The quantum cryptography market is anticipated to record a robust CAGR over the forecast period, i.e. 2019-2027.
Research Nester released a report titled “Quantum Cryptography Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
51.2% of the global population were using the internet by the end of the year 2018, as estimated by the International Telecommunication Union (ITU).
The statistics portrays insights on the growing effects of digitalization and rising data consumption around the globe. Owing to such factors, businesses are shifting their focus in the transition from traditional to automated processes. Increasing smartphone usage is also contributing to the growing acceptance of electronic payment systems, promoting enterprises to adopt to quantum cryptography solutions. The National Payments Corporation of India (NPCI) in one of their survey statistics stated that in between November 2016 and February 2018, electronic payment systems have grown from $1300.40 billion to $1598.00 billion. Moreover, government and defense portals are also transforming revolutionarily to IP and web security systems owing to development in the economy.
The term quantum cryptography exploits quantum mechanical properties to perform cryptographic tasks, involving applications in the cyberspace security. The information which are to be transferred are stored in the form of photons, and are virtually impossible to decrypt by any third party user, who is not a part of that communication.
Riding on the back of the factors such as protection of data sets, need for point-to-point security systems, and others are anticipated to support the growth of the quantum cryptography market.
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The quantum cryptography market is anticipated to record robust CAGR over the forecast period, i.e. 2019-2027.The market is segmented by application into application security, network security and database encryption. Among these segments, the network security segment is anticipated to have largest market share on account of growing need for protection of data occurring from threats in the network system, such as prevention of data loss, safe access of control systems, detection of abnormal network behavior and others.
Geographically, the market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is expected to have largest market share on the back of advancements in the field of network, IT and cloud services, accompanied by rising number of cyber threats. The World Trade Organization in one of their survey report stated that North America grew from around 21 billion in 2005 to around 46 billion in 2017 for exports of telecommunication, computer and information services.
Riding on the back of the factors such as growing smartphone penetration, increasing data consumption and rising digitalization among others, Asia-Pacific region is expected to gain significant market share. China have also contributed significantly to the quantum cryptography market by developing the world’s first ever quantum communications satellite “Micius”.
However, low awareness amongst customers and insufficiency of expertise and skilled professionals is estimated to act as a barrier to the growth of the quantum cryptography market during the forecast period.
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