TMCnet News

Quantum Cryptography Market: Forecast to Reach $943 Million by 2022 - Research and Markets

[November 20, 2017]

Quantum Cryptography Market: Forecast to Reach $943 Million by 2022 - Research and Markets

The "Quantum Cryptography Market by Component (Hardware and Services), Application (Network Security, Database Encryption, Application Security), Organization Size, Vertical and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.

The global quantum cryptography market size is expected to grow from USD 285.7 million in 2017 to USD 943.7 million by 2022, at a CAGR of 27.0%.

With the growing incident of cyber-attacks, increasing data security and privacy concerns, rising adoption of cloud storage and computing technologies, and evolving next generation wireless networks is expected to be the major driver for enterprises, since the solution uses quantum properties of light that prevent the interception of messages, as well as standard computational procedures, which are designed to fight quantum attacks evolving due to an increase in the practices of quantum computation. Major challenging factor such as, low customer awareness about quantum cryptography, and lack of skill and expertise are hampering the growth of the market. The quantum cryptography market is witnessinga steady growth with increasing security threats, lacks of the ability to mitigate and respond to such attacks, and due to the low customer awareness about quantum cryptography.

With the increasing need of wireless communication and remote access security, quantum cryptography application provides protection on the usability and integrity of the network and data. The ongoing enhancements in the internet technology is continuously increasing and the advent of modern computers to support more and more remote computation has led to the increase in the requirement of network security for the secure transmission of data.

Companies Mentioned