The global Quantum Cryptography Market is estimated to be valued at US$ 125.32 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Quantum cryptography makes use of quantum mechanical properties to perform cryptographic tasks such as cybersecurity, crypto-systems and communication security. It ensures secure communication through developing cryptographic schemes based on the laws of quantum mechanics.
Market key trends:
One of the key trends driving the Quantum cryptography Market is the rising demand for cloud technology globally. Many enterprises are shifting their sensitive data to the cloud for various benefits such as mobility, scalability and cost reduction. However, cloud security continues to be a major challenge for businesses owing to increased risk of cyber threats and data breaches. Quantum cryptography promises to provide absolute security to data stored and shared on the cloud through developing hack-proof mechanisms. Its integration with cloud platforms is expected to accelerate over the forecast period.
Segment Analysis
Content: The global quantum cryptography market can be segmented based on component, application, end-use industry, and region. Based on the component, the quantum cryptography market has been segmented into equipment and services. Among these segments, the equipment segment dominated the global market in 2022 owing to the increasing adoption of quantum cryptography hardware solutions in government and banking sectors. Based on application, the market is segmented into network security, application security, and database security. The network security segment captured the largest market share in 2022 due to the high adoption of quantum cryptography for protecting communication networks. Based on end-use industry, the market is classified into government and defense, banking and finance, healthcare and pharmaceuticals. The government and defense sector dominated the market in 2022 due to stringent regulations and high priority towards data security at national level.
Key Takeaways
Content: The global quantum cryptography market is expected to witness high growth, exhibiting a CAGR of 19.% over the forecast period, due to increasing cyber threats and demand for highly secured communication networks.
Regional analysis: North America dominated the market with around 40% share in 2022 owing to robust investments by government and private organizations to develop quantum technologies. Asia Pacific is expected to offer lucrative opportunities and exhibit the highest CAGR over the forecast period driven by growing initiatives in countries like China and India to enhance cybersecurity infrastructure.
Market size: The global quantum cryptography market size reached US$125.32 million in 2023 and is expected to reach over US$650 million by 2030.
Key players: Key players operating in the quantum cryptography market are Magiq Technologies, Inc., Quintessencelabs, Nucrypt LLC, Qutools GmbH, Qasky, Crypta Labs Ltd, Qubitekk, Inc., PQ Solutions, Infineon Technologies AG, and Id Quantique. The players are focusing on increasing investments in R&D to develop advanced quantum cryptography products and solutions.
