Market Highlights
The global quantum cryptography market is projected to witness a steady growth during the forecast period. Increasing concerns related to data security and privacy are preliminary factors driving the market. In addition, rise in use of cloud storage and computing technologies further fuel the market growth.
The global quantum cryptography market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the quantum cryptography market in Asia Pacific is expected to witness a significant growth during the forecast period. India and China are anticipated to drive the growth of the Asia Pacific quantum cryptography market owing to increasing concerns over data security and privacy. The market is likely to show immense growth in the coming future. North America has a well-established infrastructure, which allows higher penetration of devices and ultimately provides better connectivity. Advancements in the technology and shift towards community cloud are other major factors responsible for the growth of the quantum cryptography market.
In the global quantum cryptography market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growth in digital intelligent devices and digitization campaigns by Indian government.
Quantum Cryptography Market to hit USD 124.3 billion by 2030, registering a 41.40% CAGR during the forecast period, 2022–2030
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Quantum cryptography Market Research Report-Forecast to 2023”.
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Key Players
Some of the prominent players in the global quantum cryptography market: PQ Solutions (U.K), Infineon (Germany), Qubitekk (U.S), Quintessencelabs (Australia), Nucrypt (U.S), Crypta Labs (U.K), Qutools (Germany), Magiq Technologies (U.S), NEC Corporation (Japan) and Toshiba (Japan).
Global Quantum cryptography Market Segmentation:
The global quantum cryptography market is segmented on the basis of service, application, vertical, and component. The service segment is classified into support and maintenance services, deployment and integration services, consulting services. Based on application, the market is segmented into database encryption, application security and network security. The vertical segment includes banking and financial services, consumer goods and retail, government and defense, it and telecom, healthcare and life sciences. Based on component the market is segmented into hardware and software. The deployment and integration services to hold the major share of the market owing to the increasing demand for secure data transmissions.
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Market Research Analysis:
North America is estimated to account for the largest share of the market, whereas Asia Pacific market is projected to grow at the fastest rate during the forecast period. The Asia Pacific market is witnessing rapid growth due to growth in digital data and digital intelligent devices which is further supplemented by digital India campaigns by the Indian government. The U.S. holds majority of the market share both in terms of revenue as well as adoption of quantum cryptography market.