Quantum cryptography is a method of generating cryptographic keys from photons, which are subsequently sent to a recipient through a suitable communication channel. The major benefit of quantum cryptography is that, rather than relying on mathematical methods or computer technology, it ensures secure communication by providing security based on basic physical principles.
From 2021 to 2026, the global quantum cryptography market is expected to flourish at a CAGR of 28.8%, from USD 2253.8 million in 2019 to USD 13450 million by the end of 2026.
Due to an increase in cyber-attacks in the digital age, increasing cybersecurity investment, growing demand for next-generation security solutions for cloud and IoT technologies, and altering next-generation wireless network technologies, the global quantum cryptography market is expected to grow.
COVID-19’s Impact on the Quantum Cryptography Market
Quantum cryptography is becoming increasingly popular as the demand for digitalization grows. Companies are aware that data recovery is expensive nowadays, and that, as a result of COVID-19, there has been a surge in cyberattacks, prompting them to purchase quantum cryptography solutions to safeguard their data. Quantum cryptography solutions have become more popular as cloud-based software has become more widely used across many sectors. The requirement for training and consulting services to guarantee the proper implementation of quantum cryptography systems in the region is rising. Furthermore, the encryption industry is being driven by the rising number of security businesses in the database and the services they provide.
Players on the Market
A few globally established firms dominate the quantum cryptography industry, including PQ Solutions (U.K), Infineon (Germany), Qubitekk (U.S), Quintessence labs (Australia), Nucrypt Llc (U.S), Crypta Labs (U.K), Qutools GmbH (Germany), Magiq Technologies (U.S), NEC Corporation (Japan), Toshiba (Japan).
|Market size available for years||2017–2026|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Component (Solutions and Services), Security Type, Vertical, and Region|
|Geographies covered||Americas, APAC, Europe, and the Middle East and Africa|
|Companies covered||PQ Solutions (U.K), Infineon (Germany), Qubitekk (U.S), Quintessence labs (Australia), Nucrypt Llc (U.S), Crypta Labs (U.K), Qutools GmbH (Germany), Magiq Technologies (U.S), NEC Corporation (Japan), Toshiba (Japan)|
The quantum cryptography market is segmented by component [solutions and services (consulting and advisory, deployment and integration, and support and maintenance)], security type (network and application security), vertical (government and defense, BFSI, retail, healthcare, automotive, and others (telecom, energy and utilities, logistics, and education)), and region in this research report.