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(Hosting-NewsWire.com, August 23, 2024 ) According to a research report "Quantum Cryptography Market 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.
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Major Highlights of the Quantum Cryptography Market:
Rapid Market Expansion: The quantum cryptography market is growing rapidly, driven by increasing concerns over cybersecurity threats and the need for secure communication channels.
Increasing R&D Investments: Significant investments in research and development are being made by both public and private entities to advance quantum cryptography technologies and overcome current limitations.
Collaborations and Partnerships: There is a growing trend of partnerships between tech companies, research institutions, and government agencies to accelerate the development and commercialization of quantum cryptography solutions.
Threat of Quantum Computing: The impending threat of quantum computers breaking traditional encryption methods is a major driver for the adoption of quantum-resistant encryption solutions.
Standardization Efforts: Ongoing efforts to develop and standardize quantum-safe encryption protocols are shaping the market, ensuring compatibility and interoperability across different systems.
Emergence of Quantum Networks: The development of quantum networks, where quantum cryptography plays a key role, is gaining traction, especially in securing long-distance communications.
Challenges and High Costs: Despite the potential, the market faces challenges such as high implementation costs, technical complexities, and the need for specialized infrastructure.
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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.
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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Source: EmailWire.Com
Source: EmailWire.com
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