Global Quantum Cryptography Market (2021-2026) by Component, Services, Security Type, Organization Size, Algorithm Type, Industry Vertical, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Global Quantum Cryptography Market (2021-2026) by Component, Services, Security Type, Organization Size, Algorithm Type, Industry Vertical, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Introduction

The Global Quantum Cryptography Market is estimated to be USD 121.1 Mn in 2021 and is expected to reach USD 274.7 Mn by 2026, growing at a CAGR of 17.8%.

Certain factors responsible for the growth of the quantum cryptography market are the growing cyber-attacks incidents due to rapid digitalization, increasing funding for cybersecurity, rising adoption of next-generation security solutions for cloud and IoT, and evolving next-generation wireless network technologies.

Conversely, lack of expertise and high implementation cost are the restraining factors for quantum cryptography. In addition, low customer awareness about quantum cryptography is expected to restrain market growth during the forecast period. An increase in daily online transactions due to online business requires more payment security. An increase in demand due to security concerns across various industry verticals is anticipated to offer business opportunities to the quantum cryptography market.

Market Dynamics

Drivers

• Growing Cyber Attacks due to Rapid Digitalization
• Increasing Funding for Cybersecurity
• Rising Adoption for Next-Generation Security Solutions for Cloud and IoT Technologies
• Evolving Next-Generation Wireless Network Technologies

Restraints

• High Implementation Cost
• Lack of Expertise

Challenges

• Quantum Cryptography Commercialization
• Technological and Implementation Challenges

Opportunities

• Increasing Demand for Security Solutions across all Industry Verticals
• Increasing Need for Integration Solutions

Trends

• Quantum key distribution coupled with 5G Networks

Segments Covered

By Component, the Solutions segment is expected to hold the maximum share of the global quantum cryptography market. The continuous increase in data transmission has led to an increased need for and reliance on cryptography. These solutions offer the same level of trust and confidence in the digital world as in the physical world. These solutions allow people to interact via e-mail, eCommerce, ATMs, cell phones, etc. Moreover, quantum cryptography solutions can easily be integrated with existing security systems. All these advantages thus contribute to the higher growth of the solutions segment.

By Security Type, the Network Security Segment is estimated to hold the highest market share during the forecast period. Network security focuses on an array of dangers and prevents them from entering or extending on the system. There is more need to secure the network due to network vulnerabilities. Hence, various industry verticals such as government & defense, healthcare, BFSI, retail, and automotive have started using this type of solution for the network protection of their system.

By Organization Size, Large Enterprises are estimated to hold the highest market share. The rising demand for security and safety of vital information of large enterprises from imposters is a key aspect expected to push the growth of the large enterprise segment.

By Algorithm Type, Symmetric Key is estimated to hold the largest market share during the forecast period. For standard encrypt/decrypt functions, symmetric algorithms are faster than asymmetric key. Asymmetric cryptography is massively inefficient. Symmetric cryptography is designed precisely for the efficient and accurate handling and processing of large volumes of data. Hence, the symmetric key has the maximum market share.

By Industry Vertical, the IT & Telecom segment is estimated to hold the highest market share during the forecast period. The increasing industry size of IT is due to the necessity for a secured network because of network vulnerabilities and privacy issues. Quantum cryptography doesn’t allow the third party to encrypt the data, and this increases the security of the data. Hence, the implementation and integration of quantum cryptography systems have increased in the IT sector globally. This will decrease the cyber-attacks and will further lead to the growth of the IT and telecom segment in the future.

By Geography, North America is projected to lead the market for quantum cryptography market. This region is more prone to cyber-attacks and cyber threats. Hence, safety is the first and foremost requirement of the organizations in this region. The implementation of advanced technologies and innovative services has also guided them to enter the market. Furthermore, SMEs are also advancing in the North American region. Due to the frequent incidence of scams in the sectors like BFSI, e-commerce, and healthcare in the USA region demands the implementation of quantum cryptography solutions.

The Global Quantum Cryptography Market is segmented further based on Component, Services, Security Type, Organization Size, Algorithm Type, Industry Vertical, and Geography.

Company Profiles

Some of the companies covered in this report are Quintessencelabs, Crypta Labs, Qutools, Qubitekk, Isara Corporation, QuantumCtek, Qunu Labs, IBM, HP, NEC, Toshiba, Infineon, Aurea Technology, Nucrypt, Qrypt, etc.

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

The report offers a comprehensive evaluation of the Global Quantum Cryptography Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.

The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.

The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.

The report also contains the competitive analysis using IGR Competitive Quadrant, Infogence’s proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market