Quantum Cryptography Market Analysis
The new research report about the global quantum cryptography market published by Market Research Future (MRFR) sees a surge for this market at 14% CAGR between 2017 and 2023.
The vital global Quantum Cryptography Market driver is rising demands for security solutions across various industrial verticals. Other important market drivers include increasing data security due to rising privacy concerns and rise in the adoption of computing technologies & cloud storage technologies. However, low customer awareness of quantum cryptography can restrain the market growth.
Different industries involve energy projects that differ in nature. Such projects require quantum mechanics or quantum physics as in the context of quantum field theory; nature is described at the smallest scales of energy levels of atoms and subatomic particles. The information of these projects can be secured by quantum cryptography as it offers advanced cryptographic systems. The system cannot be compromised easily. Quantum cryptography allows two parties to share secret keys that are known only to them (sharing parties). These messages are secured by encryption by keys. A quantum key distribution system allows users to detect any third party in the system. Therefore, the market for quantum cryptography is surging. Quantum cryptography is used for automotive electronics, data security, data protection, power management, semiconductor solutions, industry power control, and quantum computing. The quantum cryptography solutions are designed mostly to ensure a machine to machine communication.
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Major players in the global quantum cryptography market include Crypta Labs (UK), Magiq Technologies (USA), Infineon (Germany), Nucrypt LLC (USA), NEC Corporation (Japan), PQ Solutions (UK), Quintessencelabs (Australia), Qubitekk (USA), Qutools GmbH (Germany), and Toshiba (Japan).
Latest Industry News
To prevent hackers from stealing sensitive information like credit card information, the Cloudflare is testing post-quantum cryptography technology to offer advanced security. It is sharing its open-source software package, Cloudflare Interoperable Reusable Cryptographic Library (CIRCL), on GitHub. 21 JUNE 2019
The global quantum cryptography market segmentation covers application, component, service, and vertical. MRFR’s intent is to understand features of these segments and chart trends that could impact the market in the coming years.
The application-based segmentation of this market covers application security, database encryption, and network security. Application security is about the use of hardware, software, and many procedural methods meant to protect applications from external threats like malware. Database encryption is defined as the process of converting data in plain text format within a database, into a meaningless ciphertext, through a suitable algorithm. Network security includes many policies and practices that have been adopted to prevent and monitor modification, misuse, unauthorized access, or denial of a computer network and resources accessible to the network.
Based on the component, the market has been segmented into hardware and software. Hardware is described as the physical body of a computer while software comprises programs that make computer perform a task.
In the context of services, the market has been segmented into consulting services, deployment & integration services, and support and maintenance services. Deployment services are about system administrators deploying operating systems remotely. Such services are useful for network-based installations to set up computers for new employees in the organization. Integration services are used for data migration. Support services are a set of services that assist users of technology products such as computers, mobile devices, televisions, software products, or other informatics. Informatics can be electronic or mechanical. Maintenance services keep the devices in good condition, and they can be customized.
Regarding vertical, this market has been segmented into banking & financial services (BFSI), consumer goods & retail, government & defense, healthcare & life sciences, and information technology (IT) & telecom.
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The regional segmentation of the global quantum cryptography market covers North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa (MEA).
During the forecast period, the North American market has been estimated to grow and hold the largest share. In this region, the market is growing due to advanced safety & security concerns and the high adoption of cloud-based applications. Most of the key market players are based in the USA. After the USA, Canada and Mexico are the largest country-specific markets. Latin America is a smaller market as technologically; it is not as advanced as North America.
Europe is another important regional market as it has technological advancements. Its population is more than North America. Major country-specific markets of this region are Germany, France, and the UK.
During the forecast period, the Asia Pacific region can appear as the fastest growing regional market. The Asia Pacific is catching up with North America and Europe. The big-time country-specific markets in this region are China, India, and Japan.
In the MEA region, the market is small and limited due to poverty, limited availability of technology, poor infrastructure, and limited internet connectivity.
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