Quantum Cryptography Market worth USD 943.7 Million by 2022

Quantum Cryptography Market Analysis Size, Growth rate and Overview:

Quantum Cryptography Market was valued at USD 285.7 Million in 2017 and is expected to reach almost USD 943.7 Million by the end of 2022, growing at a CAGR of around 27.0% over the predicted period.

Quantum cryptography uses the concept of physics, instead of mathematics, which is used for other cryptographies. It helps to hack quantum cryptography virtually impossible without knowing the actual part of the message. With the current technologies, the information exchange has some limitations, as it can be transported without noise and noise of about 60 km. This restriction is a blessing for companies like the BFSI, where a head office has to communicate with colleagues, employees and customers in the area. It adapts both to communication within and between institutions.

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Quantum Cryptography Market Key Drivers, Challenges, and Opportunities:

With the growing need for IoT, intelligent networks, intelligent cities, hand-held portable devices for home use, smart home appliances and smart phones, the need for data continues to increase, enabling quantum cryptography. In addition, the growing concern over data security due to the rapid increase in the number of cyber-attacks in recent years is expected to drive the global market in the coming years.

With the onslaught of cyber-attacks, increased data security and privacy concerns, increasing acceptance of cloud storage, and computer technologies and wireless networks, it is expected that next-generation development will be the main driver increasing the quantum computing practices. A big defiance factor, such as the low level of customer awareness of quantum cryptography and the lack of skills and technical knowledge, are hindering the growth of the market. The quantum cryptography market is a testament to steady growth with growing security threats, a lack of ability to cushion and respond to these attacks, and low customer awareness of quantum cryptography.

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Quantum Cryptography Market – Regional Presence:

North America was a pioneer in innovations as it acts as an incubator of new technologies and has offices of all major MNCs in the country. The rapid introduction of technology has given the country an advantage over the other regions. The major market research companies in the analyzed market are based in the United States, enabling service providers to offer their services. The availability of basic infrastructures and support facilities such as the fibre-optic network, the communication channel and the availability of quantum and cloud computing equipment, etc. are increasing demand. It is expected that the market under study will follow a similar trend over the forecast period in this region.

Some of the Key Players Profiled in this Quantum Cryptography Market Report are:

Toshiba, Qubitekk, Nucrypt, Magiq Technologies, Qunitessence Labs, PQ Solutions, Qutools GmbH, Infineon, NEC Corporation, Crypta Labs, and others.

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