What Is The Current and Historic Market Size Analysis Of The Quantum Cryptography Market?
The quantum cryptography market has seen considerable growth due to a variety of factors.
• The quantum cryptography market has seen exponential growth in recent years. It is set to rise from $0.83 billion in 2024 to $1.15 billion in 2025, at a compound annual growth rate (CAGR) of 38.3%.
The historical growth is driven by government investments, security vulnerabilities in quantum computing, the financial sector's adoption, healthcare data security concerns, and the need for robust cloud security.
What are the Market Size and Expected Growth Rates for the Quantum Cryptography Market?
The quantum cryptography market is expected to maintain its strong growth trajectory in upcoming years.
• The quantum cryptography market is projected to grow to $4.18 billion by 2029 at a CAGR of 38.0%.
The rise in cyberattacks, digitalization, and online transactions fuels growth. Key trends include blockchain integration, quantum key distribution, and increased partnerships in the field.
Which Key Drivers Are Propelling The Quantum Cryptography Market's Growth?
The quantum cryptography market is anticipated to grow due to an increasing number of cyberattacks. These attacks are intentional, harmful actions aimed at interfering with, damaging, or illicitly accessing computer systems, networks, or digital gadgets. The growth of cyberattacks can be attributed to the rise in internet-connected devices, novel attack methods employed by cybercriminals, the transition to remote work leading to new vulnerabilities, financial motivations behind cybercrime, attacks sponsored by nation-states, and susceptibilities in the supply chain. Quantum cryptography could significantly improve cybersecurity by offering rigorous security assurances and holding up against evolving threats, particularly those introduced by quantum computing. For example, in November 2023, the Department of Defense reported that the Australian Cyber Security Centre, an Australian government department, received over 94,000 cybercrime reports in 2022, a rise of 23% compared to the previous year. As a result, the quantum cryptography market is expanding due to the surge in cyberattacks.
What Are The Key Segments Within The Global Quantum Cryptography Market?
The quantum cryptography market covered in this report is segmented –
1) By Type: Quantum Key Distribution, Quantum Random Number Generation, Other Types
2) By Component: Solutions, Services
3) By Applications: Network Security, Application Security, Database Security
4) By End-Users: Information Technology and Telecommunications, Banking, Financial Services, and Insurance, Government and Defense, Healthcare, Other End-Users
Subsegments:
1) By Quantum Key Distribution (Qkd): Discrete-Variable Qkd, Continuous-Variable Qkd, Entanglement-Based Qkd, Quantum Repeaters For Qkd, Integrated Qkd Systems, Satellite-Based Qkd, Qkd With Classical And Quantum Hybrid Networks
2) By Quantum Random Number Generation (Qrng): Photon-Based Qrng, Semiconductor-Based Qrng, Optical Qrng, Hardware-Embedded Qrng, Cloud-Based Qrng Services
3) By Other Types: Quantum Digital Signatures, Quantum Public Key Infrastructure (Pki), Quantum Secure Communication Protocols, Quantum-Resistant Cryptography, Quantum Key Management Systems
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What Emerging Trends Are Influencing The Growth Of The Quantum Cryptography Market?
Leading corporations in the quantum cryptography market are prioritizing the creation of cutting-edge technologies such as open-source post-quantum cryptography libraries to assist companies in safeguarding their data against present and future cyber threats. Open-source post-quantum cryptography is a type of cryptographic system birthed from open-source initiatives aimed at aiding the shift towards quantum-resistant encryption. As an example, the Switzerland-based quantum technology firm Terra Quantum AG, introduced an open-source post-quantum cryptography library called TQ42 Cryptography in May 2024 which facilitates secure transmission, storage, and authentication of data. This technology offers simple implementation of quantum-resistant security protocols into applications, therefore guaranteeing long-term defense from future quantum computing risks. It is also able to adapt and expand across mobile, web, IoT, and cloud platforms. As it's an open-source project, it provides the freedom to delve into pre-established solutions or develop proprietary quantum cryptography.
Who Are the Key Players In The Quantum Cryptography Market?
Major companies operating in the quantum cryptography market are:
• Google LLC
• Microsoft Corporation
• Intel Corporation
• International Business Machines Corporation
• Hewlett Packard Enterprise company
• Toshiba Corporation
• Thales Group
• Infineon Technologies AG
• PQ Solutions Limited
• Quantum Machines
• QuantumCTek Co. Ltd.
• ID Quantique SA
• QuintessenceLabs Pty Ltd.
• SandboxAQ
• ISARA Corporation
• MagiQ Technologies Inc.
• QCI Quantum Computing Inc.
• D-Wave Systems Inc.
• Agnostiq Inc.
• Qnu Labs Private Limited
• Qubitekk Inc.
• Quside Technologies S.L.
• Quantum Xchange
• Crypta Labs Ltd.
• Kets Quantum Security Ltd.
• LuxQuanta Technologies
What Are The Regional Insights Into The Quantum Cryptography Market?
North America was the largest region in the quantum cryptography market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum cryptography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
