DUBLIN--(BUSINESS WIRE)--The "Quantum Cryptography - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Quantum Cryptography Market to Reach US$291.9 Million by the Year 2026
Growth in the global market is set to be driven by rising frequency of cyber-attacks, increasing focus on cyber-security and evolution of sophisticated wireless networks. Quantum cryptography is gaining attention due to increasing digitalization and the resulting surge in cyber-security risks and other threats such as data security and breach. Industries across different verticals are facing increasing frequency and sophistication of cyber-attacks due to proliferation of the Internet, connected devices and online services.
The market growth is favored by high reliance of organizations and customers on computer networks for transactions and communication, which is leading to the demand for advanced technology to safeguard sensitive data. While increasing cyber-security funding and high uptake of advanced security solutions are augmenting the market growth, increasing penetration of the IoT and cloud technologies is expected to create new growth avenues. In addition, the market growth is buoyed by increasing implementation of next-generation wireless network technologies.
Amid the COVID-19 crisis, the global market for Quantum Cryptography estimated at US$93.1 Million in the year 2020, is projected to reach a revised size of US$291.9 Million by 2026, growing at a CAGR of 20.8% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 18.3% CAGR to reach US$194.2 Million by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 24.7% CAGR for the next 7-year period. This segment currently accounts for a 35.6% share of the global Quantum Cryptography market. The pressing need to protect the network from various vulnerabilities is driving an increasing number of industries like BFSI, defense, government, healthcare, automotive and retail to embrace quantum cryptography solutions.
The U.S. Market is Estimated at $40.6 Million in 2021, While China is Forecast to Reach $40.6 Million by 2026
The Quantum Cryptography market in the U.S. is estimated at US$40.6 Million in the year 2021. The country currently accounts for a 37.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$40.6 Million in the year 2026 trailing a CAGR of 19.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.5% and 21.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.1% CAGR while Rest of European market (as defined in the study) will reach US$23 Million by the end of the analysis period.
North America is projected to dominate the global market and account for the leading revenue share due to an extensive customer base, increasing incident of cyber-attacks and rising investments in R&D. The proliferation of encryption-based applications in the region has resulted in dramatic surge in frequency of sophisticated cyber-attacks, requiring companies to secure networks and applications with implementation of quantum cryptography solutions.
The Asia-Pacific market is anticipated to witness increasing efforts by providers of quantum cryptography services and solutions to join hands with clients to boost overall sales and market presence.
Select Competitors (Total 97 Featured)
- ID Quantique SA
- MagiQ Technologies Inc.
- Nippon Telegraph and Telephone Corp.
- Nucrypt LLC
- Oki Electric Industry Company Ltd.
- QuintessenceLabs Inc.
- Raytheon BBN Technologies
- SK Telecom
- Universal Quantum Devices
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Secure Communications - Defining the Need for Cryptography
- Quantum Cryptography - Providing Secure Communications
- Using Quantum Key Distribution
- Quantum Cryptography: Insights & Salient Applications of Breakthrough Technology
- The Never-Ending "Race" Between the Virus & Vaccines Continues. Amidst this Chaotic Battle, Where is the World Economy Heading Now & Beyond?
- Omicron Spreads Panic Worldwide; Omicron Variant Brings Back Memories & Fears of the Worst Part of the 2020 Pandemic
- South Africa: Omicron's Origin Location
- Omicron: Impact on Travel Industry
- Countries that have Already Detected Omicron Cases
- Steps taken by the Countries to Prevent Transmission of Omicron Variant
- Industry Response to the Travel Curbs
- Short-term Impact of Omicron on Travel
- Financial Impact
- Scientists Seek to Gather More Information on Omicron
- Pharma Firms Aim to Improve Existing Vaccines to Counter Omicron
- With IMF Making an Upward Revision of Global GDP for 2021, Companies Are Bullish About an Economic Comeback despite a Continuing Pandemic
- COVID-19 Impact on Quantum Cryptography Market
- COVID-19 Pandemic Driven Digital Transformation and Demand for Cloud Solutions to Boost Market Prospects
- Global Market Analysis and Prospects
- Surging Cyber-Attacks Unlock Code for Phenomenal Growth of Quantum Cryptography Market
- Network Security: Commanding Segment of Quantum Cryptography, Government and BFSI to Drive Market Growth
- North America to Sweep Quantum Cryptography Market with Impressive Stake
- Expensive Nature of Solutions - A Market Restrain
- Competition
- Players Vie to Claim a Piece of Flourishing Quantum Cryptography Market
- Recent Market Activity
- Market Challenges
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rising Incidence of Cyber Crimes amid Digitalization Enhances Prospects for Quantum Crypotography
- Notable Trends in Cybersecurity Market
- Market Benefits from the Rapidly Growing Magnitude and Increasing Cost of Cybercrime in Industries
- Increased Security Needs Across Industry Verticals: A Major Market Opportunity
- Rising Demand for Customized Business Support Solutions Expands Growth Opportunities
- Quantum-Safe Certificates: Types
- Ways to Migrate to Quantum-Safe Certificates
- Threat of Cyber Crime Buoys Demand for Quantum Cryptography Solutions in Government Agencies
- Growing Use of Cyber Security Solutions in Public Utilities
- Demand for Cyber Security in Defense Sector on the Rise
- Business Enterprises Drive Demand for QC-based Secure Communication Systems
- Financial Services - A Key End Use Market for Information Security Solutions
- Quantum Cryptography Market in BFSI
- Significant Growth in Adoption of Quantum Key Distribution for Effective Encryption
- Increased Government Funding to Address Cybersecurity Breaches Supports Quantum Cryptography Market
- Government Initiatives & Quantum Cryptography R&D
- New Guidance to Allay Risks & Achieve Resilience with Advances in Quantum Computing
- DHS and NIST release post-quantum cryptography guidance
- Internet Opens Up a Range of Online Security Issues for Industries, Bringing to Light the Importance of Cybersecurity
- ISRO Makes Breakthrough Demonstration of free-space Quantum Key Distribution (QKD) over 300 m
- Increased Funding For Cybersecurity VC Bodes Well for Market Expansion
- Impact of VC on Cybersecurity Investments
- Venture Capital Compensates for the Time Lost
- Rising Demand for Next-Generation Security Solutions for Cloud and IoT Technologies
- Cloud Access Security Brokers and Implications
- Cloud Security Solutions Spearheading Digital Transformations
- Developments in the Post-Quantum Cryptography
- Impact of Quantum Technology on Asymmetric Cryptography
- Post-Quantum Cryptography
- Standardizing the Post-Quantum Cryptographic Algorithms
- Quantum Computers and Symmetric Cryptography
- Other Alternatives within the Quantum Cryptography
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/5q7ivl
