Markets and Markets Limited
Markets and Markets Limited
10/09/2024 | Press release | Distributed by Public on 10/08/2024 21:42
Quantum Cryptography (QC) Market worth $7.59 billion in 2030
According to a research report "Quantum Cryptography (QC) Market by Solution (Quantum Key Distribution (QKD), Quantum Random Number Generators (QRNG), Quantum-safe Cryptography)), Service (Professional, Managed), Security Type (Network, Application, Cloud) - Global Forecast to 2030" published by MarketsandMarkets, the global quantum cryptography market size will grow to USD 1.15 billion by 2024 (forecast year) from USD 7.59 billion in 2030 (estimated year), at a CAGR of 36.8 % during 2024- 2030 period.
Browse 487 market data Tables and 59 Figures spread through 385 Pages and in-depth TOC on "Quantum Cryptography (QC) Market by Solution (Quantum Key Distribution (QKD), Quantum Random Number Generators (QRNG), Quantum-safe Cryptography)), Service (Professional, Managed), Security Type (Network, Application, Cloud) - Global Forecast to 2030"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/quantum-cryptography-market-45857130.html
The growth in the quantum cryptography market is being fueled by increased cyberattacks, advancement in quantum computing, and major initiatives by governments around the world across various sectors as healthcare, defense, telecom, IT, finance, and education. The increase in demand for advanced security measures to protect sensitive information from malicious attacks has brought a shift from traditional cryptographic methods to more robust solutions. More especially, the digital banking and electronic transaction are increasing, and therefore, the communication system should be assuredly secured. Quantum cryptography solutions such as Quantum Key Distribution (QKD), Quantum Random Number Generators (QRNG), or hardware security modules may provide theoretically unbreakable encryption to safeguard the data and communications against increasingly sophisticated cyber threats.
Based on the Organization Size, the Large Enterprises segment accounts for the highest market size during the forecast period.
Quantum cryptography is mostly driven by the large enterprises segment, since managing big amounts of sensitive data requires a high level of security and there are more strict regulations in end-users like finance and healthcare. The quantum threats are very likely to stimulate significant investments into solutions resilient to such threats. Consequently, it is the large enterprises which have the potential for holistic R&D, such as that of IBM or Google, who have already been developing post-quantum cryptographic algorithms. Additional strategic partnerships with organizations, such as NIST, contribute to increased adoption. Innovators, like Cloudflare, which has already integrated post-quantum protocols, are a show of proactive action.
By Vertical, Healthcare segment will grow at the highest CAGR during the forecast period.
Emerging security threats, the increased need for regulatory compliances, and an ongoing process of digital transformation is driving the healthcare industry in the quantum cryptography market. Healthcare organizations hold highly sensitive data related to personal health information that has become a high-priority target for cyberattacks. Quantum cryptography provides for advanced encryption techniques that will ensure the safety of that data and will help keep these regulations, such as HIPAA, in check. The growing demand for electronic health records, telemedicine, and cloud solutions further increases the requirement for future-proof security. In addition to this, real-time data access is critical in emergency medical care. Growing healthcare cybersecurity investment in the public as well as private sectors is driving the adoption of quantum cryptography solutions due to the driving urgency for implementing security measures and government regulations supporting the adoption of cryptographic technologies. For example, companies like ID Quantique have developed custom healthcare applications for specific security needs in healthcare sector with a motive of securing sensitive data related to the patients.
By region, Europe will grow at the highest CAGR during the forecast period.
Europe in quantum cryptography market is driven by several factors that include strong governmental support coupled with funding through initiatives such as the EuroQCI enhancing the security of European communications. The ever-growing challenge of cyber-related risks force financial, health, and governments to modernize their safety measures. Stricter regulation like the GDPR makes organizations more and more in need of safe defense mechanisms for personal data. Moreover, the presence of leading research institutions and early adoption of quantum technologies by countries such as Germany and UK further contribute to the growth of this market.
The report profiles key players such as Toshiba (Japan), NXP Semiconductor (Netherlands), Thales (France), IDEMIA (France), Palo Alto Networks (US), DigiCert (US), Quintessence Labs (Australia), QuantumCtek (China), ISARA (Canada), IBM (US), ID Quantique (Switzerland), MagiQ Technologies (US), Crypta Labs (UK), Qasky (China), Qubitekk (US), Nucrypt (US), Quantum Xchange (US).
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