Quantum Cryptography: What Does the Future Hold?
Quantum cryptography market on a global scenario was valued at US$ 105.3 Mn in 2018 and is expected to reach US$ 1,996.1 Mn by 2027 with a CAGR growth rate of 39.2% in the forecast period from 2019 to 2027.
Currently, technology’s advanced solutions are helping technology companies across the globe to accelerate their digital transformation adoption. From the last few years, the technology industry observed high growth and a dramatic increase worldwide. Factors such as IT spending, economic growth, and technological innovations influence the technology industry significantly. The global economy is expected to stabilize and grow at a steady speed during the forecast period, mostly driven by developing economies such as China, India, and Brazil. New developing markets and enterprises are anticipated to spend in the technology market to build IT infrastructure that would help lessen costs and optimize business productivity.
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Increasing investment in cybersecurity is propelling the demand for quantum cryptography market
Cybersecurity is one of the critical components of the Organization’s IT modernization efforts, and the organizations are actively focusing on securing the Federal enterprise from cyber-associated threats globally. The investment of the Federal Government’s inclusively for cybersecurity risk is continuously increasing to protect the Federal enterprise from cyber risk. For instance, in 2018, the Whitehouse announced the National Cyber Strategy through which the government concentrates strongly on securing the personal data of the American Public. The National Cyber Strategy identifies that public, as well as private entities, are struggling for securing their systems as market rivals have increased the frequency of their malicious cyber activities, which forced the Federal Government to invest more and more to secure cyber environment for the country. The significant investments in cybersecurity are positively influencing the quantum cryptography market.
Increasing adoption and investments in encryption technologies in developing countries offer a lucrative opportunity to the quantum cryptography market
The constant enhancement in the data transmitted electronically has led to a growing requirement of reliable cryptography. Quantum cryptography solutions permit the individuals to maintain the same level of confidence and trust in the digital world as they have on the physical world. These Quantum encryption solutions further empower millions of people to interact electronically with each other through cell phones, e-mail, ATMs, and many more. The growing software firms globally, especially in developing countries of Asia-Pacific, are bolstering the rising number of cyber-attacks are demanding the need for data security and privacy. The factor mentioned above offers prosperous opportunities to the quantum cryptography market.
New developing markets and economic growth and increasing demand from small and medium enterprises are anticipated to boost the technology industry. The Asia Pacific developed as the fastest-growing region during the last few years in the technology industry, led by economic growth and expanded IT spending. Various industries such as BFSI, IT & telecom, government and defense, healthcare, and others are adopting software technology to enhance their business productivity and to ease their business process. Quantum cryptography technology has become significant for various industries to work in a secure environment. This technology is gaining significance important in every region owing to growing cyber-attacks. Hence, such substantial growth is expected to offer ample growth opportunities for the quantum cryptography market players during the forecast period of 2019 to 2027.
The List of Companies
- ID Quantique
- Infineon Technologies
- Magiq Technologies
- IBM
- NuCrypt
- Anhui Qasky Quantum Technology Co. Ltd.
- Qubitekk
- Quintessence Labs
- Qutools GmbH
- Toshiba Corporation
The spending on quantum cryptography is quite high in both developed and developing regions such as North America, Europe, and the Asia Pacific. The demand for quantum cryptography is expected to grow further during the forecast period of 2019 to 2027. Rising digitization and positive economic outlook are some of the major macroeconomic factors driving the growth of the quantum cryptography market. Quantum cryptography technology is turning more into the global business, and various large players can offer quantum cryptography solutions and services worldwide. Presently on a global scale, industry verticals such as BFSI, IT & telecom, government and defense, and healthcare are the major contributors in Quantum Cryptography spending.
The governments of different countries across the globe as well as various private organizations are significantly investing in cybersecurity. This is majorly attributed to secure critical data from unauthorized individuals while transferring. The enhanced security solutions offered by the market players including Quantum Key Distribution (QKD), virtual encryptor, quantum cryptography communication device and Quantum Random Number Generator (QRNG) among others facilitate in strongly encrypting critical data. This factor is attracting several governments and industries to invest in such advanced technology. Thus, the rising investment towards cybersecurity solutions is a key catalyzer for quantum cryptography market.
The quantum cryptography market players are also investing substantial amounts and man-hours in research & development activities to develop robust solutions and services. The companies operating in the quantum cryptography are partnering with different other companies, research laboratories, and governments to develop and implement their solutions to safeguard data from leakage.