The Global Market for Quantum Cryptography is Forecast to Reach US$898.3 Million by 2020
Growing Threat of Cyber Attacks & Quantum
Computers Drives the Quantum Cryptography Market, According to
a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global
report on Quantum Cryptography. The
global market for Quantum Cryptography is forecast to reach US$898.3 million by
2020, driven by the need to secure data communication networks against
cyber attacks, and address the emerging threat of quantum computers.
Quantum Cryptography (QC), a technique that harnesses the
quantum-mechanical properties of light for creating secure encryption, is
assuming ever more importance in the light of the string of major cyber attacks
on government agencies and public utilities. Moreover, the vulnerability of
conventional cryptographic approaches to rapid advancements in mathematical
algorithms, and imminent threat of quantum computers, is spurring the
development and commercialization of Quantum Cryptography techniques.
The QC concept has matured considerably, migrating from laboratory to
proof-of-concept demonstrations and commercialized products since emerging in the 1980s. However,
real-world deployment of the technology remains limited due partly to
technological restrictions, high cost of switching to quantum systems, side channel
attack risks, and difficulties in integrating the technology into existing
communication networks. Quantum Key Distribution (QKD) technology is already finding
application in the government and research sectors. While terrestrial QKD has
already become a reality in some countries, the range of transmissions is
constrained by geographic factors associated with the management of qubit’s
relatively fragile state over long distances. Though satellite QKD networks are
yet to crystallize, a number of countries are undertaking ambitious plans to
set up a satellite network exclusively for QKD transmission. A number of challenges related to atmospheric
turbulence, extreme power consumption, background noise, and low accuracy rate,
remain to be addressed prior to
implementing satellite QKD links.
The early adopters of quantum cryptographic technique
include governments, military agencies or armed forces, and research
institutes. Given the pace of technological advancement in recent years, the
target market for quantum cryptography is poised to grow rapidly in the near
term, expanding beyond the present niche areas to encompass several commercial
entities, such as large and medium-sized financial companies, banks, police and
gaming houses, public utilities, law and accountancy firms, power stations, and
airports. Quantum cryptography in financial services market would enable safer
data recovery and interconnectivity between the wholesale banks. As hardware
and software costs decrease, quantum cryptography is also expected to find
application in the field of e-commerce, e-government, e-health, and intelligent
transport systems. QC can also be applied for transmission of biometric
information
As stated by the new market research report on Quantum
Cryptography, European banking establishments and government agencies have been
using practical QKD systems for several years. However, the low range and lack
of scalability confined the technology to research and military institutions in
the United States.
Backed by huge governmental funding, China is fast
overtaking advanced countries in developing a nationwide quantum cryptography
system.
Major players covered in the market include Alcatel-Lucent
SA, HP Laboratories, ID Quantique SA, International Business Machines Corp.,
MagiQ Technologies Inc., Nippon Telegraph and Telephone Corp., Nucrypt LLC, Oki
Electric Industry Company Ltd., QinetiQ Group PLC, QuintessenceLabs Inc.,
Raytheon BBN Technologies, SeQureNet SarL, Toshiba Corp., and Universal Quantum
D evices, among others.
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