Quantum Cryptography Market Size is expected to reach USD 3.75 Billion by 2031 | CAGR: 41.2%.

The global quantum cryptography market is projected to reach USD 3.75 billion by 2031, at a CAGR of 41.2% from USD 0.54 billion in 2022. Due to the increasing adoption of the Internet of Things (IoT) and cloud computing technologies, the quantum cryptography market is experiencing significant growth in the upcoming years. Additionally, the global quantum cryptography market has been increasing due to factors such as the rise in cybersecurity threats and the growing demand for secure communication channels by end users. The market is expected to keep growing because private and public organizations are investing more in the research and development of quantum cryptography. As people become more aware of the weaknesses of traditional cryptographic methods, they are realizing the advantages of quantum cryptography. This increased awareness is creating a demand for quantum cryptography solutions.

In June 2023, Toshiba and Safe Quantum joined forces to offer quantum-secured communications solutions to businesses in North America.

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Market Dynamics

The global quantum cryptography market in the government and defense industries is witnessing substantial growth as it seeks to safeguard sensitive information, communications, and key infrastructure. In response to the growing reliance on mobile devices to boost productivity and enhance public sector operations, governments worldwide are increasingly adopting them. However, this increased use necessitates heightened security measures. Quantum cryptography offers a solution by enhancing national security through secure communication channels, key distribution, and encryption mechanisms.

Regional Analysis

The North American region is anticipated to dominate the quantum cryptography market. This is due to the region's strong ecosystem of quantum startups and collaborations between academics, industry, and government. Several leading universities, research institutions, and companies in the region are actively involved in the advancement of quantum technologies, including quantum cryptography. These startups are working on developing new quantum cryptography solutions to bring them to market. One of the key factors driving the market's expansion in this area is the rise in cyber-attacks. Developed countries in North America, such as the United States, Canada, and Mexico, have strong economies and are therefore attractive targets for cybercriminals. Quantum cryptography offers a way to protect sensitive data from these attacks.

In February 2022, IBM and the Canadian government are collaborating to create quantum cryptography solutions that will ensure secure communication within government agencies.

The report “Quantum Cryptography Market Size, Share & Trends Analysis Report By End User Type (BFSI, Defence, e-Commerce, Government, Healthcare, and Retail), and By Region (North America, Europe, APAC, MEA, and CSA), And Segment Forecasts, 2023-2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/

Further key findings from the report suggest:

·         The global quantum cryptography market is predicted to register a CAGR of 41.2% over the projected period of 2023-2031.

·         North America will be the leading region of the global quantum cryptography market during the forecast period of 2023-2031.

·         The major players in the global quantum cryptography market are: Cambridge Quantum Computing, Fujitsu, IBM, ID Quantique, MagiQ Technologies, NEC Corp., QuantumCTek, QuintessenceLabs, SeQureNet, and Toshiba.

Econ Market Research has segmented the global quantum cryptography market based on end user type, security type, organization size, and region:

Quantum Cryptography by End User Type Outlook (Revenue, USD Billion, 2023-2031)

·         BFSI

·         Defence

·         eCommerce

·         Government

·         Healthcare

·         Retail

Quantum Cryptography by Security Type Outlook (Revenue, USD Billion, 2023-2031)

·         Application Security

·         Database Security

·         Network Security

Quantum Cryptography by Organization Size Outlook (Revenue, USD Billion, 2023-2031)

·         Small & medium enterprise

·         Large enterprise

Quantum Cryptography by Regional Outlook (Revenue, USD Billion, 2023-2031)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Rest of MEA
• Latin America
• Brazil
• Argentina
• Rest of Latin America 

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