Quantum Cryptography Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Quantum Cryptography Market covers analysis by Offering (Solutions and Services), Application (Network Security, Application Security, and Database Security), and End User (IT & Telecommunication, BFSI, Government & Defense, Healthcare, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Sep 2023

  • Report Code : TIPTE100001148
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 211
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The quantum cryptography market is expected to grow from US$ 109.05 million in 2022 to US$ 314.13 million by 2028; it is estimated to grow at a CAGR of 19.3% from 2022 to 2028.

Quantum cryptography generates a cryptologic key and harnesses the quantum-mechanical properties of light to create secure encryption. Cryptologic secrets, the major component accustomed to encoding and rewriting knowledge in cryptography, can primarily employ quantum physics cryptography. Furthermore, quantum cryptography presents a cost-effective and practical approach for communication security, with a virtually unbreakable mode of relaying information.

The quantum cryptography market is at a nascent stage with massive potential to break through the cybersecurity industry. The quantum cryptography market players are constantly engaging themselves in advancing their solution features intending to offer highly secured solutions to their clients. The rise in quantum computing has led to the surge in expose of confidential data across industries. The governments of different countries across the globe as well as various private organizations are significantly investing in cybersecurity. This is majorly attributed to secure critical data from unauthorized individuals while transferring. The enhanced security solutions offered by the market players including Quantum Key Distribution (QKD), virtual encryptor, quantum cryptography communication device and Quantum Random Number Generator (QRNG) among others facilitate in strongly encrypting critical data. This factor is attracting several governments and industries to invest in such advanced technology. Thus, the rising investment towards cybersecurity solutions is a key catalyzer for quantum cryptography market.

Strategic Insights

Infineon Technologies, IBM Corporation, Qubitekk, Quintessence Labs, Qutools GmbH, and Toshiba Corporation are among the well-known key players and financially strong companies in the global quantum cryptography market. In terms of application, the network security segment accounted for the largest market share in 2021. Also, the market for the same segment is anticipated to witness steady growth during the forecast period. The components of network security comprise hardware and software. The security of any network is among the most critical tasks for IT companies, as cybercrime activities have been spurring over the years. The quantum hacking plan includes divergence of the implementation from the ideal model to gather information regarding the secured key. Thus, robust encryption of any network has become essential. Almost every company across sectors heavily emphasizes protecting respective networks from malicious activities, thereby driving the market growth for the network security segment.

Regional Analysis of Quantum Cryptography Market Share

North America dominated the quantum cryptography market with the largest share in 2021. With the presence of developed economies such as the US and Canada, companies in various verticals, including BFSI, retail, IT & telecom, and healthcare, across these countries are rapidly adopting digital transformation. Also, the region provides strong exposure and awareness about the emerging technologies available in the quantum cryptography market, which encourages companies in diverse verticals to adopt newer technologies and make advancements in the existing technologies. Therefore, the high adoption of advanced technologies has propelled the need for cybersecurity and data security tools. As the internet plays a critical role in the region, a growing number of cybersecurity threats have accelerated the requirements for security solutions by enterprises, different industries, and governments. The threat of losing data and the impact of potential cyber threats are two major factors contributing to the quantum cryptography market growth in the region.

Lucrative Regions: Quantum Cryptography Market Share

Lucrative Regions: Quantum Cryptography Market Share

Market Insight – Quantum Cryptography Market

End User Based Insights

Based on end users, the quantum cryptography market is segmented into IT & telecommunication, BFSI, government & defense, healthcare, and others. In 2021, the IT & telecommunication segment accounted for the largest quantum cryptography market share. IT & telecommunication is one of the early adopters of advanced technologies and is constantly at risk of cyber-attacks. In addition, the sector continuously serves billions of individuals working in numerous organizations over an open or closed network. Coupling this fact with the rise in quantum computing, the risk of data loss is significantly high. Moreover, mobile traffic growth increases the risk of data breaches and other cybercrimes. Therefore, the telecommunication market players are exhibiting significant demand for quantum cryptography to secure their customer data and company information. 

Players operating in the quantum cryptography market are developing advanced and efficient products.

  • In May 2021, ID Quantique (IDQ), one of the leading quantum-safe security solutions providers, launched the Cerberis XG at the Inside Quantum Technology conference (IQT). The company claims that this first series would provide the highest level of trust to governments and enterprises for future-proof data protection in smaller and optimized form factors.
  • In December 2020, a group of Japanese firms such as Toshiba Corp., NEC Corp., and Nomura Holdings Inc. launched the country’s first study on quantum cryptography to enhance stock trading security. In addition, they connected a cryptographic device developed by Toshiba to a trading system at Nomura Securities Co., the brokerage unit of Nomura Holdings, and test-run encryption using virtual customer details and trading data.

The quantum cryptography market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In 2022, North America led the market with a substantial revenue share, followed by Europe. However, Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028. ID Quantique, Infineon Technologies, Magiq Technologies, IBM Corporation, NuCrypt, Anhui Qasky Quantum Technology Co. Ltd., Qubitekk, Quintessence Labs, Qutools GmbH, and Toshiba Corporation are among the key players operating in the quantum cryptography market.

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Offering, Application , and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

  1. ID Quantique
  2. Infineon Technologies
  3. Magiq Technologies
  4. IBM
  5. NuCrypt
  6. Anhui Qasky Quantum Technology Co. Ltd.
  7. Qubitekk
  8. Quintessence Labs
  9. Qutools GmbH
  10. Toshiba Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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