The Quantum Cryptography market is studied for Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period.
The global quantum cryptography market is projected to witness a steady growth during the forecast period. Increasing concerns related to data security and privacy are preliminary factors driving the market. In addition, rise in use of cloud storage and computing technologies further fuel the market growth. The global quantum cryptography market is projected to reach USD 640 Million at a CAGR of over 14% by the end of the forecast period 2019 -2023.
The global quantum cryptography market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the quantum cryptography market in Asia Pacific is expected to witness a significant growth during the forecast period. India and China are anticipated to drive the growth of the Asia Pacific quantum cryptography market owing to increasing concerns over data security and privacy. The market is likely to show immense growth in the coming future. North America has a well-established infrastructure, which allows higher penetration of devices and ultimately provides better connectivity. Advancements in the technology and shift towards community cloud are other major factors responsible for the growth of the quantum cryptography market.
In the global quantum cryptography market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growth in digital intelligent devices and digitization campaigns by Indian government.
The Quantum Cryptography market is segmented by service, application, vertical, and component. Based on the service, the market is segmented into support and maintenance services, deployment and integration services, consulting services. Based on application, the market is segmented into database encryption, application security and network security. The vertical segment includes banking and financial services, consumer goods and retail, government and defense, it and telecom, healthcare and life sciences. Based on component the market is segmented into hardware and software.
The Quantum Cryptography market is studied for Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The North American market growth is attributed to high adoption of cloud based applications and increasing safety and security concerns.