Quantum Cryptography Market Segmentation By Component- Quantum Cryptography Appliances, Quantum Cryptography Software, Services. The Quantum Cryptography Market in North America held the largest market share of 30.2% in 2022.
Industry: IT and Telecommunication
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 275
Report ID: PMRREP31246
Global demand for the quantum cryptography market was at a valuation of US$ 108.6 Mn in 2022 and is forecasted to reach a market value of US$ 1,095.7 Mn by the end of 2033. The quantum cryptography market is estimated to grow a market size of US$ 132.4 Mn by 2023 and is predicted to progress at a CAGR of 23.5% from 2023-33.
Quantum cryptography is a method of transmitting information using the principles of quantum mechanics to ensure secure communication. It uses the properties of quantum states, such as the principles of superposition and entanglement, to encrypt and decrypt messages.
The key feature of quantum cryptography is based on the laws of physics, rather than mathematical algorithms, making it immune to being broken by computational power alone. Thus in quantum mechanics, the act of measurement changes the state of a quantum system, and any attempt to intercept or measure the information being transmitted would be detectable.
The market in North America held the largest market share of 30.2% in 2022 and is expected to maintain its dominant position throughout the forecast period, while the market in Europe held a 23.2% value share in the global market in 2022.
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Quantum Cryptography Market Size (2022) |
US$ 108.6 Mn |
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Projected Market Value (2033) |
US$ 1,095.7 Mn |
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Global Market Growth Rate (2023-2033) |
23.5% |
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Application Category - Quantum Cryptography Software Market Share (2022) |
40.4% |
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US Market Share (2022) |
19.1% |
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Application Category - Network Encryption Market Share (2022) |
26.5% |
“Quantum Cryptography is Driven by a Number of Factors, Such as Secure Communications, Particularly in Industries such as finance, government, and healthcare”
The main drivers for the quantum cryptography market are the increasing need for secure communications and the advancement of quantum computing technology particularly in industries such as finance, government, and healthcare. As quantum computing becomes more powerful, it is expected to be able to break traditional forms of encryption, making quantum cryptography more attractive as a means of protecting sensitive information.
Additionally, government funding for research and development in quantum cryptography is expected to drive market growth.
“Government & Military and Cybersecurity Concerns are Key Factor for rising demand for quantum cryptography market In US Market”
There are several factors that are driving the opportunity in the US for the quantum cryptography market such as government and military and cybersecurity concerns. The US government and military have recognized the potential of quantum cryptography to provide secure communications and have invested in research and development in this field. As cyber threats continue to increase, organizations in the US are looking for more secure ways to protect their sensitive information.
These are the reasons due to which in 2022, the U.S. quantum cryptography market companies helped the country to account for a dominant share of 19.1% in the global marketplace.
“India Has a High Global CAGR for Quantum Cryptography Market”
With the growing adoption of digital technologies, the need for secure communications is increasing in India. Quantum cryptography is seen as a way to achieve this. The demand for secure communications is increasing, and quantum cryptography can be used to protect data transmitted over these networks.
India has a significant opportunity for the quantum cryptography market to grow due to the Increasing demand for secure communications and the increasing adoption of IoT.
The CAGR for India's adoption of quantum cryptography markets is estimated to be around 19.1%.
“Germany has a High Global Market Share in The Europe Region”
Germany is home to some of the world's leading technology companies and research institutions that are working on quantum cryptography technologies, which is driving the growth of the market in the country. German companies tend to adopt new technologies at an early stage, which is driving growth and has a high market share in the Europe region of the quantum cryptography market in the country.
Overall, the German market for quantum cryptography is expected to witness to have a high market share in a significant year, driven by government initiatives, investment in R&D, and high demand for secure communications.
Due to this reason, the quantum cryptography market for Germany in 2022 held a market share of 12.3% in the global Quantum cryptography market.
Which Component Segment of the Quantum Cryptography Market Held the Largest Market Share?
“Quantum Cryptography Software Segment of the Quantum Cryptography Allows Having The Larger Market Share”
Quantum cryptography software refers to software that uses the principles of quantum mechanics to encrypt and decrypt data. This type of software is designed to provide a higher level of security than traditional encryption methods.
SDKs (Software Development Kits) and APIs (Application Programming Interfaces) are major software used to integrate quantum cryptography software into other software applications and systems. SDKs and APIs provide the necessary tools and interfaces for developers to add quantum cryptography functionality to their own software. This includes things like libraries, sample code, documentation, and technical support.
As quantum computing becomes more powerful, it is expected to be able to break traditional forms of encryption, making quantum cryptography more attractive as a means of protecting sensitive information. Additionally, government funding for research and development in quantum cryptography software.
In 2022, the quantum cryptography software market share was estimated to dominate the global market and accounted for 40.4% market share of the component segment.
Which Application Segment of the Quantum Cryptography Market Holds a Larger Share Market?
“Network Encryption Segment Holds a Larger Share Market”
In 2022, the Network Encryption segment held a market share of 26.5% in quantum cryptography segment.
Network encryption has a major market share as it helps to protect sensitive information, such as financial data and personal information, from being intercepted and read by unauthorized parties. Encryption works by converting plaintext into ciphertext, making it unreadable to anyone without the proper decryption key. This helps to ensure the confidentiality, integrity, and authenticity of the data as it is transmitted over a network. Additionally, network encryption also helps to prevent unauthorized access to network resources and can be used to authenticate the identity of users. Due to above reasons, network encryption has a major market share in the application segment.
In order to penetrate further into the market, market participants are concentrating on growth strategies. These include expanding regional and international distribution networks, develop new products, forming alliances for acquisitions, and working with significant actors.
Recent developments related to key players providing the quantum cryptography market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
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Attribute |
Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Component:
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In 2022, demand for the quantum cryptography market amounted to US$ 108.6 Mn.
The global quantum cryptography market is estimated to grow at a CAGR of 23.5% over the forecast period.
The market for quantum cryptography market is forecasted to have a market value of US$ 1,095.7Mn by 2033.
Demand for the quantum cryptography market in India is projected to rise at 19.1% CAGR over the forecast period.
In 2022, North America quantum cryptography market held a dominant market share of 30.2%.
