Need to safeguard the crucial data due to rising number of data theft and cyber attacks coupled with increasing implementation of cloud storage and IoT solutions to drive quantum cryptography market through 202.
According to TechSci Research report, “Global Quantum Cryptography Market By Component, By Enterprise, By Application, By End-User, By Region, Competition Forecast & Opportunities, 2023”, the global quantum cryptography market is projected to grow at a CAGR of over 25% during 2018-2023. Increase in number of cyber attacks and data thefts along with the advent of quantum computers and booming IoT market is driving the global quantum cryptography market across the globe. Furthermore, according to the voice-of-customer market survey, it was observed that the majority of consumers using quantum cryptography were satisfied with the solution offering.
Browse 98 market data Tables and 90 Figures spread through 186 Pages and an in-depth TOC on “Global Quantum Cryptography Market”
By Component, global quantum cryptography market is segmented into hardware and software. Hardware dominated the global quantum cryptography market and is expected to lead during the forecast period. However, services of product integration is also anticipated to grow at a fast pace during the forecast period. Among applications, database encryption garnered the highest market share on the back of disaster mitigation and data protection efforts by the companies. A large demand for quantum cryptography emanates from IT & Telecom sector as this sector majorly deals in data transmission and storage, which makes adoption of quantum cryptography a necessity.
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APAC leads the global quantum cryptography market and is expected to continue dominating during the forecast period as well on account of the efforts by the Chinese and Japanese government to integrate quantum cryptography solutions in the government and defense sector. ID Quantique SA, MagiQ Technologies, Inc., Quintessence Labs Pty Ltd., are some of the market leaders in global quantum cryptography market. SK Telecom, in partnership with Nokia has successfully created a Quantum Random Number Generator (QRNG) on a chip, which is expected to revolutionize the mobile payment industry. With the aforementioned factors the quantum cryptography market is estimated to grow at a rapid pace during the forecast period
“With the advent of quantum computers and increase in the number of data thefts, adopting of quantum cryptography is increasing across the globe. Moreover, use of quantum cryptography across various end use sectors like BFSI and defence is further likely to bolster the demand for quantum cryptography.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Quantum Cryptography Market By Component, By Enterprise, By Application, By End-User, By Region, Competition Forecast & Opportunities, 2023” has evaluated the future growth potential of the quantum cryptography market and has also provided the statistics and information on market structure, size, share and future growth of quantum cryptography market. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities existing in the global quantum cryptography market.
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