Market Research Future (MRFR), in its revised “Global Quantum Cryptography Market” report, states different factors that can contribute to the global market. MRFR findings states that the global quantum cryptography market can surge at 14% CAGR through 2017 and 2023. By 2023, the quantum cryptography market can attain a value at USD 640 Mn. The growing need for privacy concerns and data security can prompt the expansion of the global quantum cryptography market. In addition, the rise in acceptance of computing technologies and cloud storage can drive the quantum cryptography global market. On the contrary, short in customer awareness on quantum cryptography solutions can hinder the surge in the market. The rise in demand for security solutions across different sectors can create lucrative opportunities for the global market of quantum cryptography.
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Advancements in technology, such as blockchain solutions, big data analytics, IoT and cloud services are accounted for the increased in traction for the quantum cryptography market. Quantum cryptography-based security models use advanced cryptographic systems that cannot be certainly deciphered. In this, only two parties are allowed to share secret keys that are stay confidential to them. The keys that are used to decrypt and encrypt messages between the parties are intended to share among themselves. The major benefit of the quantum cryptographic systems can allow the communicating users to spot the presence of third party this be a leak for complete secrecy while messages are being transferred across the system. These are factors that can prompt the expansion of the worldwide quantum cryptography market.
MRFR profiled major players in the worldwide quantum cryptography market. They are; Infineon (Germany), PQ Solutions (U.K), Quintessencelabs (Australia), Qubitekk (U.S), Crypta Labs (U.K), Nucrypt (U.S), Magiq Technologies (U.S), Qutools (Germany), Toshiba (Japan), and NEC Corporation (Japan) among others. Innovations and deals can prompt the expansion of the quantum cryptography market.
The quantum cryptography global market study segments are based on application, vertical, component, and service.
The service-based segments of the quantum cryptography market are deployment and integration services, support and maintenance services, and consulting services. The growing need for deployment and integration services based on quantum cryptography market to surge at a rapid pace.
The application-based segments of the quantum cryptography market are application security, database encryption, and network security. The application security segment is expected to gain considerable traction.
The vertical-based segments of the quantum cryptography market are consumer goods and retail, banking and financial services, IT and telecom, government and defense, and healthcare and life sciences.
The component-based segments of the quantum cryptography market are software and hardware. The software segments can impel the global quantum cryptography market.
The deployment and integration services is expected to secure the largest share of the quantum cryptography market. The rise in need for secure data transmissions can spur the expansion of the global quantum cryptography market.
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North America quantum cryptography market can secure the largest share of the global market. The Asia Pacific quantum cryptography market can surge at a high pace across the assessment period. The Asia Pacific market due to digital intelligent devices and digital data demand surge can be prompt the expansion of the market. Digitalization can support the expansion of the regional market. Campaigns organizations by the government of India can prompt the expansion of market. North America quantum cryptography market, led by the US, in terms of revenue due to the high rate of adoption of quantum cryptography can bolster the market surge.
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