USD 133.70 Million
Report ID:
SQMIG45L2015 |
Region:
Global |
Published Date: December, 2024
Pages:
199
|Tables:
0
|Figures:
0
Quantum Cryptography Market size was valued at USD 160.17 Million in 2023 and is poised to grow from USD 191.88 Million in 2024 to USD 679.57 Million by 2032, growing at a CAGR of 19.8% during the forecast period (2025-2032).
Its market development is likely to be driven by several factors, such as the upsurge in investments for cybersecurity, the growing need for next-generation security solutions in cloud and IoT technology, the rise in the incidence of cyber-attacks resulting from the advent of digitalization, and the evolution of the upcoming trends in wireless network technologies. The creation and application of quantum cryptography has been made easier by developments in wireless networking technologies. Modern society is replete with wireless networks, including cellular networks, Wi-Fi, and Bluetooth. Data sent wirelessly has increased due to their utilization. One of the things preventing quantum cryptography from becoming widely used is its high installation and implementation expenses.
Given how recent quantum cryptography is as a technique, some hardware and software are necessary. The cost of this hardware can be high, just as much as its installation and maintenance costs. Moreover, as quantum cryptography exists as a scientific discipline, for now, only a handful of companies and applications can be found that utilize it. The COVID-19 epidemic hastened the digitization of all sectors of the economy, increasing the demand for secure communications. For example, the majority of doctors began keeping computerized records in the medical field during the pandemic. These records were legally required to be kept secure in a number of nations. Such electronic communications are made secure by technology based on quantum cryptography.
Global Market Size
USD 133.70 Million
Largest Segment
large enterprises
Fastest Growth
Small and Medium Enterprises (SMEs)
Growth Rate
19.8%
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Global Quantum Cryptography Market is segmented by Type, by Security Type, by Transmission, by Deployment mode, by Service, by Industry and by Region. Based on Type, the market is segmented into Quantum Key Distribution, Quantum Random Number Generation, Quantum-safe cryptography, Quantum key management, Others. Based on Security Type, the market is segmented into Application Security, Network Security, Database Security, Cloud Security. Based on Transmission, the market is segmented into Fiber-optic cable transmission, Satellite-based transmission. Based on Deployment mode, the market is segmented into On-premises, Cloud. Based on Service, the market is segmented into Professional services, Managed services. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Organizational Size
As per categorization by organizational size, the market is classified as small & medium enterprise, and large enterprise. Among these, large enterprises earned the largest share and continue to dominate the market. Large corporations are at the forefront of the global quantum cryptography market due to advanced encryption technologies that enable them to handle immense volumes of sensitive information. Many of these corporations can sustain such types of leadership since they have enough financial strength to invest heavily in R&D activities and embrace quantum solutions early. The said organizations also operate in environments with greater regulatory pressures and risks, for instance cyber threats, hence their quest for advanced security solutions. Security in most large organizations today entails incorporation of quantum cryptography technology in their systems to protect them against potential quantum attacks.
The growth of the global quantum cryptography market is expected to be the highest among all other sectors in the world, which is Small and Medium Enterprises (SMEs). This is attributed to increased cyber threats and affordability of quantum technologies. With the ongoing digitization of SMEs, the contention of data loss increases and hence the use of tools such as quantum cryptography which help to protect such data is also in high demand. What is more, technological advancements are developing quantum security solutions that are easier to adapt and affordable enabling the adoption of the solutions by even small medium enterprises who otherwise had budget constraints. With the awareness of such threats rising, SMEs have started to place their business operations and sensitive data at the center of investment in strong, future-oriented cryptographic tools leading to rapid growth of the same market.
Analysis by Security Type
At the leading edge of the global market for quantum cryptography solutions, network security innovates at an unprecedented rate. The quantum key distribution (QKD) has emerged as the foremost solution to counteract threats for data in motion. In addition, there is quantum cryptography, which takes the existing encryption systems several steps further and can guarantee networks sensitive communications almost uncompromised. Network security dominates the market due to the increasing volume of cyberattacks targeting data transmission, especially for industries like finance, government, and telecommunications. The complexities of networks are increasing and the global appetite for secure communications has grown such that quantum cryptography has become imperative for infrastructure protection. Therefore, network security forms the most important share within this market.
Application security is set to be the fastest-growing segment in the global quantum cryptography market as businesses increasingly prioritize safeguarding their software and digital platforms from advanced cyber threats. As a result of cloud computing, mobile apps and teleworking, the threats in application-layer vulnerabilities have widened considerably. Quantum cryptography provides modern advanced encryption solutions which embed internal protection for the content of apps, hence, appealing to sectors such as banking, healthcare, and e-commerce. Due to growing numbers of organizations implementing quantum cryptography guarding users’ data, solutions for the protection of the applications will experience swift growth and ascendance in the market.
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North America dominates the global quantum cryptography market due to its advanced technological infrastructure, substantial government and private sector investments, and early adoption of quantum technologies. Many well-established organizations, centers of research, and young enterprises fostering quantum progress are present in the region. At the same time stringent data protection commitments, especially in regions like finance, health care, and defense, are also driving the growth in demand for quantum cryptography solutions. More importantly, government policies in the U.S, such as the National Quantum Initiative Act, provide huge funding towards research and development thus reinforcing North America’s position. All these factors come together to promote the growth of the region as the leading quantum cryptography market in the world.
Currently, Europe is the most opportunistic region in the global quantum cryptography market since the pace of government support and funding of quantum research are increasing and there is growing awareness of cyber security threats. Initiatives such as the Quantum Flagship Program, which is aimed at promoting quantum innovation within the European Union, exemplifies the EU’s commitment towards quantum developments. Furthermore, growing reforms in data protection, especially the General Data Protection Regulation (GDPR), have necessitated the usage of advanced security mechanisms by organizations. The region's emphasis on the protection of key industries such as finance, healthcare and defense, coupled with strong partnerships between the public and private sectors, is driving the Europe quantum cryptography market at a swift pace.
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Drivers
Increasing Cybersecurity Threats
Government Initiatives and Investments
Restraints
Limited Technological Maturity
Lack of Skilled Workforce
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The global quantum cryptography market is characterized by intense competition as most market players are investing in strategies like innovation, research, and partnerships to consolidate their market stance. Examples of such international firms in this industry are ID Quantique, MagiQ Technologies, QuintessenceLabs, and Toshiba Corporation. These companies develop advanced quantum key distribution (QKD) systems and quantum-safe encryption technologies through investments and synergies in order to meet the growing need for better cybersecurity solutions across various sectors.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global quantum cryptography market is poised for substantial growth, driven by increasing cybersecurity threats and evolving technological demands. While large enterprises dominate the market due to their resources and regulatory pressures, small and medium enterprises are emerging as a fast-growing segment, motivated by rising cyber risks and greater access to quantum solutions.
Safety concerns in networks still remain the top priority with quantum key distribution as the leading technology used in the protection of classified information. At the same time, application security is on the rise owing to the growing need for strong security measures in the digital era. Combined, these forces are transforming the evolving landscape of quantum cryptography.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 133.70 Million |
Market size value in 2031 | USD 567.25 Million |
Growth Rate | 19.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Quantum Cryptography Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Quantum Cryptography Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Quantum Cryptography Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Quantum Cryptography Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45L2015
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