Quantum Cryptography
Quantum Cryptography Market Forecasts to 2030 - Global Analysis By Component (Hardware, Software, and Services), Technology, Deployment Model, Organisation Size, Application, End User and By Geography
According to Stratistics MRC, the Global Quantum Cryptography Market is accounted for $156.22 million in 2024 and is expected to reach $495.18 million by 2030 growing at a CAGR of 21.2% during the forecast period. The quantum cryptography market focuses on developing secure communication technologies based on quantum mechanics, primarily involving quantum key distribution systems. This market offers enhanced security features that traditional cryptographic methods cannot provide, and is used in various industries like finance, government, healthcare, and telecommunications. This market encompasses hardware, software, and applications across various industries, including finance, government, healthcare, and telecommunications.
According to the RBI, around 114 digital payments were made in India in FY 2023. The growth of digital payments in line with the trend of a cashless society is raising the demand for the quantum cryptography market in banks because electronic payments rely on encryption to protect customers and businesses from cyber attacks.
Market Dynamics:
Driver:
Growing demand for secure communication
The growing demand for secure communication is a key driver in the quantum cryptography market, as organizations increasingly seek advanced solutions to protect sensitive data from cyber threats. The use of quantum cryptography, which makes use of the ideas of quantum mechanics to provide unbreakable security, is becoming more popular as traditional encryption techniques become more susceptible to sophisticated attacks. Quantum cryptography solutions are being adopted at a faster rate due to the increased awareness of cyber security requirements in industries including government, healthcare, and finance. This makes them indispensable tools for protecting communications in a changing digital environment.
Restraint:
Limited availability of skilled workforce
The shortage of qualified experts is a major issue facing the industry for quantum cryptography. Complex specialized knowledge in quantum physics, cryptography, and computer science is frequently needed to design, construct, and maintain quantum cryptography systems. The lack of qualified personnel could render it more difficult for quantum cryptography technologies to develop and be widely used since there may not be enough professionals to properly design, set up, and maintain these systems. This can result in project delays, higher expenses, and possible security flaws if systems are not properly installed or maintained.
Opportunity:
Enhanced data privacy regulations
Increased data privacy laws have an enormous impact on the market for quantum cryptography since they force businesses to implement stronger security protocols. Provable security against eavesdropping is one of the special benefits that make quantum cryptography a desirable choice for businesses that handle sensitive data. In addition to increasing demand for quantum cryptography systems, this regulatory framework promotes industry research and innovation, which advances the creation of safe communication technologies that satisfy changing compliance standards.
Threat:
Potential for quantum computing breakthroughs
The possibility for quantum computers to crack conventional encryption techniques presents serious obstacles for the market for quantum cryptography. Organizations may be discouraged from investing in quantum cryptography solutions due to this uncertainty, as they might question the technologies' efficacy and durability. In addition to boosting competition and pushing suppliers to innovate, the fear of obsolescence may make resource allocation more difficult. All things considered, the possibility of developments in quantum computing could lead to market volatility.
Covid-19 Impact
The COVID-19 epidemic has affected the market for quantum cryptography in a variety of ways. The increase in online activity and the move to remote work, on the one hand, increased cyber-security threats and increased demand for cutting-edge security solutions like quantum cryptography. Growing interest in technologies like Quantum Key Distribution (QKD) resulted from organizations' desire to safeguard sensitive data from growing cyber-threats. On the other hand, the pandemic affected the manufacturing and use of hardware and components for quantum cryptography by upsetting worldwide supply networks. This combined consequence has led to both a rise in the need for secure communication and difficulties in successfully satisfying that need.
The hardware segment is expected to be the largest during the forecast period
The hardware segment is estimated to be the largest, as a result of technological developments in quantum random number generators (QRNGs) and quantum key distribution (QKD). The need for quantum cryptography technology is being driven by the growing requirement for secure communication across a number of industries, including government, healthcare, and finance. By providing financing for the creation and commercialization of hardware for quantum cryptography, government support and research projects are also helping to expand this industry.
The enterprise segment is expected to have the highest CAGR during the forecast period
The enterprise segment is anticipated to witness the highest CAGR during the forecast period, due to increasing concerns about data security and the potential for cyber-attacks are motivating organizations to invest in quantum-resistant security solutions. Regulatory compliance requirements, particularly in industries like finance and healthcare, are also driving the adoption of quantum cryptography. Additionally, the growing awareness of the potential benefits of quantum cryptography, such as improved data privacy and security, is encouraging more organizations to explore and adopt these solutions.
Region with largest share:
Asia Pacific is expected to have the largest market share during the forecast period due to increasing cyber threats and the growing need for secure communication across various industries, including finance and government. Rapid advancements in quantum technology, along with significant investments in research and development, further fuel market growth. Additionally, government initiatives promoting quantum research and the rising adoption of IoT devices create a conducive environment for quantum cryptography. The region's focus on enhancing data privacy and security regulations also propels the demand for advanced cryptographic solutions.
Region with highest CAGR:
Europe is projected to witness the highest CAGR over the forecast period, owing to stringent data protection regulations, such as the General Data Protection Regulation (GDPR), which compel organizations to enhance their cyber-security measures. Growing concerns over cyber threats and data breaches further push the demand for secure communication solutions. Additionally, significant government funds and initiatives supporting quantum research and technology development foster innovation in the sector. The presence of advanced telecommunications infrastructure and a strong focus on sustainability also contribute to the increasing adoption of quantum cryptographic solutions across various industries.
Key players in the market
Some of the key players profiled in the Quantum Cryptography Market include 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, Anhui Qasky Quantum Technologies, Qubitekk, qutools GmbH, Toshiba Corporation, International Business Machines (IBM) Corporation, and Infineon Technologies AG.
Key Developments:
In March 2021, Toshiba launched its next-generation quantum key distribution (QKD) system, aimed at providing secure communication for businesses and government entities.
In March 2021, ID Quantique announced enhancements to its QKD systems, focusing on improving performance and security for data transmission in various sectors.
In January 2021, IBM announced advancements in its quantum computing systems, integrating quantum cryptographic capabilities for enhanced data security.
Components Covered:
• Hardware
• Software
• Services
Technologies Covered:
• Quantum Key Distribution (QKD)
• Quantum Random Number Generators (QRNGs)
• Other Technologies
Deployment Models Covered:
• On-Premises
• Cloud-Based
Organisation Sizes Covered:
• Large Enterprises
• Small and Medium Enterprises
Applications Covered:
• Network Security
• Application Security
• Database Security
• Cloud Encryption
• Other Applications
End Users Covered:
• Enterprise
• Cloud & Datacentre
• Research Institutions
• Banking, Financial Services, and Insurance (BFSI)
• Government and Defense
• Healthcare
• Telecommunications
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Quantum Cryptography Market, By Component
5.1 Introduction
5.2 Hardware
5.3 Software
5.4 Services
6 Global Quantum Cryptography Market, By Technology
6.1 Introduction
6.2 Quantum Key Distribution (QKD)
6.2.1 Continuous Variable QKD (CV-QKD)
6.2.2 Discrete Variable QKD (DV-QKD)
6.3 Quantum Random Number Generators (QRNGs)
6.3.1 Photon-based QRNGs
6.3.2 Squeezed vacuum QRNGs
6.3.3 Semiconductor-based QRNGs
6.4 Other Technologies
7 Global Quantum Cryptography Market, By Deployment Model
7.1 Introduction
7.2 On-Premises
7.3 Cloud-Based
8 Global Quantum Cryptography Market, By Organisation Size
8.1 Introduction
8.2 Large Enterprises
8.3 Small and Medium Enterprises
9 Global Quantum Cryptography Market, By Application
9.1 Introduction
9.2 Network Security
9.3 Application Security
9.4 Database Security
9.5 Cloud Encryption
9.6 Other Applications
10 Global Quantum Cryptography Market, By End User
10.1 Introduction
10.2 Enterprise
10.3 Cloud & Datacentre
10.4 Research Institutions
10.5 Banking, Financial Services, and Insurance (BFSI)
10.6 Government and Defense
10.7 Healthcare
10.8 Telecommunications
10.9 Other End Users
11 Global Quantum Cryptography Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ID Quantique SA
13.2 MagiQ Technologies Inc.
13.3 Nippon Telegraph and Telephone Corp.
13.4 Nucrypt LLC
13.5 Oki Electric Industry Company Ltd.
13.6 QuintessenceLabs Inc.
13.7 Raytheon BBN Technologies
13.8 SK Telecom
13.9 Universal Quantum Devices
13.10 Anhui Qasky Quantum Technologies
13.11 Qubitekk
13.12 qutools GmbH
13.13 Toshiba Corporation
13.14 International Business Machines (IBM) Corporation
13.15 Infineon Technologies AG
List of Tables
1 Global Quantum Cryptography Market Outlook, By Region (2022-2030) ($MN)
2 Global Quantum Cryptography Market Outlook, By Component (2022-2030) ($MN)
3 Global Quantum Cryptography Market Outlook, By Hardware (2022-2030) ($MN)
4 Global Quantum Cryptography Market Outlook, By Software (2022-2030) ($MN)
5 Global Quantum Cryptography Market Outlook, By Services (2022-2030) ($MN)
6 Global Quantum Cryptography Market Outlook, By Technology (2022-2030) ($MN)
7 Global Quantum Cryptography Market Outlook, By Quantum Key Distribution (QKD) (2022-2030) ($MN)
8 Global Quantum Cryptography Market Outlook, By Continuous Variable QKD (CV-QKD) (2022-2030) ($MN)
9 Global Quantum Cryptography Market Outlook, By Discrete Variable QKD (DV-QKD) (2022-2030) ($MN)
10 Global Quantum Cryptography Market Outlook, By Quantum Random Number Generators (QRNGs) (2022-2030) ($MN)
11 Global Quantum Cryptography Market Outlook, By Photon-based QRNGs (2022-2030) ($MN)
12 Global Quantum Cryptography Market Outlook, By Squeezed vacuum QRNGs (2022-2030) ($MN)
13 Global Quantum Cryptography Market Outlook, By Semiconductor-based QRNGs (2022-2030) ($MN)
14 Global Quantum Cryptography Market Outlook, By Other Technologies (2022-2030) ($MN)
15 Global Quantum Cryptography Market Outlook, By Deployment Model (2022-2030) ($MN)
16 Global Quantum Cryptography Market Outlook, By On-Premises (2022-2030) ($MN)
17 Global Quantum Cryptography Market Outlook, By Cloud-Based (2022-2030) ($MN)
18 Global Quantum Cryptography Market Outlook, By Organisation Size (2022-2030) ($MN)
19 Global Quantum Cryptography Market Outlook, By Large Enterprises (2022-2030) ($MN)
20 Global Quantum Cryptography Market Outlook, By Small and Medium Enterprises (2022-2030) ($MN)
21 Global Quantum Cryptography Market Outlook, By Application (2022-2030) ($MN)
22 Global Quantum Cryptography Market Outlook, By Network Security (2022-2030) ($MN)
23 Global Quantum Cryptography Market Outlook, By Application Security (2022-2030) ($MN)
24 Global Quantum Cryptography Market Outlook, By Database Security (2022-2030) ($MN)
25 Global Quantum Cryptography Market Outlook, By Cloud Encryption (2022-2030) ($MN)
26 Global Quantum Cryptography Market Outlook, By Other Applications (2022-2030) ($MN)
27 Global Quantum Cryptography Market Outlook, By End User (2022-2030) ($MN)
28 Global Quantum Cryptography Market Outlook, By Enterprise (2022-2030) ($MN)
29 Global Quantum Cryptography Market Outlook, By Cloud & Datacentre (2022-2030) ($MN)
30 Global Quantum Cryptography Market Outlook, By Research Institutions (2022-2030) ($MN)
31 Global Quantum Cryptography Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2022-2030) ($MN)
32 Global Quantum Cryptography Market Outlook, By Government and Defense (2022-2030) ($MN)
33 Global Quantum Cryptography Market Outlook, By Healthcare (2022-2030) ($MN)
34 Global Quantum Cryptography Market Outlook, By Telecommunications (2022-2030) ($MN)
35 Global Quantum Cryptography Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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