Quantum Cryptography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Quantum Cryptography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The growing advent of digitalization has led to an improvement in the number of cybercrimes across all industry verticals. The financial sectors are the most exposed to cyber-attacks due to the sensitivity of the data and the influence of each data loss. Other advantages offered by quantum cryptography solutions cover ease-of-usage, decreased resource requirement, constant improvement, and secured communication. Also, by combining old, overlapping and fragmentary datasets Artificial Intelligence, motivated by quantum cryptography, paves the means to glean the outcomes of medical experiments that would otherwise be extremely expensive, complicated or unethical to run.

Key Highlights

• The increasing incidents of cyber-attacks in the period of digitalization, growing cybersecurity funding, increasing demand of next-generation security resolutions for cloud and IoT technologies, and developing next-generation wireless network technologies are anticipated to propel the growth of the global quantum cryptography market. Toshiba seems set to take the global lead of commercializing quantum cryptography, pushing its technological advantage in the extremely competitive field expected to produce protection for data against cyberespionage.
• Apart from that, trending is the transmission of genome sequence using quantum cryptography. For instance, Tohoku University Medical Megabank Organisation (ToMMo) has illustrated the world’s first quantum cryptography transmission of complete genome-sequence data in collaboration with Toshiba, confirming that quantum encryption technology is now competent of large-capacity data transmission, initiating up practical applicability in genomic medicine and research.

Key Market TrendsSolutions Segment to Drive the Quantum Cryptography Market

• The quantum cryptography solutions segment comprises virtual encryptors, QKD distributors, Quantum Key Distribution (QKD) platforms, QKD servers, quantum cryptography communication device, quantum security gateway, SDK to integrate cryptography, Quantum Random Number Generator (QRNG), hacker box, quantum secure communication network products, along with determinants necessary for the implementation of quantum cryptography. Moreover, the growing demand for next-generation cryptographic solutions to manage advanced cybersecurity attacks is established to encourage the outgrowth of the solutions segment in the quantum cryptography market place.
• With the aid of quantum-safe cryptography solutions, third-party cannot decode the encrypted data as it informs the sender and recipient about it. These solutions play an indispensable role in giving point-to-point security and storage networks for long-term data security, which has further enhanced the deployment and unification of quantum cryptography solutions and associated services. In addition to this, the R&D stage is getting traction amongst the scientific community, as the requirement for quantum-safe encryption is growing to counter the intimidation of a quantum computer.

North America Occupies the Largest Market Share

• The growth in cyber-attacks in this region is one of the principal factors accountable for the outgrowth of the market. Due to the broad adoption of encryption-based applications in the Americas, the attacks are progressing dramatically and becoming added advanced. Moreover, the expanding IT management complexity along with the rising requirement for data privacy and security is an indispensable determinant stimulating the Quantum Cryptography Market in the region.
• Regions such as the US, Canada, Brazil, and Mexico are making meaningful revenue in this market. The companies in this region are concentrating on achieving their applications and networks utilising multiple quantum cryptography appliances. Also, the area has observed several government actions, supported by massive funding in research and development. The other drivers for the booming demand for quantum cryptography appliances incorporate the development of next-generation wireless networks and an expansion in the growth of R&D investments in the market.

Competitive Landscape

The Quantum Cryptography Market is moderately competitive and consists of several major players. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

• February 2020 - Bright Apps and ID Quantique (IDQ) signed a partnership to push Quantum technologies into the US market. Bright Apps QCloud makes it easy to integrate Quantum technologies both in the government and commercial spaces. The Bright Apps – IDQ partnership will provide customers with easier access to new and vital quantum technologies from IDQ. The partnership accelerates the current R&D work currently underway at NIWC, Navy warfare centre.

• May 2019 - QuintessenceLabs has announced a partnership to allow customers of RSA Data Protection Manager software (DPM) to receive extended support beyond the RSA DPM. QuintessenceLabs will provide the same level of enterprise-class support, Service Level Objectives and product quality as RSA provided. RSA DPM customers can renew their DPM maintenance contract directly with QuintessenceLabs to benefit from long-term DPM support.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

QuintessenceLabs
Crypta Labs
ID Quantique
MagiQ Technologies, Inc.
NuCrypt
PQ Solutions Limited
ISARA Corporation
QuantumCTek Co., Ltd.
Quantum XC
QuNu Labs Pvt Ltd
qutools GmbH
AUREA Technology
Infineon Technologies AG
Toshiba Corporation
Mitsubishi Electric Corporation
IBM Corporation
NEC Corporation

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