Quantum Cryptography Market Trends, Segments: By Mode By Component Trending MRFR Report and Investment Feasibility Share, Analysis Research Report, Trends, forecast 2027
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The global
Quantum Cryptography Market Trends has been
witnessed to be growing at a highly positive CAGR of 14% during the assessment
period from 2017 to 2023. Market Research Future has predicted consistent and
optimistic growth for the global quantum cryptography market. Quantum cryptography
uses quantum key distribution among other techniques to offer secure solutions
and improve security on digital data. In a global environment where most
everything has been digitized and there are high volumes of sensitive data, the
demand for security solutions to protect such data has grown tremendously.
Applications
for quantum cryptography are huge and significant. Governments can use quantum
cryptography to secure voting data and results safely to prevent vote
tampering. This practice is already being used in Switzerland and Geneva.
Meanwhile, NASA also uses quantum cryptography to ensure the security of
information transmitted to space stations. With the growth of the smart power
grid, particularly in developed economies, there is worry that cyber threats
and attacks can damage smart electricity grids thereby encouraging the use of
quantum encryption, such smart grids are more secure. Quantum key distribution
offers a method of guaranteed security. Consumers are increasingly aware of
security threats and cyber attacks. These consumers are increasing their demand
for secure connections to protect data. Many industries including BFSI and
healthcare also have a high demand for strong security solutions due to the
desire to protect sensitive consumer data.
However,
the complexity of quantum cryptography is slowing the growth of the market. The
point to point nature of connectivity makes quantum cryptography expensive to
deploy to scale. Long distance networks are also difficult to protect using
this technology. Moreover, there is a significant lack in standards regarding
commercial security which is expected to hinder market growth.
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Segmentation:
Segments
in the global quantum cryptography market have been determined on the basis of
service, application, vertical, component, and region. Service has been
segmented into support & maintenance services, deployment & integration
services, and consulting services.
Applications
of quantum cryptography can be found in application security, network security,
and database encryption.
Verticals
which employ the use of quantum cryptography include BFSI, consumer goods,
retail, government & defense, IT & telecom, and healthcare & life
sciences.
Components
have been primarily segmented between hardware and software.
Competitive Outlook:
The
worldwide competitors of the quantum cryptography market are Infineon
(Germany), P.Q. Solutions (U.K), Qubitekk (U.S), Nucrypt Llc (U.S),
QuintessenceLabs (Australia), Crypta Labs (U.K), Magiq Technologies (U.S),
qutools GmbH (Germany), NEC Corporation (Japan), Toshiba (Japan), and a few
more.
Regional Analysis:
Major regions that have been studied in the global analysis
of the quantum cryptography market include Europe, North America, Asia Pacific
and the Rest of the World. North America has been observed to be leading market
growth due to the high adoption of quantum cryptography to ensure the security
of data. The high adoption of cloud-based applications and integration with
cloud platforms has resulted in increased security risks which drive the global
market. Increasing safety concerns about data following general consumer
awareness are expected to drive the North American market. Europe is another
significant region where quantum cryptography is prominent and growing as a
market. Quantum cryptography is being used in both North America and Europe as
a way to secure communications with space stations. In Europe, several
countries use quantum cryptography to secure voting and prevent tampering or
any other kind of problem with the security of voting data.
Industry News
A network of thousands of kilometers of quantum key
distribution (QKD) is developed in China. It connects four metropolitan area
quantum networks (QMANs) to a remote location in the far west of China in
cities in eastern China. It consists of a 2000-kilometer fiber optics link
between Shanghai, Hefei, Jinan and Peking and a 2600-kilometer satellite
connection between two observatories - one east of the cathedral and a few
hundred kilometers away from China's Kazakhstan border.
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Table of Contents:
1 Executive
Summary
2 Scope
of the Report
2.1 Market
Definition
2.2 Scope of the
Study
2.2.1 Research
objectives
2.2.2 Assumptions
& Limitations
2.3 Markets Structure
3 Market
Research Methodology
3.1 Research
Process
3.2 Secondary
Research
3.3 Primary
Research
3.4 Forecast
Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global
Quantum Cryptography Market
5 Industry Overview of Global Quantum
Cryptography Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
6 Market Trends
6.1 Introduction
6.2 Growth Trends
6.3 Impact Analysis
Continued….
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