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Market Drivers
Rising Cyberattacks Driving Demand for Quantum Cryptography
The increasing prevalence and sophistication of cyberattacks worldwide have raised concerns about the vulnerabilities of traditional cryptographic systems. Quantum cryptography, leveraging the principles of quantum mechanics, offers a revolutionary approach that promises impenetrable security against cyber threats.
According to Cobalt (2023), global cybercrime costs are projected to reach US$ 10.5 trillion annually by 2025. The impact of ransomware attacks is particularly alarmingCybersecurity Ventures estimates that ransomware costs will soar to US$ 265 billion annually by 2031, a sharp rise from US$ 20 billion in 2021.
The growing concern among businesses is evident, with 62% of surveyed organizations designating ransomware as their top security concerna 44% increase from 2022, according to CFO reports. Additionally, SpyClouds 2023 Ransomware Defense Report found that 81% of surveyed organizations had experienced ransomware attacks, with 48% opting to pay the ransom.
As cyber threats continue to escalate, the adoption of quantum cryptography is gaining momentum as a cutting-edge solution for securing sensitive data and digital infrastructure against future cyber risks.
Market Segments
By Component (Solution, Service)
By Type (Quantum Key Distribution, Quantum Random Number Generation, Others)
By Security (Application Security, Network Security)
By Organizational Size (Small & Medium Enterprise, Large Enterprise)
By End-User (IT & Telecom, BFSI, Healthcare and life science, Automotive, Retail, Government & Defense, Others)
By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa)
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Market Regional Share
North America Leads the Quantum Cryptography Market
North America holds the largest market share in the global quantum cryptography market, driven by rapid advancements in quantum research and development by key industry players. The region boasts a thriving ecosystem of tech startups, established corporations, and investors, fostering innovation and accelerating the adoption of quantum cryptography solutions.
Increasing government initiatives focused on cybersecurity further strengthen North America’s market dominance. For example, in March 2021, Secretary of Homeland Security Alejandro N. Mayorkas emphasized the importance of post-quantum encryption as a national security priority.
Additionally, National Security Memorandum 10, issued by the U.S. government, outlines a strategic plan to maintain the country’s leadership in quantum information science (QIS) while addressing the cybersecurity risks posed by quantum computing.
With rising investments and proactive government policies, North America continues to drive innovation in quantum cryptography, solidifying its position as a global leader in this transformative technology.
Key Market Players
Key players are ID Quantique, QuintessenceLabs, Toshiba, QuantumCTek, Magiq Technologies, Crypta Labs, Qasky, Qubitekk, ISARA and Nucrypt.
Recent Developments
On November 28, 2023, SpeQtral, a startup in Singapore specializing in quantum networks extended its quantum cryptography deal with Toshiba. The extended agreement comes in the wake of SpeQtral being chosen as a crucial partner for the implementation of Singapore’s “National Quantum-Safe Networks.
On January 11, 2024, QuSecure, Inc., a leader in post-quantum cryptography (PQC) announced its QuProtect solution has been recognized as the leading Quantum Computing Solution in the CyberSecured Awards Program.
