Data Security Issues Compounded by the Rise of Quantum Computers That Make Current Encryption Methods Useless Drives Interest in Quantum-Safe Encryptions

The global market for Quantum Cryptography is forecast to reach US$2.6 billion by 2024, driven by the rising need to make data transmission secure, the impending threat of quantum computers, and growing QKD research in China and other regional markets. The increasing dependence on computer networks for business communications and transactions involving sharing of business-critical information has created a pressing need for sophisticated encryption options to ensure security of sensitive data from third parties. The requirement to make data transmission secure and mitigate cyber security issues remains the primary driver for overall growth of the quantum cryptography market. In recent years, quantum cryptography has garnered notable interest from governments, commercial organizations and military operators on account of its matchless security levels. Quantum Cryptography relies on Quantum Key Distribution (QKD) that generates and distributes random secret keys to assist traditional communication channels in securely transmitting the data.

QKD can be used for free space quantum communications or across nodes that are connected by optical fiber. While data transmission through fiber-optic networks limits QKD’s range, free space quantum communications like between a satellite and ground station allows scaling of quantum communication to long distances. Upcoming developments in the field of QKD are anticipated to focus on building a global QKD network and extending the range of existing systems. Over the coming years, quantum cryptography is expected to present an effective alternative to the non-quantum cryptography technology. Non-quantum methods use algorithms that require thousands of years to crack with the existing computing power. However, the advent of quantum computers with exponentially high computational speeds in future is likely to overcome the challenge and make these algorithms an easy target for hackers. The concern is anticipated to encourage organizations to proactively move towards quantum cryptography systems.

Quantum computers are anticipated to render proven encryption methods useless owing to their capability to crack high-entropy keys within seconds by identifying long prime numbers used for generating these keys. The potential threat posed by quantum computing to conventional public key cryptography points towards the need for quantum-safe encryption, such as quantum key distribution (QKD) that allows immediate detection of attempts to hack transmitted keys, and offers an effective shield against quantum computing. Various companies are coming up with innovative solutions to support research efforts in quantum cryptography.

As stated by the new market research report on Quantum Cryptography, the United States is currently the leading market for Quantum cryptography, backed by the increasing governmental support and investments. However, the US is expected to be surpassed by China due to the rapid strides being made in the field of quantum information and QKD, supported by substantial funding from the 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, SK Telecom, and Universal Quantum Devices, among others.

The research report titled “Quantum Cryptography – Market Analysis, Trends, and Forecasts” 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, China, Asia-Pacific (exc. China), and Rest of World.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

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