Improving network infrastructure backed by increasing demand for 5G network is anticipated to drive the global quantum cryptography market, as per Fortune Business Insights’ new study, titled “Quantum Cryptography Market Size, Share and Global Trend By Component (Hardware & Services), By Services (Consulting, Support and Maintenance, Integration and Deployment), By Applications (Application Security, Network Security, Database Encryption), By Industry Verticals (Banking, Finance Services, Insurance, Consumer Good and Retail, Government & Defence, Healthcare and Life sciences, Telecom and IT) and Geography Forecast till 2025.”
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/quantum-cryptography-market-100211
Top Key Players Mentioned:
- Magiq Technologies
- Nucrypt LLC
- Qutools GmbH
- Crypta Labs Ltd
- PQ Solutions
- Infineon Technologies AG
- Id Quantique
As per the report, North America held an impressive share in the global market in 2017. The region is also expected to emerge dominant over the forecast period 2018-2025. High adoption of encryption apps and technology in the region is foreseen to contribute towards the market’s growth. Moreover, increasing cyber-attacks in North America are encouraging the adoption of quantum cryptography. Rising demand for security solutions and data security is a factor likely to drive the North America quantum cryptography market. Major players operating in the U.S. have made an investment of US$ 350 billion to deploy the mobile network to cater to the increasing demand for wireless mobile carriers. The investment made is expected to encourage the adoption of mobile networks and quantum cryptography software. Besides this, the rising adoption of connected devices such as internet of things (IoT) is further fueling the demand for quantum cryptography.
Rising Adoption of Cyber-security to Support the Market’s Expansion
Increasing demand for cyber-security solutions and tools and rising adoption of cloud-based software are a few factors expected to drive the global market during the forecast period. Furthermore, rapid digitalization and Internet penetration is a factor likely to increase the growth rate in the market.
InfoSec Global and ID Quantique collaborated in 2018. The aim of the collaboration is to ensure network security and application security by offering security transmission for wide area communication. Together the organizations offer Quantum-Powered Crypto-Agile VPN, cloud-based Quantum cryptography solution. This in response is likely to boost the global quantum cryptography market.
On the contrary, rising security concerns in cloud-based cryptography solution is a factor that may restrain the market to a certain extent. Additionally, increasing cyber-attacks is a major factor that might hamper the growth in the global market.
Avaya and Post-Quantum Merger Focused on Establishing a Stronghold in Overall Market
The global quantum cryptography market is witnessing expansion at an impressive pace. Key players operating in the market are adopting innovative strategies to gain a higher share in the market. Several players are also focusing on strategic collaborations to gain competitive advantage. For instance, Avaya Holdings Corp. and Post-Quantum got into a merger in 2018. The aim of the merger was to offer a solution to improve data security in contact centers by eliminating the interference of the third party. The firms together offer Identity-as-a-Service (IDaaS), an advance quantum cryptography solution enabled with Blockchain technology. This is likely to increase growth in the global market. Some of the key players operating in the global quantum cryptography market are Magiq Technologies, Inc., Quintessencelabs, Nucrypt LLC, Qutools GmbH, Qasky, Crypta Labs Ltd, Qubitekk, Inc., PQ Solutions, Infineon Technologies AG, and Id Quantique.