23 November 2021
Visiongain has published a new report entitled the Quantum Cryptography Market Report 2021-2031: Forecasts by Component (Quantum Cryptography Solutions, Quantum Cryptography Services), by Security Type (Network Security, Application Security), by Services (Consulting and Advisory, Deployment and Integration, Support and Maintenance), by System Designs (Code-based Cryptosystems, Lattice-based Cryptosystems, Hash-based Cryptosystems, Multivariate Cryptosystems), by Algorithm Type (Rivest, Shamir, Adleman (RSA) Algorithm, Elliptic Curve Cryptography (ECC), Digital Signature Algorithm (DSA), Diffie–Hellman (DH) Algorithm, Elliptic-curve Diffie–Hellman (ECDH), Elliptic Curve Digital Signature Algorithm (ECDSA)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global quantum cryptography market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031.
Importance of Data Confidentiality is Driving the Market
The Internet is a brand-new ecosystem with its own set of laws and threats. We've connected our business and society over the last two decades via the Internet, a platform built largely for exchanging information rather than safeguarding it. In both the public and private sectors, this connection has fuelled innovation and excellent performance. However, while connectivity reshapes government in good ways, it opens up new commercial opportunities for cybercriminals. Agencies are more reliant on sophisticated infrastructure that they do not completely control as they expand their capabilities through cloud computing, IT outsourcing, and partnerships. Therefore, Organizations like Government, Banking, Healthcare and Defence need to maintain the confidentiality of data to keep secret plans and policies, bank details, patient details safe with themselves for over 60 years.
How has COVID-19 had a significant negative impact on the Quantum Cryptography Market?
The COVID19 pandemic has generated an unprecedented pressure on organisations and people to change the way they work and communicate. Companies are being driven to rapidly digitalize their business models, develop flexible and remote working environments, communicate with clients, and manage staff primarily through digital means. This provides an opportunity for the cybersecurity sector to respond to the fast expanding number of cybersecurity attacks as well as the growing number of organisations wanting cybersecurity services. Before the COVID19 outbreak, the demand for cybersecurity professionals had already outstripped the supply. There was an expected shortfall of 500,000 cybersecurity specialists in the United States alone in 2019, with cybersecurity personnel shortages widespread in roughly two-thirds of enterprises. With an increased demand for cybersecurity in industries such as healthcare (including pharmaceuticals and biotech), banking, and insurance, the gap has grown even wider. In addition, the Cybersecurity and Infrastructure Agency (CISA) has designated cybersecurity engineers, risk management analysts, and information technology professionals as critical personnel to examine infrastructure viability and security requirements in advance of the start of COVID-19.
How this Report Will Benefit you?
Visiongain’s 540-page report provides 335 tables and 337 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global quantum cryptography market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Quantum Cryptography. Get the financial analysis of the overall market and different segments including component, security type, service, algorithm type, system design, vertical and capture higher market share. We believe that high opportunity remains in this fast-growing quantum cryptography market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Rise in Cyber Security Funding
The importance of cybersecurity is increasing so the funding for it. Fundamentally, society is more technologically reliant than it has ever been, and this tendency shows no signs of slowing. Data breaches that might lead to identity theft are increasingly being shared openly on social media sites. Social security numbers, credit card numbers, and bank account information are now kept in cloud storage services. Therefore, the entire world is giving high priorities to raise funds for cyber security.
High Demand of Advanced Security Solutions
In today’s world everything has been digitalized. All the work are done either on computers or internet. This digitalization era has opened up a way for hackers to stole all the important information which is being stored on cloud or internet with the intention of long-term storage. To keep this uncertainty out of the reach of stored data, the world is expecting more advanced cyber security solutions to secure organizational and personal data. Cyber security solutions are highly in demand majorly in sectors where the data is stored on a cloud or Internet. Following are the examples of advanced security solutions which is in high demand.
Where are the market opportunities?
Internet of the Quantum
Although today's internet is quite fast, it lacks the security of quantum-encrypted transmissions. The internet would be significantly slowed by quantum encryption. However, in the future, world may be able to seamlessly switch between "normal" and "quantum encrypted" internet, ensuring that most important messages are sent in an ultra-secure manner. This would realise the aim of a fast and safe internet at the same time.
Secure Space Communications
Safe communications with satellites and astronauts are becoming more important, and Quintessence Labs is working on a project for NASA to provide secure communications with satellites and astronauts from Earth. The project's objective is to develop a protocol that ensures communication security regardless of the technology or intelligence that an opponent has access to. It also contains a requirement to protect data both "at rest" and "in transit." This would improve astronaut safety in orbit and, ideally, eliminate the need for future upgrades beyond small speed improvements.
The major players operating in the quantum cryptography market are Infineon Technologies AG, Mitsubishi Electric Corporation, IBM, Toshiba Corporation, Microsoft Corporation, ID Quantique, QuintessenceLabs, Crypta Labs, Qubitekk Inc., ISARA, MagiQ Technologies, Quantum Xchange, Aurea Technology, Crypto Quantique, Qrypt, HP Inc., NEC Corporation, NuCrypt, Post Quantum, QNu Labs, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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