Quantum Cryptography Market is Predicted to Progress at a CAGR of 23.5% from 2023-33

The market for quantum cryptography was estimated to be worth US$ 108.6 million globally in 2022, and by the end of 2033, it is anticipated to be worth US$ 1,095.7 million. The market for quantum cryptography is anticipated to reach US$ 132.4 million by 2023 and advance at a CAGR of 23.5% from 2023 to 33.

A way to send data securely that makes use of the ideas behind quantum physics is known as quantum cryptography. It exploits the superposition and entanglement principles, two features of quantum states, to encrypt and decrypt messages.

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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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Quantum cryptography is a method of transmitting information using the principles of quantum mechanics, which can provide a higher level of security than traditional methods. The market for quantum cryptography is growing rapidly, driven by the increasing demand for secure communications in various industries such as finance, healthcare, and government.

One of the key drivers of the market is the increasing use of quantum cryptography in the financial sector. Banks and other financial institutions are increasingly using quantum cryptography to secure their communications and transactions. The healthcare industry is also adopting quantum cryptography to protect sensitive patient data.

The government sector is also a major user of quantum cryptography, as it is used to secure communications for national defense and intelligence purposes.

The market for quantum cryptography is expected to continue growing in the coming years, driven by the increasing demand for secure communications and the development of new quantum cryptography technologies. Companies such as ID Quantique, QuintessenceLabs, and MagiQ Technologies are leading players in the market.

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Competitive Landscape
In order to penetrate further into the market, market participants are concentrating on growth strategies. These include expanding regional and international distribution networks, develop new products, forming alliances for acquisitions, and working with significant actors.

In May 2022, The Clavis XG is the newest development to ID Quantique's XG Series. The ultimate quantum-safe security is IDQ's long-distance and backbone Quantum Key Distribution (QKD) solution. The Clavis XG is secure key distribution and real-time intrusion detection
In July 2022, SK Telecom developed quantum-based technologies that are being considered for international standardization. Through various partnerships and projects, the SK Telecom has been actively promoting new quantum-based services.

Key Players:
ID Quantique
Qubitekk
Quantum XC
QuintessenceLabs
PQ Solutions Limited
Toshiba Corporation
Infineon Technologies AG
Thales (Gemalto)

Key Segments of Quantum Cryptography Market Research

By Component:
Quantum Cryptography Appliances
Quantum Random Number Generator (QRNG) Appliances
Quantum Key Generation Appliances
Quantum Key Distribution (QKD) Appliances
Quantum Cryptography Software
Cryptography Key & Policy Management Software
SDKs/APIs
Services
Integration & Deployment Services
Cryptography Consulting
Support & Maintenance

By Application:
Network Encryption
Database Encryption
Application Security
Cloud Encryption

By Industry:
BFSI
Healthcare & Life Science
Government & Defense
IT & Telecom
Energy & Utilities
Retail & e-Commerce
Others

By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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