Home Budget Quantum Cryptography market to be worth $506 million by 2023: Report

Quantum Cryptography market to be worth $506 million by 2023: Report

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PRNEWSWIRE: According to a new market research report “Quantum Cryptography Market by Component (Solutions and Services), Services (Consulting and Advisory, Deployment and Integration, and Support and Maintenance), Security Type (Network and Application Security), Vertical & Region – Global Forecast to 2023”, published by MarketsandMarkets, the Global Quantum Cryptography Market size is expected to grow from $101 million in 2018 to $506 million by 2023, at a Compound Annual Growth Rate (CAGR) of 37.9 percent during the forecast period.

Factors such as the growing incidents of cyber-attacks in the era of digitalization, increasing cybersecurity funding, rising demand of next-generation security solutions for cloud and IoT technologies, and evolving next-generation wireless network technologies are expected to drive the growth of the global Quantum Cryptography Market.

Solution segment to account for a higher market share during the forecast period

The quantum cryptography solutions segment includes the revenue generated from Quantum Key Distribution (QKD) platforms, QKD servers, virtual encryptors, QKD distributors, key and policy managers, SDK to integrate cryptography, quantum cryptography communication device, quantum security gateway, Quantum Random Number Generator (QRNG), hackerbox, quantum secure communication network products, and repeaters, along with factors essential for the implementation of quantum cryptography. This solution helps in encrypting the critical information without being leaked midway.

Increasing demand for consultation to solve the problems that hinders commercial clients’ business growth set to fuel the growth of consulting and advisory segment

Quantum cryptography service providers render a variety of services, such as consulting and advisory, deployment and integration, and support and maintenance service. Quantum cryptography consulting and advisory services play an important role in the implementation of the required set of solutions and techniques for securing the transmission of data. For this, qualified industry experts and security professionals are involved as consultants. Consultants help enterprises devise security strategies, minimize risks, understand the maturity of their quantum cryptography solutions, and reduce compliance costs. Advisory services assist organizations in solving a problem that hinders their business growth; the experts guide the path or direct the clients on where to go for help. Advisory service is provided by experienced experts, who offer hands-on, practical help, advice, and support business areas that will help make a difference to the business.

Americas region is expected to grow at the highest CAGR during the forecast period

The rise in cyber-attacks in this region is one of the major factors responsible for the growth of the market. Due to the high adoption of encryption-based applications in the Americas, the attacks are increasing dramatically and becoming more sophisticated. Furthermore, the growing IT management complexity along with the increasing need for data privacy and security is an important factor driving the Quantum Cryptography Market in the region. Countries such as the US, Canada, Brazil, and Mexico are generating significant revenue in this market. The organizations in this region are focusing on securing their applications and networks using various quantum cryptography appliances. In addition, the region has witnessed several government initiatives followed by heavy funding in research and development.

The report is available here: https://www.prnewswire.com/news-releases/quantum-cryptography-market-worth-506-million-by-2023-exclusive-report-by-marketsandmarkets-tm–813364533.html

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