Quantum Cryptography Market valued $476.83M by 2030 at 18.67%

By 2030, the global market for quantum cryptography is expected to be worth 476.83 million dollars, representing an annual growth rate of 18.67%.

It is anticipated that the market will expand as a result of an increase in the number of cyberattacks carried out during the era of digitalization, an increase in the demand for next-generation security solutions for cloud and Internet of Things technologies, and the development of next-generation wireless network technologies.

The introduction of digitization brings with it a plethora of newly emerging possibilities for improving the efficiency of systems and operations across a wide range of market end-users. The increasing number of different kinds of gadgets is making the existing problems with managing cyber risk much more difficult. In addition, lawbreaking is on the rise in a number of regions across the globe, which puts pressure on the market and end-users to select appropriate solutions.

As a consequence of this, businesses and governments are provided with funding to support the extensive development and preparation of those solutions in order to reduce the frequency of cyber-attacks.

The growing need for next-generation security solutions to protect confidential information is anticipated to be profitable for both established and new vendors and service providers operating in the Quantum Cryptography Market. These businesses will be able to generate significant profits in a short amount of time by delivering efficient quantum cryptography solutions and services.

The need for these kinds of security solutions is growing across a wide variety of government organisations, and as a result, in the BFSI industry. The primary reason for this is that there is an increasing requirement on their part to conceal their financial dealings.

As a direct consequence of more companies moving their operations online, the number of daily transactions conducted by these companies is growing. Moreover, widespread implementation of quantum cryptography technology is required in order to continue maintaining the verifiability and safety of these transactions. There are a number of financial solutions that are gaining traction as a result of their provision of online banking to their consumers. This has the potential to raise the need for such solutions in both present and future transactions.

Key Developments

•In order to broaden the services it provides, Qubitekk announced in January 2020 that it has acquired Quantum Key Distribution from QinetiQ. The patent applications in this portfolio will come from 17 distinct families and total 57 in total.

•Starting in May 2019, clients of QuintessenceLabs and RSA Data Protection Manager software (DPM) will be able to access extended assistance that goes beyond the capabilities of the RSA DPM. The level of product quality offered by QuintessenceLabs will be comparable to that offered by RSA, as well as the level of enterprise-class support offered. Customers who currently have an RSA DPM maintenance contract have the option to renew it directly with QuintessenceLabs in order to receive long-term support for DPM.

•ID Quantique introduced a brand new solution for network configuration in the form of the Cerberis3 Quantum Key Distribution System in the month of December 2019. It is going to be helpful in the process of configuring point-to-point networks. Principal Actors

The leading companies in this market include Quintessencelabs, Crypta Labs, Qasky, Qubitekk, Isara and Post-Quantum, Quantumctek, Magiq Technologies, Nucrypt, and Quantum Xchange. Other notable companies include Quantum Xchange.