The global quantum cryptography market size is expected to grow from $285.7 million in 2017 to $943.7 million by 2022, at a CAGR of 27.0%. North America is expected to hold the largest market share in the quantum cryptography market during the forecast period.
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With the growing incident of cyber-attacks, increasing data security and privacy concerns, rising adoption of cloud storage and computing technologies, and evolving next-generation wireless networks is expected to be the major driver for enterprises, since the solution uses quantum properties of light that prevent the interception of messages, as well as standard computational procedures, which are designed to fight quantum attacks evolving due to an increase in the practices of quantum computation.
Key Target Audience Quantum Cryptography Market
- Encryption solution providers
- Quantum cryptography vendors
- Application security service providers
- System integrators/network security service providers
- Consultancy firms/advisory firms
- Training and education service providers
- Data integration service providers
- Managed service providers
- Quantum computing and quantum cryptography R&D firms
The quantum cryptography market includes various vendors providing quantum cryptography solution to commercial clients across the globe. Companies such ID Quantique (Switzerland), MagiQ Technologies (US), Nucrypt (US), Infineon Technologies (Germany), Qutools (Germany), QuintenssenceLabs (Australia), Crypta Labs (UK), PQ Solutions (UK), and Qubitekk (US) have adopted partnerships, agreements, and collaborations as the key growth strategies to enhance their market reach.
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In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of the profiles of the primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
- By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
- By Region: North America – 57%, Europe – 14%, and APAC – 29%
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Major challenging factor such as low customer awareness about quantum cryptography and lack of skill and expertise are hampering the growth of the market. The quantum cryptography market is witnessing a steady growth with increasing security threats, lacks the ability to mitigate and respond to such attacks, and due to the low customer awareness about quantum cryptography.
“The network security application segment is expected to grow with the highest CAGR in the quantum cryptography market during the forecast period”
With the increasing need for wireless communication and remote access security, quantum cryptography application provides protection on the usability and integrity of the network and data. The ongoing enhancements in the internet technology are continuously increasing and the advent of modern computers to support more and more remote computation has led to the increase in the requirement of network security for the secure transmission of data.
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