Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global quantum cryptography market size was valued at USD 111.6 million in 2022. The market is projected to grow from USD 128.9 million in 2023 to USD 455.3 million by 2030, exhibiting a CAGR of 19.8% during the forecast period. Rising Emphasis on Enhancing Cybersecurity to Boost Market Development. Fortune Business Insights presents this information in their report titled "Global Quantum Cryptography Market Forecast, 2023-2030."
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Quantum technologies consist of three key areas, namely communications, computing, and sensing. Quantum Communications, also known as QComms is a process that involves the safe and secure transfer of confidential data across space with the help of quantum mechanics. This process enhances security by using quantum cryptography, which is an encryption method utilizing the principles of quantum mechanics to encode and transfer all kinds of data securely. Since, more industries are understanding the significance of quantum technologies, the quantum cryptography market growth is expected to pick up immense pace.
Key Industry Development:
May 2023 - IBM launched an initiative worth USD 100 million in collaboration with the Japanese and U.S. universities to create a quantum-centric supercomputer in the future. The company also intends to address the challenging task of integrating quantum and classical computers.
Key Takeaways
- Quantum Cryptography Market size in North America was USD 45.6 million in 2022
- Digitization Increased During COVID-19, Boosting the Demand for Better Security During Communication
- Widespread Applications Across Industries to Boost the Use of Quantum Key Distribution
- Quantum Cryptography Technologies to Find Robust Application in Healthcare and Government Sectors
Discover the Leading Players Featured in the Report:
“Companies leading the global Quantum Cryptography Market are 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.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 19.8% |
| 2030 Value Projection | USD 455.3 million |
| Base Year | 2022 |
| Quantum Cryptography Market Size in 2022 | USD 111.6 million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | Type, Security Type, Industry, and Region |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/quantum-cryptography-market-100211
Drivers and Restraints:
Rising Emphasis on Enhancing Cybersecurity to Boost Market Development
The prevalence of cyberattacks has increased considerably in recent years, especially during the ongoing Russia-Ukraine war. Many countries across the world are boosting their investments in quantum-safe technologies to boost the cybersecurity of their virtual systems. This factor is expected to enhance the adoption of quantum cryptography technologies.
However, errors in the existing cryptographic algorithms and severe lack of skilled professionals are expected to impede the market progress.
Segmentation
By Type
- Quantum Key Distribution
- Quantum Random Number Generation
- Others
By Security Type
- Application Security
- Network Security
By Industry
- BFSI
- Cloud & Data center
- Government
- Energy & Utilities
- Healthcare
- Automotive
- Others (Gaming, Retail & Consumer Goods, and others)
By Region
- North America (the US and Canada)
- Europe (the United Kingdom, Germany, France, Italy, Spain, Scandinavia, and the rest of Europe)
- Asia Pacific (including Japan, China, India, Australia, Southeast Asia, and the remaining countries in the region)
- South America (including Brazil, Mexico, and the rest of South America) Europe, Asia, and Africa (South Africa, GCC, and Rest of the Middle East & Africa)
Regional Insights:
North America to Dominate Global Market Due to Rising Number of Startups
North America captured a dominant position in the global market in 2022 due to the growing network of startups dealing with quantum communications and rising number of research projects in the U.S.
Europe is also closely following the U.S. with respect to the number of QComms startups, thereby making it a lucrative market for quantum cryptography.
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Competitive Landscape:
Key Market Players to Increase Focus on Corporate Growth Strategies to Keep Pace With Changing Technologies
Some of the key players operating in this market are shifting their focus toward entering crucial strategic partnerships and collaborations as no one company can create a complete quantum solution. These strategic partnerships will help them combine their strongest capabilities with their partner’s expertise. Moreover, these organizations are heavily investing in boosting the skills of their existing workforce, which will further amplify the market growth.
FAQs
How big is the Quantum Cryptography Market?
The Quantum Cryptography Market size was USD 111.6 million in 2022. It is expected to reach USD 455.3 million by 2030.
How fast is the Quantum Cryptography Market growing?
The Quantum Cryptography Market will exhibit a CAGR of 19.8%during the forecast period, 2023-2030.
Related Reports:
Quantum Computing Market Size, Share, Revenue Forecast and Opportunities
Cyber Security Market Overview, Industry Share and Forecast
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