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Quantum Cryptography Market

Global Market Study on Quantum Cryptography: Rising Adoption of Quantum Computing for Data Security Boosting Market Growth

Quantum Cryptography Market Segmentation By Component- Quantum Cryptography Appliances, Quantum Cryptography Software, Services. The Quantum Cryptography Market in North America held the largest market share of 30.2% in 2022.

Quantum Cryptography Market Outlook (2023-2033)

Global demand for the quantum cryptography market was at a valuation of US$ 108.6 Mn in 2022 and is forecasted to reach a market value of US$ 1,095.7 Mn by the end of 2033. The quantum cryptography market is estimated to grow a market size of US$ 132.4 Mn by 2023 and is predicted to progress at a CAGR of 23.5% from 2023-33.

Quantum cryptography is a method of transmitting information using the principles of quantum mechanics to ensure secure communication. It uses the properties of quantum states, such as the principles of superposition and entanglement, to encrypt and decrypt messages.

The key feature of quantum cryptography is based on the laws of physics, rather than mathematical algorithms, making it immune to being broken by computational power alone. Thus in quantum mechanics, the act of measurement changes the state of a quantum system, and any attempt to intercept or measure the information being transmitted would be detectable.

The market in North America held the largest market share of 30.2% in 2022 and is expected to maintain its dominant position throughout the forecast period, while the market in Europe held a 23.2% value share in the global market in 2022.

Quantum Cryptography Market Size (2022)

US$ 108.6 Mn

Projected Market Value (2033)

US$ 1,095.7 Mn

Global Market Growth Rate (2023-2033)

23.5%

Application Category - Quantum Cryptography Software Market Share (2022)

40.4%

US Market Share (2022)

19.1%

Application Category - Network Encryption Market Share (2022)

26.5%

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What are the Drivers for the Quantum Cryptography Market?

“Quantum Cryptography is Driven by a Number of Factors, Such as Secure Communications, Particularly in Industries such as finance, government, and healthcare”

The main drivers for the quantum cryptography market are the increasing need for secure communications and the advancement of quantum computing technology particularly in industries such as finance, government, and healthcare. As quantum computing becomes more powerful, it is expected to be able to break traditional forms of encryption, making quantum cryptography more attractive as a means of protecting sensitive information.

Additionally, government funding for research and development in quantum cryptography is expected to drive market growth.

  • In February 2022, Equinix aims to use SK Telecom have agreed to collaborate on the development of QKD, a cryptographic communications technique that uses quantum entanglement to ensure the privacy of cryptographic keys.
  • In February 2020, ID Quantique and Bright Apps forged a partnership to deploy Quantum technologies to the American market. Bright Apps QCloud makes the integration of easier for Quantum technologies in both the public and private sectors.
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Which Factors are Driving the Opportunity in the US for Quantum Cryptography Market?

“Government & Military and Cybersecurity Concerns are Key Factor for rising demand for quantum cryptography market In US Market”

There are several factors that are driving the opportunity in the US for the quantum cryptography market such as government and military and cybersecurity concerns. The US government and military have recognized the potential of quantum cryptography to provide secure communications and have invested in research and development in this field. As cyber threats continue to increase, organizations in the US are looking for more secure ways to protect their sensitive information.

These are the reasons due to which in 2022, the U.S. quantum cryptography market companies helped the country to account for a dominant share of 19.1% in the global marketplace.

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Which Countries in Asia Have the High Global CAGR for the Quantum Cryptography Market?

“India Has a High Global CAGR for Quantum Cryptography Market”

With the growing adoption of digital technologies, the need for secure communications is increasing in India. Quantum cryptography is seen as a way to achieve this. The demand for secure communications is increasing, and quantum cryptography can be used to protect data transmitted over these networks.

India has a significant opportunity for the quantum cryptography market to grow due to the Increasing demand for secure communications and the increasing adoption of IoT.

The CAGR for India's adoption of quantum cryptography markets is estimated to be around 19.1%.

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Why Does Germany Have High Global Markets for Quantum Cryptography Market?

“Germany has a High Global Market Share in The Europe Region”

Germany is home to some of the world's leading technology companies and research institutions that are working on quantum cryptography technologies, which is driving the growth of the market in the country. German companies tend to adopt new technologies at an early stage, which is driving growth and has a high market share in the Europe region of the quantum cryptography market in the country.

Overall, the German market for quantum cryptography is expected to witness to have a high market share in a significant year, driven by government initiatives, investment in R&D, and high demand for secure communications.

Due to this reason, the quantum cryptography market for Germany in 2022 held a market share of 12.3% in the global Quantum cryptography market.

Category-wise Insights

Which Component Segment of the Quantum Cryptography Market Held the Largest Market Share?

“Quantum Cryptography Software Segment of the Quantum Cryptography Allows Having The Larger Market Share”

Quantum cryptography software refers to software that uses the principles of quantum mechanics to encrypt and decrypt data. This type of software is designed to provide a higher level of security than traditional encryption methods.

SDKs (Software Development Kits) and APIs (Application Programming Interfaces) are major software used to integrate quantum cryptography software into other software applications and systems. SDKs and APIs provide the necessary tools and interfaces for developers to add quantum cryptography functionality to their own software. This includes things like libraries, sample code, documentation, and technical support.

As quantum computing becomes more powerful, it is expected to be able to break traditional forms of encryption, making quantum cryptography more attractive as a means of protecting sensitive information. Additionally, government funding for research and development in quantum cryptography software.

In 2022, the quantum cryptography software market share was estimated to dominate the global market and accounted for 40.4% market share of the component segment.

Which Application Segment of the Quantum Cryptography Market Holds a Larger Share Market?

“Network Encryption Segment Holds a Larger Share Market”

In 2022, the Network Encryption segment held a market share of 26.5% in quantum cryptography segment.

Network encryption has a major market share as it helps to protect sensitive information, such as financial data and personal information, from being intercepted and read by unauthorized parties. Encryption works by converting plaintext into ciphertext, making it unreadable to anyone without the proper decryption key. This helps to ensure the confidentiality, integrity, and authenticity of the data as it is transmitted over a network. Additionally, network encryption also helps to prevent unauthorized access to network resources and can be used to authenticate the identity of users. Due to above reasons, network encryption has a major market share in the application segment.

Competitive Landscape

In order to penetrate further into the market, market participants are concentrating on growth strategies. These include expanding regional and international distribution networks, develop new products, forming alliances for acquisitions, and working with significant actors.

  • In May 2022, The Clavis XG is the newest development to ID Quantique's XG Series. The ultimate quantum-safe security is IDQ's long-distance and backbone Quantum Key Distribution (QKD) solution. The Clavis XG is secure key distribution and real-time intrusion detection
  • In July 2022, SK Telecom developed quantum-based technologies that are being considered for international standardization. Through various partnerships and projects, the SK Telecom has been actively promoting new quantum-based services.

Recent developments related to key players providing the quantum cryptography market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Quantum Cryptography Market Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Component
  • Application
  • Industry
  • Region

Key Companies Profiled

  • ID Quantique
  • Qubitekk
  • Quantum XC
  • QuintessenceLabs
  • PQ Solutions Limited
  • Toshiba Corporation
  • Infineon Technologies AG
  • Thales (Gemalto)
  • MagiQ Technologies
  • Crypta Labs Ltd.
  • Anhui Qasky Quantum Technology Co. Ltd.
  • ISARA Corporation
  • QuantumCTek Co., Ltd.
  • QuNu Labs Pvt. Ltd.

Pricing

Available upon Request

Key Segments of Quantum Cryptography Market Research

By Component:

  • Quantum Cryptography Appliances
    • Quantum Random Number Generator (QRNG) Appliances
    • Quantum Key Generation Appliances
    • Quantum Key Distribution (QKD) Appliances
  • Quantum Cryptography Software
    • Cryptography Key & Policy Management Software
    • SDKs/APIs
  • Services
    • Integration & Deployment Services
    • Cryptography Consulting
    • Support & Maintenance

By Application:

  • Network Encryption
  • Database Encryption
  • Application Security
  • Cloud Encryption

By Industry:

  • BFSI
  • Healthcare & Life Science
  • Government & Defense
  • IT & Telecom
  • Energy & Utilities
  • Retail & e-Commerce
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • ID Quantique
  • Qubitekk
  • Quantum XC
  • QuintessenceLabs
  • PQ Solutions Limited
  • Toshiba Corporation
  • Infineon Technologies AG
  • Thales (Gemalto)
  • MagiQ Technologies
  • Crypta Labs Ltd.
  • Anhui Qasky Quantum Technology Co. Ltd.
  • ISARA Corporation
  • QuantumCTek Co., Ltd.
  • QuNu Labs Pvt. Ltd.

- Frequently Asked Questions -

In 2022, demand for the quantum cryptography market amounted to US$ 108.6 Mn.

The global quantum cryptography market is estimated to grow at a CAGR of 23.5% over the forecast period.

The market for quantum cryptography market is forecasted to have a market value of US$ 1,095.7Mn by 2033.

Demand for the quantum cryptography market in India is projected to rise at 19.1% CAGR over the forecast period.

In 2022, North America quantum cryptography market held a dominant market share of 30.2%.

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