Quantum Cryptography Market Overview

“The Quantum Cryptography Market is estimated to increase at a CAGR of 28% from $ 867.67 million in 2023 to $ 10.32 Billion by 2030.”

The uncertainty principle of quantum physics is the foundation for quantum cryptography, which is expected to be used in future quantum computers to solve discrete logarithmic problems and create a shared, secret, and random sequence of bits called Quantum Key Distribution.

Quantum Key Distribution (QKD) and Quantum Cryptography (QC)

Quantum key distribution uses quantum mechanical systems to produce and distribute cryptographic keying material. Quantum cryptography communicates over a dedicated channel, allowing QKD or QC to identify eavesdroppers. Quantum-resistant algorithms ensure secrecy, integrity, and authenticity against potential quantum computers. The National Institute of Standards and Technology is selecting and standardizing these algorithms.

What Impact Will Quantum Technologies Have on Cryptography?

Cryptography, or encryption, is a technique used by websites and messaging applications to protect personal information. It ensures that data is transferred securely, preventing others from accessing it, especially when making purchases or logging into a bank account on a secure website.

Quantum information science, utilizing quantum mechanical principles, has the potential to revolutionize encryption by developing post-quantum cryptography, or quantum-proof cryptography, which aims to create encryption systems that cannot be cracked by future quantum computer algorithms or computations, potentially rendering current encryption technologies unsafe.

RSA cryptography is a secure data-transmission technique used in applications like internet browsers and digital signature software. It generates public and private codes, known as keys, which are kept secret. The private key is made up of two prime integers created by an algorithm. The public key, generated using the product of these two values and an exponent, is also generated using an algorithm. Once encrypted, the data can only be decrypted with the private key.

Quantum cryptography uses quantum physics rules to transmit secret information without detectable eavesdropping. The most commonly researched approach is quantum key distribution (QKD), which uses a sequence of photons to send a secret key.

 The key's compromise can be determined by comparing measures recorded at each end of the transmission. However, the uncertainty principle states that there is no way to "listen in" or monitor a quantum encrypted key without disrupting photons and altering measurements at both ends.

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Market Drivers

The quantum cryptography industry is driven by the increasing demand for secure communications and the growth of quantum computing technologies, particularly in industries like finance, government, and healthcare. As quantum computing becomes more powerful, it is expected to break standard encryption, making quantum cryptography more appealing for safeguarding sensitive data. Government investment in research and development is also expected to boost market growth.

“Quantum cryptography is gaining popularity across various industry verticals due to its advanced security features and robustness.”

Quantum cryptography is a promising solution for protecting data transfer across cloud networks and high-demand wireless networks. It enhances mobile transaction security by reducing fraud risks due to information abuse and insecure transactions. Electric grid digitization and automation are crucial for the digital world and economic systems, but they are vulnerable to hacking. As smart grids become more prevalent, the need for quantum cryptography to safeguard grid data is expected to increase.

Quantum Cryptography Market Segment Analysis

The market growth is anticipated to be driven by a rise in cyber-attacks.

The rise in cyber-attacks has prompted the development of quantum cryptography, a technique that uses quantum mechanics concepts to secure communication networks. This method offers a level of security that traditional cryptography methods cannot match, as they are more vulnerable to cyber-attacks due to their complexity and frequency. Quantum cryptography, on the other hand, relies on quantum mechanics concepts to ensure the security of communication channels.

Quantum cryptography offers significant benefits over traditional encryption methods, such as high secrecy and the ability to break communication if intercepted. This has led to increased use by governments, military organizations, and financial institutions for secure communication routes. However, the technology is still in its infancy, with significant obstacles such as high implementation costs, specialized hardware requirements, and limited communication distance. Despite these challenges, quantum cryptography remains a promising solution for enhancing security in communication.

Competitive Landscape of the Quantum Cryptography Market Analysis

• ID Quantique
• Qubitekk
• Quantum XC
• QuintessenceLabs
• PQ Solutions Limited
• Toshiba Corporation
• Infineon Technologies AG
• Thales (Gemalto)
• MagiQ Technologies
• Crypta Labs Ltd.
• Anhui Qasky Quantum Technology Co. Ltd.
• ISARA Corporation
• QuantumCTek Co., Ltd.
• QuNu Labs Pvt. Ltd.

New Developments

Sept. 28, 2023 America’s first commercially available quantum network – EPB Quantum NetworkSM powered by Qubitekk – is now the nation’s only software-configurable quantum network specifically designed for flexibility and ease of access to support companies, government agencies and researchers to accelerate the development of their technologies. Now open to customers, EPB Quantum Network allows users to specify parameters for a range of network configurations they need to build, test, validate, characterize and run their products using AliroNetTM, designed and manufactured by Aliro Quantum for control and configuration.

Through AliroNet’s graphical interface, customers can select from a range of predefined network configurations or engage EPB Quantum Network engineers to implement customized configurations. In addition, the network and interface are designed so that customers can return to previous configurations.

October 12, 2023 Quantum News Briefs October 12: Eviden supports post-quantum algorithms with its network security solution ‘Trustway IP Protect’; D-Wave’s Quantum-Hybrid solutions optimize Satispay’s growing rewards initiatives in Europe; Europe creating network infrastructure based on quantum physics + MORE – Inside Quantum Technology

Nomura Holdings, Inc., National Institute of Information and Communications Technology, Toshiba Corporation, Nomura Securities Co., Ltd., and NEC Corporation all worked together in January 2022 to verify the efficacy and viability of quantum cryptography. They used stock trading activities as a use case to show how well quantum cryptography fits the needs of high-speed, low-latency, large-volume data transfer.

Regional Analysis

Fastest Growing Market-> Asia Pacific

Largest Market-> North America

“The United States market holds significant importance for providers of quantum cryptography services due to its vast market size and diverse offerings.”

The defense sector is experiencing a surge in cybersecurity demand, leading to increased government investments in research and development activities.

The US government is investing heavily in research and development of quantum cryptography to enhance cybersecurity and military defense. This move aims to leverage quantum principles to strengthen communication networks and protect against cyber threats. Organizations in the US are exploring new solutions to protect sensitive data, and quantum cryptography offers unparalleled security levels that standard approaches cannot provide. This investment is aimed at reinforcing communication networks and providing a more secure alternative to traditional methods.

Segments Covered in the Quantum Cryptography Market Report

By Component:

• Solutions
• Services
• By Security:
• Network Security
• Application Security

By End Use:

• Government & Defense
• BFSI
• Retail
• Healthcare
• Automotive

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

Frequently Asked Questions

What is the expected growth rate of the Quantum Cryptography market over the next 7 years?

Quantum Cryptography Market is estimated to increase at a CAGR of 28% from $ 867.67 million in 2023 to $ 10.32 Billion by 2030| Report 2023 by published by Market Report Service

Who are the major players in the Quantum Cryptography market and what is their market share?

ID Quantique, Qubitekk, Quantum XC, QuintessenceLabs, PQ Solutions Limited, Toshiba Corporation, Infineon Technologies AG, Thales (Gemalto), MagiQ Technologies, Crypta Labs Ltd., Anhui Qasky Quantum Technology Co. Ltd., ISARA Corporation, QuantumCTek Co., Ltd., QuNu Labs Pvt. Ltd, are prominent players operating and dominating in the market.

Who are the top 3 Quantum Cryptography Market Key Vendors?

ID Quantique, Qubitekk, Quantum XC, QuintessenceLabs, PQ Solutions Limited, are key players in the Quantum Cryptography market.

Which geographical areas dominate the worldwide market for Quantum Cryptography?

North America region are emerging as the top regional markets for Quantum Cryptography solutions.