Quantum Cryptography Market Size Worth $ 11,336 Million By 2032 | CAGR: 41.10%

The global quantum cryptography market size is expected to reach USD 11,336 million by 2032, according to a new study by Polaris Market Research. The report “Quantum Cryptography Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Security Type (Network Security, Application Security); By Vertical; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing cost of data breaches is a significant growth driver for the quantum cryptography market. As highlighted in IBM Security's "The Cost of a Data Breach Report," the global average cost of a data breach has risen by 2.6%, reaching a historical high of $4.35 million in 2022. This upward trend in the cost of data breaches underscores the urgent need for more advanced and robust cybersecurity solutions to protect against cyber-attacks.

Quantum cryptography provides an ultra-secure way to transmit data that is almost impossible to intercept or hack, making it an increasingly attractive solution for organizations seeking to protect their sensitive and confidential information. As a result, the increasing cost of data breaches is likely to drive demand for quantum cryptography solutions, particularly among industries that handle highly sensitive data.

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The shortage of skilled cybersecurity professionals is a significant factor driving the growth of the quantum cryptography market. ISACA's survey report, "State of Cybersecurity 2022: Global Update on Workforce Efforts, Resources and Cyber Operations," reveals that 60% of Indian companies have unoccupied cybersecurity positions, and 42% indicate that their cybersecurity team lacks adequate personnel. This scarcity of qualified cybersecurity professionals is leading organizations to seek more advanced and efficient ways to secure their networks and data.

One such solution is quantum cryptography, which provides a highly secure way to transmit data that is difficult to intercept or hack. The shortage of skilled cybersecurity professionals is driving the growth of the market as organizations seek innovative ways to protect their sensitive data from cyber threats.

Quantum Cryptography Market Report Highlights

• Solutions segment is anticipated to witness faster growth in the coming years due to growing acceptance of quantum key distribution (QKD) systems.
• Network Security segment accounted for the larger market share owing to the the mounting risk of cyber-attacks.
• Government segment is projected to experience larger revenue share due to the increasing need for secure communication channels and data protection.
• North America is projected to register higher growth and larger revenue share in the study period owing to the growing incidence of data breaches in the region.
•  Asia Pacific is expected to grow prominently owing to the growing utilization of quantum technologies.
• The global players include ID Quantique, QuintessenceLabs, Crypta Labs, MagiQ Technologies, Toshiba, Qubitekk, QuTech, PQ Solutions, Post-Quantum, Xanadu, Cryptography Research Centre, Entanglement Partners, Quantum Motion, QuSecure, Qnami, QuNu Labs, Quantum Xchange, Raytheon Technologies, NEC, Secure Communication Systems, Huawei Technologies, CryptoExperts, Cygnacom, QuantumCTek, SwissQuantum, Universal Quantum & Quantum Machines.

Polaris Market Research has segmented the quantum cryptography market report based on offering, security type, vertical and region:

Quantum Cryptography, Offering Outlook (Revenue - USD Million, 2019 - 2032)

• Solutions
  • Quantum Key Distribution (QKD)
  • Quantum Random Number Generator (QRNG)
• Services

Quantum Cryptography, Security Type Outlook (Revenue - USD Million, 2019 - 2032)

• Network Security
• Application Security

Quantum Cryptography, Vertical Outlook (Revenue - USD Million, 2019 - 2032)

• Government
• Defense
• BFSI
• Health Care
• Retail and eCommerce

Quantum Cryptography, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Quantum Cryptography Market Report Scope