Quantum Cryptography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The growing advent of digitalization has led to an improvement in the number of cybercrimes across all industry verticals. The financial sectors are the most exposed to cyber-attacks due to the sensitivity of the data and the influence of each data loss. Other advantages offered by quantum cryptography solutions cover ease-of-usage, decreased resource requirement, constant improvement, and secured communication. Also, by combining old, overlapping and fragmentary datasets Artificial Intelligence, motivated by quantum cryptography, paves the means to glean the outcomes of medical experiments that would otherwise be extremely expensive, complicated or unethical to run.

• The increasing incidents of cyber-attacks in the period of digitalization, growing cybersecurity funding, increasing demand of next-generation security resolutions for cloud and IoT technologies, and developing next-generation wireless network technologies are anticipated to propel the growth of the global quantum cryptography market. Toshiba seems set to take the global lead of commercializing quantum cryptography, pushing its technological advantage in the extremely competitive field expected to produce protection for data against cyberespionage.
• Apart from that, trending is the transmission of genome sequence using quantum cryptography. For instance, Tohoku University Medical Megabank Organisation (ToMMo) has illustrated the world’s first quantum cryptography transmission of complete genome-sequence data in collaboration with Toshiba, confirming that quantum encryption technology is now competent of large-capacity data transmission, initiating up practical applicability in genomic medicine and research. 

Scope of the Report

Quantum cryptography, also termed quantum encryption, uses laws of quantum mechanics to encrypt messages in a process that it is never seen by anyone outside of the designated recipient. It takes account of quantum's multiple states, copulated with its "no change theory," which implies it cannot be unknowingly infringed. 

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Key Market Trends

Solutions Segment to Drive the Quantum Cryptography Market

• The quantum cryptography solutions segment comprises virtual encryptors, QKD distributors, Quantum Key Distribution (QKD) platforms, QKD servers, quantum cryptography communication device, quantum security gateway, SDK to integrate cryptography, Quantum Random Number Generator (QRNG), hacker box, quantum secure communication network products, along with determinants necessary for the implementation of quantum cryptography. Moreover, the growing demand for next-generation cryptographic solutions to manage advanced cybersecurity attacks is established to encourage the outgrowth of the solutions segment in the quantum cryptography market place.
• With the aid of quantum-safe cryptography solutions, third-party cannot decode the encrypted data as it informs the sender and recipient about it. These solutions play an indispensable role in giving point-to-point security and storage networks for long-term data security, which has further enhanced the deployment and unification of quantum cryptography solutions and associated services. In addition to this, the R&D stage is getting traction amongst the scientific community, as the requirement for quantum-safe encryption is growing to counter the intimidation of a quantum computer.

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