While using a traditional method of encryption, data is transferred in an encoded form over a public network along with a key to enable the receiver to decode the data. This poses a high risk of losing information about the key, which can result in data loss. Users have started to adopt quantum cryptography to overcome this problem, which uses the quantum key distribution (QKD) method that transfers a special key using light/photons instead of a public channel. Quantum cryptography provides high security and ensures confidentiality of data over a conventional method.
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On back of increasing applications across different industry verticals, such as banking and financial services, IT and telecom, and government and defense, the global quantum cryptography market is anticipated to exhibit a high CAGR of 26% during the forecast period (2019- 2029).
Key Takeaways of Quantum Cryptography Market Study
- Technology companies are partnering with various universities, with an objective to accelerate their research on quantum cryptography.
- The quantum cryptography software segment is anticipated to grow at a significant rate, due to the increasing usage of quantum technology for encryption in present times.
- Rising adoption of quantum computers is boosting the demand for quantum cryptography solutions, as quantum computers can easily decode public key encryption.
- North America dominates the global quantum cryptography market, owing to the presence of key players and vast number of quantum technology users in the region.
“Military applications across various fields such as artificial intelligence, big data analytics, advanced robotics, and complex systems simulation have been identified as lucrative for players offering quantum cryptography solutions and services. Implications of quantum cryptography solutions have strategic importance in the economic field, international affairs, and national security of a country,” says a PMR analyst.
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Strategic Alliances to Upgrade Product Offerings Propelling Quantum Cryptography Market Growth
In this fast-growing market, it is difficult for quantum cryptography solution providers to specialize in everything, making alliances or partnerships essential for growth in the market. Companies must focus on novel and innovative solutions in order to defend their current position in the quantum cryptography market.
For instance, in July 2019, Utimaco GmbH, a leading software and hardware security modules provider, partnered with ISARA to utilize PQC (Post Quantum Cryptography) software provided by ISARA Corporation. This partnership will enable its users to have encrypted and secured communication that cannot be decrypted by other computers.
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