Quantum Cryptography Market Growth Study ($314.13 Million by 2028) – Lead by Adoption Next-Generation Wireless Network Technologies | The Insight Partners
The global quantum cryptography market size to grow at a CAGR of 19.3% from 2022 to 2028, it is expected to grow from USD 109.05 million in 2022 to USD 314.13 million by 2028.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Quantum Cryptography Market Size, Share, Growth and Trends Forecast to 2028 – COVID-19 Impact and Global Analysis by Offering (Solutions and Services), Application (Network Security, Application Security, and Database Security), and End User (IT & Telecommunication, BFSI, Government & Defense, Healthcare, and Others)”; the global quantum cryptography market growth is driven by the evolution of sophisticated wireless networks and increasing digitalization, surging cyber-security risks, and other threats such as data security and breaches.
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Global Quantum Cryptography Market – Report Scope:
|Market Size Value in||USD 109.05 Million in 2022|
|Market Size Value by||USD 314.13 Million by 2028|
|Growth rate||CAGR of 19.3% from 2022 to 2028|
|No. of Pages||211|
|No. of Tables||67|
|No. of Charts & Figures||67|
|Historical data available||Yes|
|Segments covered||Offering, Application, and End User|
Global Quantum Cryptography Market: Competitive Landscape and Key Developments
ID Quantique, Infineon Technologies, Magiq Technologies, IBM Corporation, NuCrypt, Anhui Qasky Quantum Technology Co. Ltd., Qubitekk, Quintessence Labs, Qutools GmbH, and Toshiba Corporation are among the key players operating in the quantum cryptography market.
In July 2022, the US Department of Commerce’s National Institute of Standards and Technology (NIST) announced the first four quantum-resistant cryptographic algorithms, which could potentially crack the security used to protect privacy in digital systems such as online banking and email software. As per the announcement, the four selected encryption algorithms will become part of NIST’s post-quantum cryptographic standard and are expected to be finalized in about two years.
In October 2019, ID Quantique (IDQ), the leader in quantum-safe crypto solutions, and Mt Pelerin, the Swiss leader in asset tokenization, received funding from the European Union as part of OPENQKD, which is a secure quantum communication research project. In addition, the project aims to develop the quantum vault, which provides ultra-secure digital assets storage for financial institutions such as central banks, global custodians, cryptocurrency exchanges, and asset managers—by adding an extra layer of quantum technologies on top of conventional custody solutions.
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Global Quantum Cryptography Market – Regional Overview:
The quantum cryptography market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In 2021, North America dominated the global quantum cryptography market as the regional governments took several steps to enhance IoT in the private sector. Various government agencies offer technical resources to support IoT by providing supervision on normal development and interoperability, strengthening cybersecurity, developing innovation-friendly regulations, and supporting R&D activities. The adoption of IoT in the US healthcare sector is expected to propel the demand for quantum cryptography in the coming years, as quantum cryptography generally uses its capabilities to secure data transmission. Moreover, according to Mexican laws (precisely, the Mexican Privacy Law), organizations are required to implement corrective, preventive, and enhancement measures to employ security measures suitable to evade data breaches. Mexico is one of the prominent targets for data breaches. Thus, the demand for quantum cryptography solutions is anticipated to grow significantly in the coming years.
In Europe, the rising number of data breaches has led governments to implement new regulations such as General Data Protection Regulation (GDPR) by the European Union. As cybercrimes such as hacking of massive data continue to thrive and laws such as GDPR are meant to prevent such incidents from taking effect, new data security trends are developing across the region to ensure that data is well-protected to avoid the adverse publicity of being hacked. Furthermore, the region is continuously identifying and exploring security trends to minimize cybercrimes. Europe has well-recognized scientific and technical proficiency and has been financing research based on quantum technologies for a long time. The major goal of leveraging these technologies is to place the region at the forefront of the second quantum revolution, bringing transformative advances to science.
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Asia Pacific has a higher risk of cybercrimes than other leading regions due to the rapidly increasing connectivity and the rushing pace of digital transformation, raising concern for technological threats among businesses in the region. Cyber-attack is among the top five technological threats to business operations in Asia Pacific. The rising threat of cybercrime in the region is attributed to the lack of transparency, resulting in weak cyber enforcement, and regulations by government authorities. Relatively lower awareness and investments in the cyber industry are hindering the quantum cryptography market in the region.
Global Quantum Cryptography Market: End User Overview
Based on end users, the quantum cryptography market is segmented into IT & telecommunication, BFSI, government & defense, healthcare, and others. The quantum cryptography market for the BFSI segment is expected to grow significantly during the forecast period. Servers of several banks and financial institutes have been attacked by cyber-hack professionals, which led to the loss of several customers’ data. Due to the increasing number of cyber-attack instances, the BFSI sector is increasingly opting for advanced cybersecurity solutions, such as quantum cryptography, to secure customer information and financial transactions. Moreover, quantum cryptography enables the BFSI sector to remotely manage and access their Wide Area Networks (WAN) securely. Encryption of data while transferring is of utmost importance for BFSI market players, and quantum cryptography market players offer enhanced data encryption. Therefore, the demand for quantum cryptography will flourish in the BFSI industry during the forecast period.
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Impact of COVID-19 Pandemic on Global Quantum Cryptography Market Growth:
The COVID-19 pandemic adversely affected several sectors and economies across the world. It has paved the way for the wide-scale acceptance of a digital economy. An increased incidence of cyber-attacks across several business verticals accelerated the need for quantum cryptography solutions. Moreover, growing post-quantum cryptography has increased across the global telecommunications supply chain, thereby boosted the quantum cryptography market growth. In September 2022, the GSMA Post-Quantum Telco Network Taskforce with IBM and Vodafone planned to help define regulation and operator business processes for the enhanced protection of telecommunications in the future of advanced quantum computing. In addition, the post-quantum will help identify dependencies and create the roadmap to implement quantum-safe networking and mitigate risks across sensitive information such as confidential business information and consumer data. Therefore, the quantum cryptography market experienced tremendous growth across several businesses to continue operations during the COVID-19 pandemic crisis.
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