Quantum Cryptography Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Quantum Cryptography Market
The Quantum cryptography market size was valued at USD 128.9 million in 2023, and the market is now projected to grow from USD 151.0 million in 2024 to USD 615.9 million by 2032, exhibiting a CAGR of 19.2% during the forecast period of 2023-2030.
This pandemic led to the disruption of supply chains, departure of research and development projects as well as imposition financial burden on companies which eventually had negative consequence to quantum cryptography market. The drop in worldwide economic activities, therefore, led to the drop in the funding for the quantum cryptography technology. Additionally, the specialized quantum cryptography was overshadowed by the growing performance of the traditional cybersecurity solutions which arose as a result of remote working. Despite these hurdles, it is expected that the industry will turnaround as economies slowly move up and the role of the recent high level encryption gains great significance.
The market for quantum cryptography is experiencing rapid growth due to quantum computing advancements and the increasingly significant data security considerations. Now authorities and governments are rushing to implement quantum key distribution (QKD) systems as conventional encryption methods become susceptible to quantum attack. Growing cybersecurity issues, regulatory pressure, and the need of communication systems that are safe and secure are the major factors that are fueling quantum cryptography market growth. Further applications such as quantum hardware along with their implementation into the current infrastructure are also driving the market growth.
The recent aspects of quantum cryptography involves quantum key distribution (QKD) which has been upgraded to higher speeds, this has improved the security of the information. There has been an increased focus on integrating quantum cryptography with classic networks to create hybrid systems. Governments and large-scale establishments are spending more and more on quantum-enabled technologies to protect their cybersecurity systems from possible threats from quantum computing. Besides, companies from technology sector are partnering with educational institutes to hasten the pace of research and innovation in the market.
Comprehensive Analysis of Quantum Cryptography Market
The Quantum cryptography industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by type, by security type and by industry. Based on type, market is divided into quantum key distribution, quantum random number generation, and others. Based on security type, market is divided into application security, and network security. Based on industry, market is divided into BFSI, cloud & data centre, government, energy & utilities, healthcare, automotive, and others (gaming, retail & consumer goods, and others).
The North America holds leading position in quantum cryptography market share by benefitting a market size of USD 53.7 million in 2023. This is a consequence of huge investments in the R&D, strong presence of well-known IT corporations, and significant governmental backing for cybersecurity initiatives. The technology infrastructure of the area has been further developed and new advanced security systems for quick implementation of the latest versions have helped to identify and maintain the area as a leader. IBM, Google and a multitude of leading software markets as well as high-tech firms specializing in quantum technologies are important players in the North American market that energizes the industry with new growth and innovations.
The top players in the market play a crucial role in the industry assuring industrial prospectus growth and setting market standards. These players include, QuintessenceLabs. (Australia), Quside Technologies (Spain), MagiQ Technologies (U.S.), Toshiba Digital Solutions Corporation (Japan), QNu Labs Private Limited. (India), KETS QUANTUM SECURITY LTD. (U.K.), LuxQuanta Technologies S.L. (Spain), Quantum Xchange. (U.S.), ID Quantique (Switzerland), Qrypt (U.S.).
In October 2023, Crypta Labs and Blueshift Memory collaborated to develop a cybersecurity memory solution designed to combat challenges posed by quantum computing.
Segmentation Table
Global Quantum Cryptography Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 19.2% from 2024 to 2032
Unit Value (USD Million)
Segmentation By Type
Quantum Key Distribution
Quantum Random Number Generation
Others
By Security Type
Application Security
Network Security
By Industry
BFSI
Cloud & Datacentre
Government
Energy & Utilities
Healthcare
Automotive
Others (Gaming, Retail & Consumer Goods, and others)
By Region
North America (By Type, By Security Type, By Industry, and By Country)
- U.S.
- Canada
- Mexico
South America (By Type, By Security Type, By Industry, and By Country)
- Brazil
- Argentina
- Rest of South America
Europe (By Type, By Security Type, By Industry, and By Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
Middle East and Africa (By Type, By Security Type, By Industry, and By Country)
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Asia Pacific (By Type, By Security Type, By Industry, and By Country)
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
Please Note: It will take 5-6 business days to complete the report upon order confirmation.
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Quantum Cryptography Key Players Market Share/Ranking, 2023
- 5. Global Quantum Cryptography Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Type (USD)
- 5.2.1. Quantum Key Distribution
- 5.2.2. Quantum Random Number Generation
- 5.2.3. Others
- 5.3. By Security Type (USD)
- 5.3.1. Application Security
- 5.3.2. Network Security
- 5.4. By Industry (USD)
- 5.4.1. BFSI
- 5.4.2. Cloud & Datacentre
- 5.4.3. Government
- 5.4.4. Energy & Utilities
- 5.4.5. Healthcare
- 5.4.6. Automotive
- 5.4.7. Others
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. South America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America Quantum Cryptography Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Type (USD)
- 6.2.1. Quantum Key Distribution
- 6.2.2. Quantum Random Number Generation
- 6.2.3. Others
- 6.3. By Security Type (USD)
- 6.3.1. Application Security
- 6.3.2. Network Security
- 6.4. By Industry (USD)
- 6.4.1. BFSI
- 6.4.2. Cloud & Datacentre
- 6.4.3. Government
- 6.4.4. Energy & Utilities
- 6.4.5. Healthcare
- 6.4.6. Automotive
- 6.4.7. Others
- 6.5. By Country (USD)
- 6.5.1. United States
- 6.5.2. Canada
- 6.5.3. Mexico
- 7. South America Quantum Cryptography Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Type (USD)
- 7.2.1. Quantum Key Distribution
- 7.2.2. Quantum Random Number Generation
- 7.2.3. Others
- 7.3. By Security Type (USD)
- 7.3.1. Application Security
- 7.3.2. Network Security
- 7.4. By Industry (USD)
- 7.4.1. BFSI
- 7.4.2. Cloud & Datacentre
- 7.4.3. Government
- 7.4.4. Energy & Utilities
- 7.4.5. Healthcare
- 7.4.6. Automotive
- 7.4.7. Others
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.2. Argentina
- 7.5.3. Rest of South America
- 8. Europe Quantum Cryptography Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Type (USD)
- 8.2.1. Quantum Key Distribution
- 8.2.2. Quantum Random Number Generation
- 8.2.3. Others
- 8.3. By Security Type (USD)
- 8.3.1. Application Security
- 8.3.2. Network Security
- 8.4. By Industry (USD)
- 8.4.1. BFSI
- 8.4.2. Cloud & Datacentre
- 8.4.3. Government
- 8.4.4. Energy & Utilities
- 8.4.5. Healthcare
- 8.4.6. Automotive
- 8.4.7. Others
- 8.5. By Country (USD)
- 8.5.1. United Kingdom
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Benelux
- 8.5.8. Nordics
- 8.5.9. Rest of Europe
- 9. Middle East & Africa Quantum Cryptography Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Type (USD)
- 9.2.1. Quantum Key Distribution
- 9.2.2. Quantum Random Number Generation
- 9.2.3. Others
- 9.3. By Security Type (USD)
- 9.3.1. Application Security
- 9.3.2. Network Security
- 9.4. By Industry (USD)
- 9.4.1. BFSI
- 9.4.2. Cloud & Datacentre
- 9.4.3. Government
- 9.4.4. Energy & Utilities
- 9.4.5. Healthcare
- 9.4.6. Automotive
- 9.4.7. Others
- 9.5. By Country (USD)
- 9.5.1. Turkey
- 9.5.2. Israel
- 9.5.3. GCC
- 9.5.4. North Africa
- 9.5.5. South Africa
- 9.5.6. Rest of MEA
- 10. Asia Pacific Quantum Cryptography Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Type (USD)
- 10.2.1. Quantum Key Distribution
- 10.2.2. Quantum Random Number Generation
- 10.2.3. Others
- 10.3. By Security Type (USD)
- 10.3.1. Application Security
- 10.3.2. Network Security
- 10.4. By Industry (USD)
- 10.4.1. BFSI
- 10.4.2. Cloud & Datacentre
- 10.4.3. Government
- 10.4.4. Energy & Utilities
- 10.4.5. Healthcare
- 10.4.6. Automotive
- 10.4.7. Others
- 10.5. By Country (USD)
- 10.5.1. China
- 10.5.2. Japan
- 10.5.3. India
- 10.5.4. South Korea
- 10.5.5. ASEAN
- 10.5.6. Oceania
- 10.5.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. QuintessenceLabs.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Quside Technologies.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. MagiQ Technologies
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Toshiba Digital Solutions Corporation
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. QuNu Labs Private Limited.
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. KETS QUANTUM SECURITY LTD.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. LuxQuanta Technologies S.L.
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Quantum Xchange.
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. ID Quantique
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Qrypt
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook