Analysts at a market research and competitive intelligence provider, have conducted a detailed research on the global quantum cryptography market. In this survey, demand for quantum cryptography has been predicted to rise at an astounding CAGR of nearly 30% over the decade. This high demand can be attributed to increased cyber-threats and thereby rising demand for innovative security solutions.
There has been massive evolution in wireless and networking technology, with more data being transferred and shared than ever before, and with the probability of cyber-attacks rising, quantum cryptography solutions are gaining momentum as they are an effective solution to prevent and tackle these problems.
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Key takeaways from market study
- Global market for quantum cryptography to expand at an impressive CAGR of nearly 30% through 2031.
- Increasing digitisation and adoption of cloud-based technologies to fuel demand for quantum cryptography.
- High installation and implementation cost to be the major restraining factor for progress of quantum cryptography industry.
- North American expected to hold the largest market share owing to rising technology advancements and adoption in the region.
“Increasing digitisation and prevalence of network-based technologies are majorly expected to boost demand for secure communication and secure data transmission technologies such as quantum cryptography,” says a senior research analyst.
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Key companies in the global quantum cryptography market are focusing on developing the technology and are investing in commercializing it. Market players are looking to accomplish this by adopting different sales and marketing strategies, and are also trying to educate people on the merits of the technology.
Research in quantum technology is speeding up, and its potential is expected to be fully realized through this.
- Toppan Printing and National Institute of Information and Communications Technology (NICT) are collaborating to develop smart cards that will also be equipped post-quantum public key cryptography.
- Japanese firms have launched their first study on the use of quantum cryptography in the security of stock trading. They plan to do this by using a cryptographic device by Toshiba, and run tests at brokerage unit of Nomura Securities Co. Results would then be evaluated to check its efficiency and impact.
- ISRO (Indian Space Research Organization) has also demonstrated its free-space quantum communication technology, which used quantum-key encrypted signals. This is its step forward in creating a secured satellite data communications system.
Demand for quantum cryptography is expected to increase due to its unhackable nature of transfer of data. The technology transfers data via quantum keys, which, when tampered with, simply destroy the data, thereby securing it from falling into the wrong hands. From transferring confidential data of governments to offering secure banking and finance solutions, quantum cryptography is touted to be the future of encryption and security technologies.
As more industries implement cloud infrastructure and move to a more digital world, the requirement for reliable security solutions has also increased, and this is a major factor driving demand for quantum cryptography solutions and services.
However, implementing quantum cryptography systems is a very price-intensive and time-consuming task due to complexity of the systems. High installation and implementation costs are restraining demand for these systems to some extent. Lack of consumer awareness for quantum cryptography is also an obstacle in the growth path for this technology.
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Categorization of Quantum Cryptography Industry Research
- By Component:
- By Service:
- Quantum Cryptography Consulting and Advisory Services
- Quantum Cryptography Deployment and Integration Services
- Quantum Cryptography Support and Maintenance Services
- By Security:
- Network Security
- Application Security
- By End Use:
- Use of Quantum Cryptography in Government and Defense Sector
- Use of Quantum Cryptography in BFSI Sector
- Use of Quantum Cryptography in Retail Sector
- Use of Quantum Cryptography in Healthcare Sector
- Use of Quantum Cryptography in Automotive Sector
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