Quantum Cryptography Market

The quantum cryptography market is estimated to be worth USD 1,157.0 million in 2024 and is projected to reach USD 7,594.0 million by 2030, at a CAGR of 36.8% during the forecast period. The major driving factors such as growing cybersecurity threats and fast development in quantum computing have promoted quantum cryptography market growth in recent times, as the current encryption methods are becoming outdated. The need for the authentication and encryption solutions that are tough to break due to quantum hacking has increased demand in finance, healthcare, and other such sectors. The growth is further augmented by the government funding and initiatives toward the development of quantum technologies. However, organizations face challenges from the increasing digitalization, strengthened data privacy regulations and potential disruptions caused by company actions.

The major players in the quantum cryptography market with a significant global presence are Toshiba (Japan), NXP Semiconductor (Netherlands), Thales (France), IDEMIA (France), Palo Alto Networks (US), DigiCert (US), Quintessence Labs (Australia), QuantumCtek (China), ISARA (Canada), IBM (US), ID Quantique (Switzerland), MagiQ Technologies (US), Crypta Labs (UK), Qasky (China), Qubitekk (US), Nucrypt (US), Quantum Xchange (US) . The market players have adopted various strategies such as development of advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their position in the quantum cryptography market. The organic and inorganic strategies have helped the market players expand globally by providing quantum cryptography solutions.

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Toshiba (Japan), Toshiba is making great strides in the quantum cryptography market through significant investments in projects such as Quantum Technology Centre at Cambridge, UK, focusing on solutions in the area of quantum-secure networking. Toshiba applies the technology of QKD from research to commercial applications in sectors such as finance and telecommunication. Toshiba has strong basis of R&D and solutions offerings in quantum cryptography making Toshiba the leader in secure communications. Recent wins include quantum-encrypted data transmission over 600 kilometres and launch of quantum-secure metro network trial with BT in London. Toshiba also has a digital transformation strategy towards sustainability and innovation and strategic partnerships and acquisitions with energy solutions and secure communication technologies.

NXP (Netherlands), NXP Semiconductors is one of the leading semiconductor companies in the Netherlands and is rapidly advancing in the quantum cryptography market, especially focusing on post-quantum cryptography or PQC, which is increasingly being adopted to counter new threats from quantum computing. The company has also been deeply investing in the R&D regarding the development of quantum-safe hardware and algorithms in the field of automotive, industrial IoT, mobile, and communications infrastructure. In close collaboration with the likes of NIST, NXP is shaping and aligning its security solution to "future-proof" PQC standards. Using strong intellectual property portfolios and vertically integrated manufacturing capabilities backed up by expertise in secure connectivity, NXP delivers leading-edge secure products. NXP also works on cryptographic algorithms such as Crystals-Kyber and Crystals-Dilithium and reiterates its position as one of the pioneers in development work for secure, innovative solutions to address the challenges of the quantum computing era.

Related Reports:

Quantum Cryptography Market by Solution (Quantum Key Distribution (QKD), Quantum Random Number Generators (QRNG), Quantum-safe Cryptography)), Service (Professional, Managed), Security Type (Network, Application, Cloud) - Global Forecast to 2030

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