Quantum Cryptography Market Worth 943.7 Million USD by 2022

Manish Arya / On 2017-11-10 04:42:15

According to a new market research report "Quantum Cryptography Market by Component (Hardware and Services), Application (Network Security, Database Encryption, Application Security), Organization Size, Vertical and Region - Global Forecast to 2022", published by MarketsandMarkets™, the global market size is expected to grow from USD 285.7 Million in 2017 to USD 943.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 27.0%.

The major forces driving the growth of the Quantum Cryptography Market include growing incidents of cyber-attacks and increasing data security and privacy concerns. Moreover, the rising adoption rate of cloud storage and computing technologies and evolving next-generation wireless network technologies are also some of the factors that are driving the market growth.

The deployment and integration services is gaining traction, as integration services help to integrate the vendor's security offerings with the client's business functions and existing security mechanism. Integration services collect the customer requirements, and then install, integrate, test, and rollout the quantum cryptography solutions and hence quantum cryptography is gaining traction in the enterprises for modernizing and deploying their solutions to meet the rising demand for secure data transmission.

The IT and telecom vertical is constantly developing and is at the epicenter of innovation and growth. The telecom business function generates voluminous data on a daily basis, which mandates the critical need for reliable quantum cryptography solutions. The telecom operators are adopting quantum cryptography solutions and providing secured information to the customers while complying with regulations, such as Advanced Encryption Standard (AES). Furthermore, the rise in the integration of Information and Communication Technology (ICT) into multiple verticals including IT and telecom, along with increasing cyber-attacks, have increased the need of security and safety. The business is expected to come with an emerging need for managing more complex networks of digital identities along with the technologies required for federation across emerging as well as developed economies.

North America is expected to hold the largest market share and dominate the Quantum Cryptography Market during the forecast period. The region has always been a hub for high investments in research and development (R&D) activities, thereby contributing to the development of new technologies. The growing concerns for the security of IT infrastructure and complex data in North America have mandated the enterprises in this region to adopt quantum cryptography and reliable authentication solutions. The rise in cyber-attacks, adoption of connected devices, adoption of BYOD, and cloud-based applications into enterprise system have resulted in tremendous growth of technology adoption in this region. This has also triggered a rise in next-generation threats and added more complexities and concerns in the IT infrastructure. North America suffers the highest frequency of cyber-attacks and stringent compliance regulations in the world. Hence, causing more threats, intrusions, and security breaches, and as a result, it has the largest number of security vendors.

The major vendors in the Quantum Cryptography Market include ID Quantique (Switzerland), MagiQ Technologies (US), Nucrypt (US), Infineon Technologies (Germany), Qutools (Germany), QuintenssenceLabs (Australia), Crypta Labs (UK), PQ Solutions (UK), and Qubitekk (US).

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