Research Nester has released a report titled “Quantum Cryptography Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the quantum cryptography market in terms of market segmentation by application, by component, by organization size, by industry vertical and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The quantum cryptography market is segmented by application into application security, network security and database encryption out of which, the network security application segment is anticipated to have largest market share on account of growing demand amongst enterprises for the detection of abnormal behavior in networks, prevention of data loss and security of the web and the wireless among others. Furthermore, the growing e-commerce industry is generating huge consumer data owing to increasing number of online shoppers. The collected data sets is treated as an asset to the e-commerce players, thereby requiring surveillance of the data sets and the deployed business intelligence system. In a study by the United Nations Conference On Trade and Development (UNCTAD), the number of online shoppers reached 1342 million in 2017 to that of 1078 million in 2015.
The quantum cryptography market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. Growing need for protection of digital data sets against increasing cyber-attacks and cyber-crimes, combined with the need for point-to-point security systems for growing online services by various enterprises, is estimated to promote the demand for quantum cryptography market throughout the forecast period.
Regionally, the quantum cryptography market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to have largest market share on the back of growing advancements in network communication, demand for IT and cloud services, combined with growing numbers of cyber threats. In the statistics of the World Trade Organization, exports of telecommunication, computer and information services grew from around 21 billion in 2005 to around 46 billion in 2017.
Further, Asia-Pacific is expected to gain significant market share on the back of digitization of various services, owing to growing data consumption, combined with high smartphone penetration. Mobile cellular telephone subscriptions in the region reported a peak of 4626 million in 2018 to that of 833 million in 2005, according to the statistics provided by International Telecom Union (ITU). The region have also gained significant contributions in the quantum cryptography market from China by developing world’s first ever quantum communications satellite “Micius”.
Need For Data Protection Arising From Cyber-attacks And Cyber-crimes
Transition of data from traditional to digital platforms by enterprises of industries such as BFSI, government and defense, IT and telecommunications, etc. combined with procurement of large number of consumer data owing to rise in internet users globally, is resulting in the deployment of network infrastructure and networking systems in these enterprises.
The adopted changes is giving rise to the number of malicious users who are taking an opportunity to exploit the datasets of the enterprises and further proceeding as threats to the overall system. Driven by technical concerns and the need for data protection, all of these factors are contributing significantly to the growth of the quantum cryptography market.
However, the concern for low customer awareness, bundled with insufficiency of expertise, are expected to operate as key restraints to the growth of the quantum cryptography market throughout the forecast period.
This report also provides the existing competitive scenario of some of the key players of the quantum cryptography market, which includes company profiling of ID Quantique, Nippon Telegraph and Telephone Corporation (TYO: 9432), MagiQ Technologies, NuCrypt, IBM Corporation (NYSE: IBM), Raytheon Company (NYSE: RTN), QuintessenceLabs, 01 Communique Laboratory Inc. (CVE: ONE), Infineon Technologies AG (ETR: IFX), and Crypta Labs. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the quantum cryptography market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.