Market Research Report
Global Quantum Cryptography Market 2020-2026
|Published by||Orion Market Research Pvt Ltd||Product code||949633|
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|Global Quantum Cryptography Market 2020-2026|
|Published: June 21, 2020||Content info:||
Global Quantum Cryptography Market Size, Share & Trends Analysis Report, By Component (Solutions and Services), By Application (Application Security, Network Security, and Others), By Vertical (BFSI, Telecom & IT, Government and Defense, Retail, Healthcare, and Others) and Forecast, 2020-2026
The global quantum cryptography market is estimated to grow significantly during the forecast period. The increasing funding for cybersecurity is leading the adoption of quantum cryptography solutions. In the President's Budget of 2019, $15 billion is intended for cybersecurity-related tasks, which is a $583.4 million (4.1%) rise from 2018. In particular, the Department of Defense (DOD) reported $8.5 billion in 2019 for cybersecurity funding, a rise of $340 million (4.2%) from 2018. This contributes to the rising investment in quantum cryptography as it acts as a secure communication channel for key distribution. Entire encryption system can be established using quantum technology that is considered unbreakable. Quantum key distribution (QKD) is a technique of transferring encryption keys that is completely unhackable.
China using QKD on a 50-kilometre-long commercial fiber network, to secure communication and protect secret keys from eavesdropping. In addition, there are also networks in Europe. In the United States, the Quantum Xchange links financial firms of New York City with its data centers in New Jersey, which rents space on current fiberoptic networks. Later utilizes its QKD senders and receivers to send the secure messages on the clients' behalf. The company planned to expand to Boston and Washington, D.C. in 2019. This shows an emerging focus on quantum cryptography solutions for data protection and privacy, which in turn, is driving the market growth.
Geographically, the market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is estimated to witness significant growth during the forecast period owing to the rising focus on cybersecurity and rising investment in quantum technologies. For instance, in 2016, the Australian Government launched the Cyber Security Strategy which comprises investments of over $230 million across five action themes up to 2020. This includes a cyber smart nation, global responsibility and influence, stronger cyber defenses, growth and innovation, global responsibility and influence, and national cyber partnership. This, in turn, is encouraging the demand for quantum cryptography for more secure IT infrastructure.
Some crucial players in the market include SK Telecom Co., Ltd., Qubitekk, Inc., Infineon Technologies AG, IBM Corp., and NEC Corp. Mergers and acquisitions, partnerships and collaborations, and product launches are some crucial strategies adopted by the market players to increase market share. For instance, in December 2019, D-Wave Systems Inc., a provider of quantum computing systems, software, and services declared the collaboration with NEC Corp., to encourage the development of hybrid services that incorporate the best features of classical and quantum computers, and make it easy to integrate quantum capabilities into combined workflows.
The market study of the global quantum cryptography market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings authenticity in our reports.
Secondary Sources Include:
The report provides in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
The Report Covers: