Quantum cryptography market is expected to grow at a CAGR of 28.44% between 2018 and 2023
The report published by Knowledge Sourcing Intelligence titled “Quantum Cryptography Market - Forecasts from 2018 to 2023” studies the various factors affecting the demand for quantum cryptography solutions among end-users worldwide. The market has been segmented by component (hardware, software, services), enterprise size (small, medium, large), application (network security, database encryption, application security, others), end-user industry (communication and technology, government, military and defense, retail, healthcare, BFSI, others) and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). To give a clearer view of this market across these geographies, the regional market is further segmented into countries which account for a significant share in the market.
The growth of this market is attributed to the rising incidence and severity of cyber-attacks across the globe. As the digitization of business processes continues across all major industries, the reliance of businesses on technology is increasing. Any occurrence of cyber-attack can severely hit an enterprise’s operations and may cost them a significant share of their revenue. In the case of government agencies, any occurrence of cyber-attack can put national security at risk. These factors have been pushing end users towards more advanced technologies for encryption of data, thus increasing the demand for quantum cryptography solutions.
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By enterprise size, large enterprises dominate the market with the largest share
Large enterprises hold the largest share in this market on account of heavier losses associated with the occurrence of cyber-attacks among such enterprises. The adoption of quantum cryptography among large enterprises is increasing as they have significantly huge budgets which put them in a position favorable enough to make investments in skilled workforce required for deployment of quantum cryptography solutions. Small enterprises hold a very small share in this market and are expected to show sluggish growth in this market over the projected period.
North America and Europe together hold a major market share
North America and Europe, being early adopters of new technologies, together hold the largest market share among all major geographies worldwide. Booming industries and the availability of favorable infrastructure for the deployment of advanced technologies is fueling the market growth in these regions. The market in the Asia Pacific is anticipated to witness good growth over the projected period. This growth will be attributed to the rapid growth of industries in this region.
This report also includes a study of strategies and product portfolios of some of the leading companies in the quantum cryptography market. Major companies profiled as a part of this report are ID Quantique, MagiQ Technologies, Inc., QuintessenceLabs, NuCrypt, Anhui Qasky Science and Technology Limited Liability Company, Crypta Labs Ltd, Qubitekk, PQ Solutions Limited, and Infineon Technologies.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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