With the increasing popularity of the Internet, which has become a necessity over the past decade, and the ubiquity of smartphones, the need for secure communications, data security, and protection from cyber attacks has escalated exponentially. Quantum cryptography is a promising solution to developing data security issues, but unlike conventional cryptography methods, quantum cryptography relies on physics rather than mathematics, and the market for the same is expected to expand at a strong CAGR during the forecast period 2017 to 2025.
Based on end-user, the global crypto market can be segmented into government and regulatory bodies, small and medium-sized enterprises (SMEs), and large enterprises. Geographically, the report studies the opportunities available in the crypto market across various major regions, such as Asia, North America, Europe , and the Middle East and Africa. The report is poised to act as a reliable business document for stakeholders in this market and makes an assessment of a future scenario up to 2025.
The fragmented nature of the quantum encryption market is a result of a large number of participants, both multinational and local. As the demand for quantum encryption solutions diversifies into other sectors, technological innovation and solution expansion are expected to determine the market leader in the near future.
HP Development Company, ID Quantique, IBM , and Nokia are some of the key players in the global quantum encryption market, while other notable players include Google, Intel, QuintessenceLabs, Alibaba Group, Infineon Technologies, BT, KPN, MagiQ Technologies, Lockheed Martin, McAfee, Microsoft, NEC Corporation, Mitsubishi Electric, NTT Communications, Raytheon, Toshiba, and SK Telecom.
Millions of people around the world buy things online, from dresses, electronic gadgets and furniture to groceries. They buy these products with their credit or debit cards, the details of which are usually stored on the online platform after the first purchase. The information remains there protected from hackers. This is because of various data security solutions that protect such sensitive information. Quantum encryption is one of them and it differs from standard encryption methods.
Its demand has flourished in the recent past due to the ubiquity of smartphones and other smart devices and heavy reliance on the internet for most of our shopping and banking transactions. The growing trend of bring your own device (BYOD) in organizations has also helped in its “uplift”. Since BYOD allows employees to access confidential corporate data anywhere and anytime on their personal devices, it is imperative to protect them from cyber attacks and hacking.
The regional analysis covers:
- North America
- Latin America
- Europe
- Asia
- Middle East and Africa
Numerous new technologies have proven beneficial for the quantum encryption market. One of them is the use of biometrics, in which face and fingerprint recognition are used. Currently, North America is the most promising market where many organizations are thriving on the latest technologies, including the explosive e-commerce industry. Asia and Europe are other key regions that are expected to present very good opportunities. The banking and financial services and insurance (BFSI) industry is at the forefront of driving the market across all continents. This is due to the added importance given to the security of highly sensitive customer data such as bank account number and credit and debit card details.
The increasing demand for bring your own device (BYOD) in several organizations is the major driver of the global quantum encryption market. With BYOD policies, employees can access organizational data and applications on their personal electronic devices, such as tablets, smartphones, laptops , and desktops, which in turn provide the flexibility to work from any location, at any time. BYOD goes a long way in improving productivity and reducing operational costs. The increasing use of cybersecurity solutions in the utility sector, the escalating need for cybersecurity in the defense sector, the inbound demand from enterprises , and the need for secure online transaction are some of the other factors that are increasing the demand in the global quantum encryption market.
The study presents reliable qualitative and quantitative knowledge regarding:
- Market segments and subsectors
- Market trends and dynamics
- Market supply and demand chain
- Market valuation (revenue and/or volume)
- Key trends / opportunities / challenges
- Forces that determine the current and estimated future state of the competitive landscape
- Technological developments
- Value chain and stakeholder analysis
In the recent past, North America has been the most lucrative region for players in the quantum encryption market, which reflects the prevalence of insider trading frauds in several organizations, the popularity of e-commerce and online payments, the adoption of new technologies, and the increasing number of cyber-attacks. North America is expected to remain the most prominent region throughout the forecast period, although Asia and Europe are expected to present very good opportunities in the near future.
