The North America Quantum Cryptography Market would witness market growth of 39.2% CAGR during the forecast period (2023-2030).
Quantum cryptography is practically un-hackable, easy to implement, and requires no maintenance resources. Furthermore, it is also used to detect and monitor quantum key distribution, as it is impossible to copy data encoded in a quantum state. Additionally, it protects communication by offering security based on fundamental laws rather than mathematical algorithms.
Organizations implement quantum cryptography solutions to increase network and application security. Due to the increased adoption of these solutions across the government and BFSI verticals, the market is anticipated to experience new opportunities. The industry participants prioritize innovative solutions to enhance security and transactions.
The increase in cybersecurity funding, the increasing demand for next-generation security solutions for cloud and IoT technologies, and the advancement of next-generation wireless network technologies are all expected to fuel the development of the market. Quantum cryptography has developed and been adopted due to the advancement of wireless network technology. In modern society, wireless networks such as Wi-Fi, Bluetooth, and cellular networks have become ubiquitous. Their use has led to an increase in the amount of wirelessly transmitted data.
The increasing number of cyber threats and attacks faced by organizations and individuals in the United States has made cyber security an increasingly vital concern in recent years. The growing incidences and sophistication of cyberattacks in the United States drive the use of cybersecurity solutions. According to data published by International Trade Administration, the average cost of a data breach for Canadian companies is about US$4.4 M per event, which is about $500K more than the global average of US$3.92 M. The alarming frequency of cyberattacks in the region and the government's proactive response to the problem are projected to support the expansion of the regional market.
The US market dominated the North America Quantum Cryptography Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,627.5 Million by 2030. The Canada market is poised to grow at a CAGR of 42.4% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 41.1% during (2023 - 2030).
Based on Vertical, the market is segmented into Government & Defense, Retail & eCommerce, IT & Telecom, BFSI, Healthcare & Lifesciences and Others. Based on Security Type, the market is segmented into Network Security and Application Security. Based on Offering, the market is segmented into Solution (Quantum Key Distribution, Quantum Random Number Generation and Others) and Services. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Quantum Cryptography Market is Projected to reach USD 5.6 Billion by 2030, at a CAGR of 40%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include IBM Corporation, Hewlett Packard Enterprise Company, Toshiba Corporation, NEC Corporation, MagiQ Technologies, Inc., Crypta Labs Limited, Qubitekk, Inc., ISARA Corporation, Nucrypt LLC, and Qrypt
By Vertical
By Security Type
By Offering
By Country
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