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(IT-NEWSWIRE.COM, October 15, 2024 ) The global quantum cryptography market size will grow to USD 1.15 billion by 2024 (forecast year) from USD 7.59 billion in 2030 (estimated year), at a CAGR of 36.8 % during 2024- 2030 period.
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The growth in the quantum cryptography market is being fueled by increased cyberattacks, advancement in quantum computing, and major initiatives by governments around the world across various sectors as healthcare, defense, telecom, IT, finance, and education. The increase in demand for advanced security measures to protect sensitive information from malicious attacks has brought a shift from traditional cryptographic methods to more robust solutions.
More especially, the digital banking and electronic transaction are increasing, and therefore, the communication system should be assuredly secured. Quantum cryptography solutions such as Quantum Key Distribution (QKD), Quantum Random Number Generators (QRNG), or hardware security modules may provide theoretically unbreakable encryption to safeguard the data and communications against increasingly sophisticated cyber threats.
Based on the Organization Size, the Large Enterprises segment accounts for the highest market size during the forecast period.
Quantum cryptography is mostly driven by the large enterprises segment, since managing big amounts of sensitive data requires a high level of security and there are more strict regulations in end-users like finance and healthcare. The quantum threats are very likely to stimulate significant investments into solutions resilient to such threats. Consequently, it is the large enterprises which have the potential for holistic R&D, such as that of IBM or Google, who have already been developing post-quantum cryptographic algorithms. Additional strategic partnerships with organizations, such as NIST, contribute to increased adoption. Innovators, like Cloudflare, which has already integrated post-quantum protocols, are a show of proactive action.
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By Vertical, Healthcare segment will grow at the highest CAGR during the forecast period.
Emerging security threats, the increased need for regulatory compliances, and an ongoing process of digital transformation is driving the healthcare industry in the quantum cryptography market. Healthcare organizations hold highly sensitive data related to personal health information that has become a high-priority target for cyberattacks. Quantum cryptography provides for advanced encryption techniques that will ensure the safety of that data and will help keep these regulations, such as HIPAA, in check. The growing demand for electronic health records, telemedicine, and cloud solutions further increases the requirement for future-proof security. In addition to this, real-time data access is critical in emergency medical care. Growing healthcare cybersecurity investment in the public as well as private sectors is driving the adoption of quantum cryptography solutions due to the driving urgency for implementing security measures and government regulations supporting the adoption of cryptographic technologies. For example, companies like ID Quantique have developed custom healthcare applications for specific security needs in healthcare sector with a motive of securing sensitive data related to the patients.
By region, Europe will grow at the highest CAGR during the forecast period.
Europe in quantum cryptography market is driven by several factors that include strong governmental support coupled with funding through initiatives such as the EuroQCI enhancing the security of European communications. The ever-growing challenge of cyber-related risks force financial, health, and governments to modernize their safety measures. Stricter regulation like the GDPR makes organizations more and more in need of safe defense mechanisms for personal data. Moreover, the presence of leading research institutions and early adoption of quantum technologies by countries such as Germany and UK further contribute to the growth of this market.
The report profiles key players such as Toshiba (Japan), NXP Semiconductor (Netherlands), Thales (France), IDEMIA (France), Palo Alto Networks (US), DigiCert (US), Quintessence Labs (Australia), QuantumCtek (China), ISARA (Canada), IBM (US), ID Quantique (Switzerland), MagiQ Technologies (US), Crypta Labs (UK), Qasky (China), Qubitekk (US), Nucrypt (US), Quantum Xchange (US).
Major Highlights of the Quantum Cryptography Market:
Rapid Market Expansion: The quantum cryptography market is growing rapidly, driven by increasing concerns over cybersecurity threats and the need for secure communication channels.
Rising Adoption in Critical Sectors: Governments, financial institutions, and defense sectors are increasingly adopting quantum cryptography to protect sensitive data from potential quantum computing attacks.
Quantum Key Distribution (QKD) as a Core Technology: QKD is the most prominent application in quantum cryptography, providing secure key exchange by leveraging the principles of quantum mechanics.
Increasing R&D Investments: Significant investments in research and development are being made by both public and private entities to advance quantum cryptography technologies and overcome current limitations.
Collaborations and Partnerships: There is a growing trend of partnerships between tech companies, research institutions, and government agencies to accelerate the development and commercialization of quantum cryptography solutions.
Threat of Quantum Computing: The impending threat of quantum computers breaking traditional encryption methods is a major driver for the adoption of quantum-resistant encryption solutions.
Standardization Efforts: Ongoing efforts to develop and standardize quantum-safe encryption protocols are shaping the market, ensuring compatibility and interoperability across different systems.
Emergence of Quantum Networks: The development of quantum networks, where quantum cryptography plays a key role, is gaining traction, especially in securing long-distance communications.
Challenges and High Costs: Despite the potential, the market faces challenges such as high implementation costs, technical complexities, and the need for specialized infrastructure.
Regional Market Growth: North America and Europe are leading the market, with significant advancements also occurring in Asia-Pacific, particularly in China and Japan, where quantum research is heavily funded.
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Source: EmailWire.Com 
Source: EmailWire.com
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