The global quantum cryptography market size is expected to grow from USD 101 million in 2018 to USD 506 million by 2023, at a Compound Annual Growth Rate (CAGR) of 37.9% during the forecast period. Factors such as the growing incidents of cyber-attacks in the era of digitization, increasing cyber-security funding, rising demand of next-generation security solutions for cloud and IoT technologies, and evolving next-generation wireless network technologies are expected to drive the growth of the global quantum cryptography market.
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Major quantum cryptography market vendors include ID Quantique (Switzerland), QuintessenceLabs (Australia), NuCrypt (US), Qasky (China), Crypta Labs (UK), Qubitekk (US), Post-Quantum (UK), MagiQ Technologies (US), ISARA (Canada), QuNu Labs (India), QuantumCTek (China), Quantum Xchange (US), Aurea Technologies (France), qutools (Germany), Infineon (Germany), Mitsubishi Electric (Japan), IBM (US), HP (US), NEC (Japan), Toshiba (Japan), and Microsoft (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global quantum cryptography market. New product launches, partnerships, and agreements have been the most adopted by the major players from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.
Quantum Cryptography Market
ID Quantique is one of the leading players in the global quantum cryptography market. The company develops and commercializes network encryption, scientific instrumentation, and random number generator products. ID Quantique, in the quantum cryptography marketspace, has adopted inorganic growth strategies to stay ahead of the competition. In October 2018, InfoSec Global collaborated with ID Quantique to provide a quantum safe VPN. The solution combines InfoSec Global’s cryptographic agility with ID Quantique’s Quantis QRNG for encryption inside a single device.
ISARA is one of the leading vendors in the quantum cryptography market. The company holds expertise in building security solutions and focuses on creating quantum-safe cryptography for computing ecosystems. In the area of quantum cryptography, the company offers ISARA Radiate Security Solution Suite, the first complete security solution to offer high-quality quantum-safe algorithms and integration tools made for developers. The company follows both organic and inorganic growth strategies. In October 2018, ISARA announced ISARA Catalyst Agile Digital Certificate Technology, which enables organizations and manufacturers to secure their infrastructure and connected devices from encryption breaking quantum compute threats. In April 2018, ISARA partnered with Certified Security Solutions (CSS) to introduce quantum-safe, full-stack PKI solution.
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