Quantum Cryptography Market: Overview
Quantum Cryptography involves the application of physics knowledge with an aim to develop a cryptosystem that is not easily exploitable. Quantum signifies the fundamental behavior of particles of matter and energy it explains everything that exists and nothing can violate it. It is nothing but an art of coding in which the programmer coverts math to physics for greater security reasons. Quantum cryptography aims at the protection of data or the valuable information of the organization from hackers or code breakers. Quantum Key distribution (QKD) is a very popular cryptographic application. It involves encoding and sending the needed information for decryption.
Quantum Cryptography Market: Growth Factors
Protection of the company’s data from cyber attacks is the need of an hour which is eventually driving the quantum cryptography market. Cyber threats and cybercrime are also enhancing the growth of the market. Privacy concerns to protect the vital data from hackers, evolving technology, embracement of cloud storage and other wireless networks are further paving the way for the quantum cryptography market. However, lack of awareness about the quantum cryptography market along with insufficiency in expertise is restraining the growth of the market. Quantum computing theory and quantum advancements are posing challenges to the quantum cryptography market. Quantum cryptography has ample opportunities in the financial sector, pharmaceutical industries as well as in the IT sector as these sectors are continuously involved in generating big data which needs protection from cyber threats.
Quantum Cryptography Market: Segmentation
Quantum Cryptography market is segmented on the basis of the component which includes hardware and services. The hardware segment includes Server, Blade, R&D Platform and Random Number Generator. Services include Consulting Services, Integration and Deployment Services and Support and Maintenance Services. On the basis of application, the global quantum cryptography market is segmented into Database Encryption, Application Security, and Network Security. Depending on the size of the organization the quantum cryptography market is segmented into small and medium enterprises and large enterprises. The industrial vertical segment consists of Government and Defense, Banking, Financial Services and Insurance (BFSI), IT and Telecom, Healthcare and life sciences, Manufacturing and Retail.
Quantum Cryptography Market: Regional Analysis
In the quantum cryptography market, North America continues to show its dominance. As North American regions have experienced cyber attacks and cyber threats security is the major need of the firms in the region. Adoption of new technology and services has also led them to step into the market. Moreover, small and medium enterprises are also progressing in the North American region. Due to the pervasiveness of fraud in the sectors like BFSI, e-commerce, and healthcare in the USA region the quantum cryptography market has driven on a large scale. Asia-Pacific region (APAC) is also a fastest growing region in quantum cryptography market and it is led by China.
Quantum Cryptography Market: Competitive Players
Some of the most vital competitors in the quantum cryptography market are PQ Solutions (U.K), Infineon (Germany), Qubitekk (U.S), Quintessence labs (Australia), Nucrypt Llc (U.S), Crypta Labs (U.K), Qutools GmbH (Germany), Magiq Technologies (U.S), NEC Corporation (Japan), Toshiba (Japan) among others.
Quantum Cryptography Market: Regional Segment Analysis
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