Market Research Future (MRFR)’s latest study confirms that the quantum cryptography market 2020 can make decent progress at a rate of close to 14% between 2017 and 2023, which is the assessment period. We will provide COVID-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
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Renowned Market Firms
The renowned market firms listed in the study include Toshiba (Japan), Quintessencelabs (Australia), PQ Solutions (U.K), Crypta Labs (U.K), Infineon (Germany), Magiq Technologies (U.S), Nucrypt Llc (U.S), Qutools GmbH (Germany), NEC Corporation (Japan), Qubitekk (U.S), and more.
Primary Drivers and Main Barriers
The entire IT industry is feeling the heat of the revenue loss induced by the lockdown post the COVID-19 outbreak. The pandemic has resulted in slower decision-making, client bankruptcy as well as reduced spending on IT related products. Other developments following the SARS-CoV-2 outbreak include cyber-attacks, data fraud or theft as well as increased fragility of the IT infrastructure. There has been a sharp rise in these risks and threats especially since the advent of the novel coronavirus, with the sensitive data of several fortune 500 vendors exposed to superior hackers. As a result, companies worldwide are trying to uptake quantum cryptography capabilities that can help them secure their data from such miscreants in the future.
Although the COVID-19 impact on the quantum cryptography market has been significant, the rising need for a secure and safe digital world and the escalating demand for the quantum technology to cater to this need can be a lucrative opportunity in the coming period. Moreover, the accelerated deployment of cloud storage along with various computing technologies can also be a major growth enhancer in the global market.
Various industries now understand the importance of quantum cryptography and its ability to secure network security, especially in the COVID-19 era. Therefore, a vast number of end-users are making high demand for quantum cryptography to ensure security of their critical data within the 5G era. More and more market vendors are launching new innovations that cater to the rising need of the clients who are seeking new technologies to secure their critical data infrastructure.
For instance, in June 2020, SK Telecom (Seoul) – a well-known South Korean mobile carrier – developed quantum key distributor/QKD, which is a secure communications system that facilitates protection of quantum-safe data. The system has been deployed at Korea Hydro & Nuclear Power to deal with the issues related to hacking as well as security threats.
The Quantum Cryptography industry can be considered according to segments like service, application, vertical, as well as component.
The services available in the worldwide market include deployment and integration services, consulting services and support and maintenance services.
The key applications considered in the report are application security, network security and database encryption.
The vertical segment consists of healthcare and life sciences, banking and financial services, IT and telecom, government and defense along with consumer goods and retail.
The market sections, depending on component, include hardware as well as software.
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The Quantum Cryptography Market size has been studied with respect to certain regions, namely North America, APAC/Asia Pacific, along with Europe and RoW/Rest of the World.
North America can be the worldwide leader in the quantum cryptography market, since the region houses an extensive IT infrastructure that facilitates better penetration of IoT devices and higher connectivity. The alarming surge in the number of cyber-attacks and their rising sophistication in the region is the result of the escalated use of encryption-based applications, which leads to elevated market demand, especially in the United State, Mexico and Canada. Some other important growth inducers include the advancements in the latest wireless networks combined with the increased spending on R&D activities by the leading players in North America.
APAC is on the way to achieve the highest growth rate during the given period, headed by India and China. There is a high demand and consumption of quantum cryptography in the region, mostly due to the rising concerns pertaining to data security as well as privacy amid the rising number of hackings and security threats. Some of the largest companies and various government agencies in the region are either trying to explore quantum processor technologies or are joining hands with the emerging startups to enhance the overall application scope of quantum cryptography.
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