryption. The use of quantum cryptography ensures much stronger protection of digital assets, the main factor anticipated to drive the growth of the quantum cryptography market over the coming years.

Growing Government Initiatives and Investments in Quantum Cryptography Research Operations

Quantum cryptography technology has the potential to change the dynamics in military affairs and commerce. Governments of various countries are taking initiatives to expand exploratory research on quantum cryptography technologies for the development and establishment of quantum cryptography solutions.

Rising governmental investments to develop quantum cryptography solutions for commercial applications is expected to support the growth of the global quantum cryptography market.

The Whitehouse declared the National Cyber Strategy for securing the data of American citizens. Moreover, as cyber-crimes and malicious cyber activities are on the rise, the Federal government has made significant investments toward cyber security, which is positively influencing the growth of the quantum cryptography market.

High Implementation Cost of Quantum Cryptography Appliances Restricting Market Growth

Quantum cryptography appliances such as quantum random number generator (QRNG) appliances or quantum key distribution (QKD) are relatively expensive to obtain and maintain. Moreover, the hardware cannot be patched remotely or cheaply whenever vulnerabilities are discovered or it degrades.

A potentially compromised quantum cryptography appliance needs to be upgraded by an engineer, or recalled by the vendor each time a new vulnerability is announced in public.

This significantly increases the cost of hardware appliances for end users, which limits the adoption of such appliances, and subsequently, is restricting the growth of the quantum cryptography market.

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Increasing Cases of Cyber Crimes to Bolster Demand for Quantum Cryptography

The occurrence of cyber-crimes is increasing, especially in online banking and financial services, because of the high penetration of Internet services. Moreover, new attack strategies and emergence of quantum computers make public key encryption an essential part of data security.

Rising demand for next generation security solutions to secure confidential data is expected to be profitable for existing as well as new vendors and service providers in the quantum cryptography market, who can gain substantial profits by offering efficient quantum cryptography solutions and services in the foreseeable future.

Analysts' Viewpoint

A comprehensive view of the quantum cryptography market has led our analysts to conclude that, the market is growing at a compelling rate. Regions such as North America and Western Europe hold a large share of the global quantum cryptography market.

In the coming years, the quantum cryptography markets in Asia Pacific excluding Japan and Western Europe are anticipated to grow at a significant rate. Alliances with other quantum cryptography solution and service providers is a strategy being opted by major vendors to fuel their sales growth.

Quantum Cryptography Market: Segmentation

PMR's research study on the global quantum cryptography market offers a detailed market taxonomy, wherein, key segments have been discussed in detail.

The segmentation of the quantum cryptography market has been offered on the basis of component, application, industry, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.

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