According to a research report "Quantum Cryptography Market Size by Offering (Solutions and Services), Security Type (Network Security and Application Security), Vertical (Government, Defense, BFSI, Healthcare, Retail, and eCommerce) and Region - Global Forecast to 2028" published by MarketsandMarkets, the Quantum Cryptography market size is estimated at USD 0.5 billion in 2023 and is projected to reach USD 3.0 billion by 2028, at a CAGR of 41.2% from 2023 to 2028. Factors such as increasing number of cyber threats and attacks; and digital transformation initiatives are positively driving the growth of Quantum Cryptography market. However, lack of expertise and technical implementation challenges to hinder the market growth.

By offering, Solution segment is expected to account for the largest share in 2023

Quantum computers threaten classical encryption methods and infrastructure security, entropy starvation allows for stealthy eavesdropping, and publicly exposed channels increase the risk for critical information exchanges. These solutions are vital in offering point-to-point security and storage networks for long-term data protection. In addition, the R&D platform is gaining traction among the scientific community, as the need for quantum-safe encryption is increasing to counter the threat of a quantum computer. The R&D platform comprises two stations, namely, the transmitter unit and the receiver unit. Each station consists of optical and electronic platforms, controlled by an external computer linked to the station through an Ethernet connector. With the R&D platform, users can experiment with different parameters and study various setups. It is well-documented in scientific publications and has been extensively tested and characterized. ID Quantique is a leading provider of R&D platforms for quantum cryptography.

By vertical, healthcare to account for highest CAGR in 2023

During COVID-19, healthcare facilities are more prone to becoming a target of cyberattacks. The healthcare sector has become the epicenter of this unexpected global pandemic. Increased investments by the government in the healthcare vertical to tackle COVID-19, and being prepared for future scenarios is expected to make the healthcare vertical adopt these solutions soon. Moreover, the use of quantum-safe encryption technology improves the proficiency of clinical and IT staff and provides real-time information access in case of emergencies. Additionally, the implementation of regulatory compliances, such as the Health Insurance Portability and Accountability Act of 1996 (HIPAA), is increasing the adoption rate of quantum cryptography among healthcare organizations and clinical staff. These compliance regulations also help secure sensitive data, protect identities by providing digital signatures, secure network gateways, and encrypting databases. Due to the rising use of this technology and increasing awareness about regulatory compliance, the adoption trend for quantum cryptography is expected to grow among developing countries.

By Region, North America to grow at the highest CAGR in 2023

In the United States, the National Quantum Initiative Act was passed in 2018, which aims to accelerate the development of quantum technology, including quantum cryptography. This has resulted in increased funding for quantum research and establishing research centers such as the Quantum Information Science and Engineering Network (QISE-NET). Private companies such as IBM, Microsoft, and Google are also investing in quantum technology research, developing quantum computers and quantum communication networks. The Perimeter Institute for Theoretical Physics and the Institute for Quantum Computing at the University of Waterloo are leading the way in quantum cryptography research in Canada. The Canadian government has also invested in quantum technology research, including quantum cryptography, through the Quantum Computing Strategy. Overall, the scope of quantum cryptography in North America is broad, with significant investments being made in research and development and the establishment of centers of excellence in the field.

Major players operating in the Quantum Cryptography are ID Quantique (Switzerland), QuintessenceLabs (Australia), Toshiba (Japan), QuantumCTek (China), Magiq Technologies (US), Crypta Labs (UK), Qasky (China), Qubitekk (US), ISARA (Canada), Nucrypt (US), Quantum Xchange (US), qutools (Germany), QNu Labs (India), Post Quantum (UK), IBM (US), HPE (US), NEC (Japan), Crypto Quantique (UK), Qrypt (US), KETS Quantum Security (UK), PQShield (UK), QuBalt (Germany), VeriQloud (France), SSH Communication Security (Finland), QuantLR (Israel), and QuSecure (US) are the key market players.

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