According to the Market Statsville Group (MSG), the global Quantum Cryptography Market size is expected to grow from USD 105.8 million in 2021 to USD 502.6 million by 2030, at a CAGR of 18.9% from 2022 to 2030. Rather than complex mathematical algorithms, Quantum cryptography presents a more practical and cost-effective approach to secure communications, with a virtually unbreakable mode of relaying information. Since there is an increase in cyberattacks, companies are buying quantum cryptography solutions to protect their data. Furthermore, with the increase in demand for digitalization, there is a surge in demand for quantum cryptography in the forecast period.

Global Quantum Cryptography Market Definition

Quantum cryptography, also known as quantum encryption, uses quantum mechanics to encrypt messages so that no one other than the designated recipient can read them. It is based on quantum theory's multiple states and is the "no change theory," which prevents accidental disruptions. Users can communicate more securely than using conventional technologies with the help of quantum cryptography. It is based on the underlying and constant principles of quantum mechanics, which improve communication confidentiality. It involves using cryptography and quantum mechanics.

COVID-19 Impact on the Global Quantum Cryptography Market

The COVID-19 pandemic has significantly impacted the world and led to economic breakdown and loss of life. As a result of increased demand for digitalization, COVID-19 has had a positive impact on the quantum cryptography market.

Furthermore, organizations are increasingly implementing quantum cryptography solutions to boost network and application security. The increasing adoption of quantum cryptography solutions in the government and BFSI verticals is expected to open up new opportunities for the market in the forecasted period.

Scope of the Global Quantum Cryptography Market

The study categorizes the quantum cryptography market based on component, security type, organizational size, end-user, industry vertical and at the regional and global levels.

By Component (Revenue, USD Million, 2017-2030)

• Hardware
• Solutions
• Services

By Security type (Revenue, USD Million, 2017-2030)

• Application Security
• Network Security
• Database Encryption

By Organizational Size (Revenue, USD Million, 2017-2030)

• Small & Medium Enterprise
• Large Enterprise

By End-User (Revenue, USD Million, 2017-2030)

• Large Enterprises
• SMEs

By Industry Vertical (Revenue, USD Million, 2017-2030)

• IT & Telecom
• BFSI
• Healthcare and life science
• Automotive
• Retail
• Government & Defense
• Others

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Network security segment is witnessed to account for the highest market share, by security type

Based on the security type, the global quantum cryptography market is divided into application security and network security. In 2021, the network security segment accounted for the highest market share. Network security is a set of standards and configurations that use both software and hardware to secure the integrity, confidentiality, and accessibility of computer networks and data. Because of network vulnerabilities, various industry verticals such as government and defense, healthcare, BFSI, retail, and automotive have adopted quantum cryptography solutions. This will lead to network security growing at the highest CAGR during the forecast period.

North America accounts for the highest market share in 2021

Globally, North America is estimated to hold the highest market share in the global quantum cryptography market in 2021. The region includes the countries such as the US, Canada, and Mexico. North America is expected to hold the highest share due to North America's extensive customer base, rising investments in R&D, and increasing cyber-attack incidents. Furthermore, a significant driver propelling the market in the region is the rising complexity of IT management as well as the growing demand for data privacy and security. Organizations in this region are concentrating on deploying various quantum cryptography equipment to secure their networks and applications.

Competitive Landscape - Global Quantum Cryptography Market

The quantum cryptography market is mildly concentrated in nature, with few numbers of global players operating in the market, such as:

• IBM Corp.
• ID Quantique
• Microsoft Corp.
• Toshiba Corp.
• NuCrypt LLC
• Accenture Corp.
• NEC Corp.
• PQ Solutions
• Anhui Qasky Science and Technology Ltd
• MagiQ Technologies, Inc
• Infineon Technologies

Recent Developments

• In May 2022, IBM has announced an update to its roadmap for large-scale, practical quantum computing. This roadmap outlines plans for new modular architectures and networking that will enable IBM quantum systems to have hundreds of thousands of qubits and provide the speed and quality needed for quantum computing in practice.
• In December 2019, ID Quantique’s Cerberis3 Quantum Key Distribution (QKD) system was deployed in any network configuration, including point-to-point, relay for longer distances, ring, or hub & spoke topologies.

Key Issues Addressed

• What is the market size by various segmentation of the quantum cryptography by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the quantum cryptography market?
• What are the key opportunities and trends for manufacturers involved in the quantum cryptography supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of quantum cryptography in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market