Quantum Cryptography Solutions Global Market Report 2024
“The Business Research Company recently released a comprehensive report on the Global Quantum Cryptography Solutions Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The quantum cryptography solutions market size has grown rapidly in recent years. It will grow from $10.45 billion in 2023 to $12.11 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to demand for enhanced simulation and modeling, growing complexity of automotive systems, rising focus on cybersecurity, collaborative research initiatives, regulatory pressure and emissions reduction, competitive landscape and market differentiation.
The quantum cryptography solutions market size is expected to see rapid growth in the next few years. It will grow to $21.91 billion in 2028 at a compound annual growth rate (CAGR) of 16%. The growth in the forecast period can be attributed to autonomous vehicle development, connected car ecosystem, electric vehicle optimization, advanced materials development, cybersecurity enhancement, supply chain optimization, regulatory compliance and sustainability, industry collaboration and partnerships. Major trends in the forecast period include increased adoption, technological advancements, R&D investments, partnerships and collaborations, market expansion, regulatory considerations, integration with electric vehicles, focus on cybersecurity, market competition, commercialization of quantum solutions.
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Market Drivers and Trends:
The growing number of data breaches and cyber-attacks is expected to propel the growth of the quantum cryptography solutions market in the forecast period. Data breaches and cyber-attacks refer to unauthorized access or manipulation of electronic data, posing risks such as theft of sensitive information, disruption of services, and compromising system integrity. The increasing prevalence of data breaches and cyberattacks is due to the expanding digital landscape, the evolving tactics of cybercriminals, and insufficient cybersecurity measures. Quantum cryptography solutions offer enhanced cybersecurity by leveraging the principles of quantum mechanics to secure communication channels through methods such as quantum key distribution, which provides theoretically unbreakable encryption that protects against eavesdropping and data interception. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. The communications industry experienced an average of 1,380 weekly attacks per organization, marking a 27% increase compared to 2021. Similarly, the Internet service provider/managed service provider (ISP/MSP) industry encountered an average of 1,372 attacks per organization per week in 2022, reflecting a 28% increase from the previous year. Therefore, the growing number of data breaches and cyberattacks drives the growth of quantum cryptography solutions market.
Major companies operating in quantum cryptography solutions market the integration of quantum-safe encryption into existing systems such as optical communication devices to serve customers with advanced features better. Quantum cryptography solutions in optical communication devices utilize light’s quantum properties to enable highly secure data transmission, primarily through systems like quantum key distribution (QKD). For instance, in August 2023, SKY Perfect JSAT Corporation, a Japan-based satellite communication company, launched a quantum cryptography optical communication device with satellite-based quantum key distribution (QKD) and cryptography technology. This launch aimed to conduct demonstration experiments between space and ground, aiming to establish a secure satellite communication network impervious to eavesdropping or decryption, even with advancements in computational technology. This ensures robust encryption for information exchanged over optical networks.
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Major Key Players of the Market:
NEC Corporation, imec International Organization, PQ Solutions Ltd, Toshiba Digital Solutions Corporation, ID Quantique SA, Nu Quantum Ltd, QuintessenceLabs Pty Ltd, MagiQ Technologies Inc., SpeQtral Pte Ltd, Arqit Quantum Inc., QuantumCTek Co. Ltd., Anhui Qasky Quantum Technology, Qubitekk Inc., QuantLR Inc., Ki3 Photonics Technologies Inc., Qunnect Corporation, QEYnet, Aliro Quantum Inc., Crypto Quantique Ltd, Crypta Labs Limited, Quantropi Inc., Quantum Xchange Inc., Aegiq LLC, GoQuantum Inc., Qulabs Inc
Quantum Cryptography Solutions Market 2024 Key Insights:
• The quantum cryptography solutions market size is expected to see rapid growth in the next few years. It will grow to $21.91 billion in 2028 at a compound annual growth rate (CAGR) of 16%.
• Emerging Role Of Quantum Cryptography In Countering Data Breaches And Cyber Attacks
• Innovative Quantum Cryptography Products Revolutionizing Secure Satellite Networks
• North America was the largest region in the quantum cryptography solutions market in 2023
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This release was published on openPR.