The Global Market for Quantum Cryptography is Forecast to Reach US$2 Billion by 2024
Growing Need for Secure
and Safe Communication Drives the Quantum Cryptography Market, According
to a New Report by Global Industry
Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Quantum Cryptography market. The
global market for Quantum Cryptography is forecast to reach US$2 billion by 2024,
driven by the growing need for secure and safe data transmission through
networks against the backdrop of increasing number of frauds.
The global Quantum Cryptography
(QC) market is forecast to benefit from the increasing demand for securing data
and protecting organizations’ critical IT environments. Across all types of
organizations, there is currently a growing need for secure and safe data transmission
through networks against the backdrop of increasing number of frauds. Not just
large organizations, but medium and small-size businesses and regulatory bodies
across the world, are witnessing increased number of duplicitous activities and
the answer lies in deploying QC-based solutions. Smartphone ubiquity and the
rapid surge in Internet popularity all through the previous decade, created the
requirement for safety of data, secure communications as well as protection
against the increasing number of cyber-attacks. Quantum cryptography has been
identified as the most dependable of all the present day solutions for
addressing the issue of data security.
One of the major applications
of QC is QKD or Quantum key distribution, which addresses issues pertaining to
security of key exchange and creates a secure key for distant parties using
single photons for transmitting bits of key. QKD is in use at banks, defense
organizations, and governments since many years now. The success rate in these
early applications is expected to pave way for several more end-uses and
applications in future, including securing transactions of large enterprises,
airports, and also Internet transactions among others. Currently, the end-use
segment of governing and regulatory bodies accounts for the dominant share in
the global market for QC and is anticipated to sustain its leadership position
in the ensuing years. Increasing adoption of QC solutions for e-government
initiatives, increased focus on making available online options for
utility-bill payments across many countries, and the increase in corporate
accounts, would drive future growth for QC in the governing and regulatory
bodies market segment.
As stated by the new market
research report on Quantum
Cryptography, the United States is currently the leading market for QC and
is expected to continue to lead global growth. Key factors driving growth of QC
in the country include increasing number of insider frauds across different
types of organizations, growing number of cyberattacks, and growing prominence
of web-based businesses in the BFSI, e-commerce, and healthcare sectors.
Asia-Pacific ranks as the fastest growing market led by China. The country is
making rapid strides in the field of quantum information and QKD supported by
substantial funding from the domestic government.
Major players in the
market include ID Quantique SA, MagiQ Technologies Inc., Nippon Telegraph and
Telephone Corp., Nucrypt LLC, Oki Electric Industry Company Ltd.,
QuintessenceLabs Inc., Raytheon BBN Technologies, SeQureNet SarL, SK Telecom,
and Universal Quantum Devices, among others.
The research report titled “Quantum
Cryptography: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The single segment report provides market
estimates and projections in US$ million for the global and regional quantum
cryptography market for the analysis period 2016-2024. Geographic regions
analyzed include US, Europe, Asia-Pacific, and Rest of World.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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