Quantum cryptography is a secure technique for transferring secret keys over a distance, created based on the laws of physics. The current method of transferring the secret key is designed using unverified mathematical assumptions. Quantum cryptography is different from traditional cryptographic systems. It is based on physics rather than mathematics. Quantum cryptography key distribution guarantees secure communication. It involves both the parties to produce and share the randomly generated secret key which can be used to encrypt and decrypt the messages. It ensures the document or message transmitted remains confidential to everyone except the person with the key.
Depending on the requirements of end-users, quantum cryptography solutions can strengthen key distribution attributes that include confidentiality of key, authentication of key, rapid key delivery at lower rate, and robustness of key delivery. It can operate independent of distance & location i.e. few tens of kilometers through fiber cable, and can resist network traffic while delivering the key over systems. Quantum cryptography solutions are considered a great technique; therefore, organizations such as Google, Microsoft, Baidu, and IBM are investing huge amounts in quantum cryptography solutions in order to exponentially speed up the machine computing process.
Security is a major concern driving the growth of the quantum cryptography solutions market. Continuous growth of IT networks deployed for various business transactions and enterprise level communications. These networks consist of crucial data which has led to the growth of encryption techniques to ensure security of the information. Defense organizations, governments, and banks are some of the industry verticals which are already using this technology. Furthermore, rising adoption rate of cloud storage and computing technologies is expected to drive the market growth during the forecast period.
However, low customer awareness about quantum cryptography is expected to hamper the market growth during the forecast period. Furthermore, lack of skills and expertise regarding implementation of quantum cryptography solutions is expected to limit the market growth during the forecast period. Though, growing demand of integrated solution is expected to offer enormous opportunities for the market growth.
The quantum cryptography solutions market can be segmented based on components, algorithm type, application, enterprise, industry, and region. Based on components, the quantum cryptography solutions market can be segmented into hardware, software, and services. Based on hardware, the quantum cryptography solutions market can be classified as server, blade and others. In terms of services, the market can be segmented into professional services and managed services. In terms of algorithm type, the quantum cryptography solutions market can be classified into symmetric key and asymmetric key.
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Based on application, the quantum cryptography solutions market can be categorized into network security, database encryption, application security and others. In terms of enterprise, the quantum cryptography solutions market can be classified into small and medium enterprise (SMEs) and large enterprise. In terms of industry, the quantum cryptography solutions market can be segmented into government, healthcare, automotive, manufacturing, banking, financial services and insurance (BFSI), IT & telecom, defense, education and others. In terms of region, the quantum cryptography solutions market can be categorized into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
The countries such as China, U.S., India and others are investing huge amounts in the quantum cryptography solutions in terms of investment in quantum computing. In China, Chinese satellite service providers begin the use of quantum cryptography for secure video conferences between regions, thus attracting investors to invest in quantum computing based cryptography techniques. Moreover, governments, military operators, and commercial businesses are interested in incorporating quantum cryptography in their security process. The quantum cryptography solutions market in Asia Pacific and Middle East & Africa region is expected to expand due to several investments made by governments, in the area of encryption and data security.
Major players in the quantum cryptography solutions market are ID Quantiques SA, Anhui Qasky Science and Technology Ltd, MagIQ Technologies, Quintessence Labs, 1QBit, River Lane Research, Accenture, imec, Airbus, and Aliyun.
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