Need For Data Protection Arising From Cyber-attacks And Cyber-crimes
High speed internet access at reasonable rates is giving rise to growing data consumption among users. Various industries, especially the BFSI, Government and Defense, IT and Telecommunications, etc. have shifted their focus for collecting data digitally instead of following traditional platforms, which has helped the industry to store large number of data sets of the customers. Furthermore, deployment of networking systems on-premises or on-cloud have generated the need amongst enterprises for the surveillance of these network applications to block malicious activities that might cause threat or exploitation of the system via cyber-threats and cyber-attacks.
Need For Point-To-Point Security Systems
Growing online services promoted by various industry verticals is generating the need for secure access control systems. Monitoring user activities and keeping track of abnormal network behavior, all of these factors are inducing enterprises to deploy point-to-point security systems. Furthermore, increasing utilization of electronic payment systems in banks is requiring stringent analysis of the whole payment process, so as to prevent intrusion of threats into payment gateway systems, which is anticipated to support the growth of the quantum cryptography market throughout the forecast period.
The market of quantum cryptography is observing vibrant growth on account of growing demand for safe security practices amongst cyber giants. Rising adoption of advanced technologies such as Internet of Things (IOT), cloud computing, and others are also held responsible for increasing cyber-attacks and cyber-crimes. Furthermore, growing demand for electronic payment systems adopted by banking institutions, and security transmission systems in government defense sectors, are some of the notable factors that are expected to boost the growth of the quantum cryptography market.
According to the statistics provided by National Payments Corporation of India (NPCI), electronic payment systems have grown from $1300.70 billion to $1,598.00 billion in between November 2016 and February 2018.
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The market is anticipated to record a significant growth in CAGR throughout the forecast period, i.e. 2019-2027. 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 for data loss prevention, detection for abnormal network behavior, access control systems and web & wireless security among others. Furthermore, rising network traffic and generation of huge consumer data from e-commerce industry, are anticipated to fuel the growth of the segment.
According to the statistics provided by the United Nations Conference On Trade And Development (UNCTAD), global online shoppers grew from 1078 million in 2015 to 1342 million in 2017.
Low Customer Awareness And Insufficiency Of Expertise
Lack of awareness about the numerous advantages of quantum cryptography solutions is a major concerning factor for the growth of the quantum cryptography market. Furthermore, insufficiency in the availability of skilled professionals is anticipated to act as a barrier to the growth of the quantum cryptography market throughout the forecast period.
Our-in depth analysis of the Quantum Cryptography market includes the following segments:
By Organization Size
By Industrial Vertical
On the basis of regional analysis, the quantum cryptography market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to have largest market share on the back of rising demand for IT and cloud services, network communication advancements and rise in the number of cyber threats. According to the statistics provided by the World Trade Organization, telecommunication, computer and information services exports in North America 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 growing data consumption for the digitization of various services by enterprises, and high penetration of smartphones. Moreover, China has shown rapid efforts in the field of quantum cryptography by developing the world’s first ever quantum communications satellite, “Micius”. According to the statistics provided by International Telecommunication Union (ITU), mobile cellular telephone subscriptions in Asia-Pacific grew from 833 million in 2005 to 4626 million in 2018.
The quantum cryptography market is further classified on the basis of region as follows:
IBM Research has developed quantum-safe algorithms, known as CRYSTALS (CRYptographic Suite for Algebraic latticeS) for securing data in association with Centrum Wiskunde & Informatica (CWI) and Radboud University.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.