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Quantum Cryptography Market: Segmented: Component (Solutions and Services); By Services (Consulting & Advisory, Deployment & Integration and Support & Maintenance); By Security Type (Network Security, Application Security and Database Security); By Organization Size (Large Enterprises and Small & Medium Enterprises); By End-users (BFSI, IT & Telecommunication, Government & Defense, Healthcare and Others); and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Quantum cryptography market is anticipated to exceed USD 1,082 million by 2030 from USD 95 million in 2019 at a CAGR of 31.36% throughout the forecast period i.e. 2020-2030.
Quantum Cryptography consists of the use of physics knowledge to build a cryptosystem that is not easily consumable. Quantum indicates the primary behavior of particles of matter and energy. It explains everything that occurs and nothing can disrupt it. It is nothing but an ability to code in which the IT operator copses mathematics to physics for larger security purposes. Quantum cryptography targets the security of data or the treasured data of the company from hackers or code breakers. Quantum Key Distribution (QKD) is a very prevalent cryptographic application. It comprises encoding and sending the required information for decoding.
Quantum cryptography market is expected to project a CAGR of 31.36% during the forecast period, 2020-2030
The market is anticipated to grow on the back of increasing cyber-attack cases in the period of digitalization. With the rise in the need for digitalization, there is a growth in the need for quantum cryptography. Organizations are aware of the fact that data retrieval is very expensive these days, and with a rise in cyber-attacks, organizations are purchasing quantum cryptography solutions to safeguard their information. An upsurge in the usage of cloud-based software implementation among various organizations has also raised the demand for quantum cryptography solutions. Industries are observing the rising need for training and consulting services to guarantee the efficient utilization of quantum cryptography solutions in the region. The rising setting up of security organizations in the database and the services provided are also pushing the encryption market.
The Services segment to grow with the fastest CAGR of xx% during 2020-2030
The global quantum cryptography market is segmented by Components into Solutions and Services. Among these, the services segment is estimated to hold the largest market share of xx% in 2019. The quantum cryptography designers provide vigorous technologies and services to their customers proposed towards securing data from the quantum hacker. The demand graph of the quantum cryptography market is consistently increasing at a substantial pace owing to the rise in the number of cases concerning data availability by unofficial third parties.
The Network Security segment to boost at the fastest CAGR of xx% during 2020-2030
The global quantum cryptography market is segmented by Security Type into Network Security, Application Security, and Database Security. Among these, the network security segment is witnessed to hold the largest market share of xx% in the year 2019. Network security is a method proposed to guarantee the reliability and utility of networks and data. It integrates hardware as well as software technologies. Influential network security aims at a range of hazards and averts them from inflowing or dispersing on your system. Moreover, since there is a higher need to safeguard the network due to network susceptibilities, several industry verticals like government and defense, healthcare, BFSI, retail, and automotive have started using quantum cryptography solutions, leading to the growth of network security at the highest CAGR in the coming years.
The Large Enterprises segment to grow with the fastest CAGR of xx% during 2020-2030
The global market for quantum cryptography is divided based on Organization Size into Large Enterprises and Small & Medium Enterprises. Among these, the large enterprise segment accounted for the largest market share of xx% in 2019. The rising demand for safeguarding critical information of large enterprises from imposters is a key aspect expected to push the growth of the large enterprise segment in the global quantum cryptography market.
Rising Cyber-attacks Cases in the Period of Digitalization
Digitalization provides several prospects to enhance systems and processes across organization verticals. The rising number of linked devices is acting as a leading factor in complications in cyber risk management and also uninvited cyber cases around the globe. Consequently, cyber-attacks are happening at a higher frequency and are pursuing businesses and governments. Regions, including the US, Turkey, China, Brazil, Pakistan, Algeria, India, and Europe are the main targets of cyber-attackers.
High Adoption Cost
Even though the adoption of quantum cryptography solutions raises the security of communication, these solutions are costly and time-consuming to adopt, and this leads to a fall in the implementation of quantum cryptography solutions. Their adoption cost rises with increasing distance; therefore, organizations have to pay huge fines for adopting and keeping these solutions and services, and this turns out to be a load for them. Thus, high installation charges behave like restraints for the development of the quantum cryptography market.
Quantum Cryptography Commercialization
Commercializing Quantum cryptography is a restraint because of the absence of customer knowledge, as it is one of the major drivers of economic growth. For the commercialization of high-technology advancements, the industry commercialization team must detect, find, merge, and handle the needed technological knowledge. Furthermore, modernization could be successful if the advancement team can follow the employees’ acquiring ways and develop and sustain a proper network. As quantum cryptography is a modern concept, various challenges are also cornering, like failure to acquire sufficient and relevant market information, failure to access the information correctly, insufficient knowledge about the market, and the inability to detect local and international sales and distributions centers. Thus, proper customer knowledge of quantum cryptography solutions is required to adopt the utilization of quantum cryptography solutions successfully. These are some of the key challenging factors that are impacting the market growth.
North America to surge at the highest CAGR of xx% during 2020-2030
Region-wise, the market for quantum cryptography across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, North America is witnessed to constitute xx% of the total market share in the year 2019. As North American regions have faced cyber-attacks and cyber threats, safety is the foremost requirement of the organizations in the region. The implementation of innovative technologies and services has also guided them to enter the market. Furthermore, small and medium enterprises are also advancing in the North American region. Due to the occurrence of scams in the sectors like BFSI, e-commerce, and healthcare in the USA region the quantum cryptography market has grown on a large scale.
Global Quantum Cryptography Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Quantum Cryptography Market size was estimated at USD 95 million in 2019 and is expected to reach USD 1,082 million by 2030
Toshiba, PQ Solutions, NEC Corporation, Infineon, Magic Technologies, Qubitekk, Qutools GmbH, Quintessence Labs, Crypta Labs, and Nucrypt Llc
The Services segment and The Network Security segment are anticipated to hold the Quantum Cryptography Market
Drivers Rising Cyber-attacks Cases in the Period of Digitalization
Quantum Cryptography consists of the use of physics knowledge to build a cryptosystem that is not easily consumable. Quantum indicates the primary behavior of particles of matter and energy. It explains everything that occurs and nothing can disrupt it..
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