Quantum Cryptography Market Size to Reach USD 13450 Million by 2026 - Valuates Reports
BANGALORE, India, Aug. 13, 2020 /PRNewswire/ -- Quantum cryptography is a technique for producing cryptographic keys by using photons, which are then transmitted to a receiver using a suitable channel of communication. The main advantage of quantum cryptography lies in the fact that instead of using mathematical algorithms or computational technology, it creates safe communication by offering protection based on fundamental laws of physics.
In 2019, the global Quantum Cryptography market size was USD 2253.8 Million, and it is expected to reach USD 13450 Million by the end of 2026, with a CAGR of 28.8% during 2021-2026.
Major factors that are expected to increase the Quantum Cryptography Market Size are growing incidents of cyber-attacks, growing cybersecurity funding, the demand for next-generation security solutions for cloud and IoT technologies, and emerging wireless network technologies.
The report provides a detailed overview and reliable playhttps://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg er revenue estimates for the 2015–2020 period. It also provides comprehensive analysis backed by accurate sales and revenue statistics by companies for the 2015-2020 period. The Quantum Cryptography Market
The report includes details such as company history, the launch of Quantum Cryptography product, recent advances, sales of Quantum Cryptography by region, type, application, and channel of distribution.
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TRENDS INFLUENCING THE QUANTUM CRYPTOGRAPHY MARKET SIZE
There is a spike in demand for quantum cryptography with an increase in demand for digitalization. The rising number of connected devices is generating challenges in cyber risk management as well as unintended cyber incidents across the globe. As a result, cyber-attacks happen more often and threaten companies and governments. Companies are buying quantum cryptography solutions because of the rise in cyber-attacks. This, in turn, is expected to increase the Quantum Cryptography Market size.
Furthermore, the rise in the usage of cloud-based applications across different industries has also fuelled the growth of quantum cryptography market size.
Higher adoption of quantum cryptography from the BFSI vertical of both private and government organizations is expected to increase the quantum cryptography market size during the forecast period. Financial institutions are providing their customers with the facility for online banking and electronic transactions. Quantum cryptography is, therefore, necessary for the security of those transactions. This also helps protect the government's mission-critical data and offers high-performance layer encryption.
QUANTUM CRYPTOGRAPHY MARKET SHARE ANALYSIS
North America is expected to hold the largest quantum cryptography market share during the forecast period. This dominance is attributed to the early adoption of advanced technologies such as cloud and IoT, high IT capabilities, and higher IT investments.
Asia-Pacific is expected to witness the highest growth rate during the forecast period. The high growth rate in this region is due to the rapid increase in the economy and the rise in the number of BFSI and IT industries.
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Segment by Type, the Quantum Cryptography market is segmented into
Segment by Application, the Quantum Cryptography market is segmented into
The major companies include:
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