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Quantum Cryptography Market by Component, Application, Organization Size, Vertical and Region - Global Forecast to 2022
Quantum Cryptography Market by Component (Hardware and Services), Application (Network Security, Database Encryption, Application Security), Organization Size, Vertical and Region - Global Forecast to 2022
“Quantum cryptography market projected to grow at a CAGR of 27.0% during the forecast period”
The global quantum cryptography market size is expected to grow from USD 285.7 million in 2017 to USD 943.7 million by 2022, at a CAGR of 27.0%. With the growing incident of cyber-attacks, increasing data security and privacy concerns, rising adoption of cloud storage and computing technologies, and evolving next generation wireless networks is expected to be the major driver for enterprises, since the solution uses quantum properties of light that prevent the interception of messages, as well as standard computational procedures, which are designed to fight quantum attacks evolving due to an increase in the practices of quantum computation. Major challenging factor such as, low customer awareness about quantum cryptography, and lack of skill and expertise are hampering the growth of the market. The quantum cryptography market is witnessing a steady growth with increasing security threats, lacks of the ability to mitigate and respond to such attacks, and due to the low customer awareness about quantum cryptography.
“The network security application segment is expected to grow with the highest GAGR in the quantum cryptography market during the forecast period”
With the increasing need of wireless communication and remote access security, quantum cryptography application provides protection on the usability and integrity of the network and data. The ongoing enhancements in the internet technology is continuously increasing and the advent of modern computers to support more and more remote computation has led to the increase in the requirement of network security for the secure transmission of data.
“North America is expected to have the largest market size, and Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period”
North America is expected to hold the largest market share in the quantum cryptography market during the forecast period. With the rise in cyber-attacks due to the increasing adoption of encryption-based applications, and early adoption of BYOD, are driving the organizations in North America to adopt quantum cryptography solutions. Furthermore, the awareness for focusing on securing the applications, database, and networks is increasing in the business. These developments are boosting the adoption of quantum cryptography solutions in the North American region. Moreover, the region is highly exposed to fraud and privacy threats, money laundering, which confirms the need to adopt strong security solutions for the region.
The APAC market is expected to witness significant growth and is projected to be the fastest-growing region in the quantum cryptography market. APAC has witnessed fastest growing markets in terms of advanced and dynamic adoption of new technologies and has always been a lucrative market. Major factors such as increasing internet usage, compliance regulation, and mobile usage are driving the adoption of quantum cryptography solutions. Furthermore, with huge investment flowing in the economy, SMEs of the regions are adopting major quantum cryptography solution on their premises.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, and APAC – 29%
The quantum cryptography market includes various major vendors such as ID Quantique (Switzerland), MagiQ Technologies (US), Nucrypt (US), Infineon Technologies (Germany), Qutools (Germany), QuintenssenceLabs (Australia), Crypta Labs (UK), PQ Solutions (UK), and Qubitekk (US)
The report includes an in-depth competitive analysis of the key players in the quantum cryptography market along with their company profiles, recent developments, and key market strategies. The report segments the quantum cryptography market component (hardware and services), application, organization size, vertical, and region.
Reasons to Buy the Report:
The quantum cryptography market has been segmented on the basis of component (hardware and services), application, organization size, vertical, and region.
The report will help the market leaders/new entrants in the quantum cryptography market in the following ways:
1. The overall quantum cryptography market revenue stream has been estimated based on the the revenues generated by vendors, offering quantum cryptography through deployment and integration, support and maintenance, and consulting services, offered by professional service providers, including Managed Service Providers (MSPs). The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders to understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.