Quantum Cryptography Market - Forecast(2021 - 2026)

The advantage of using quantum cryptography is that it is possible to perform cryptographic tasks that were earlier deemed to be impossible using non-quantum techniques. Data that is encoded in a quantum state cannot be replicated and even when such data is just read, the state of the data stored in a quantum state changes.

The global quantum cryptography market is estimated to reach $787.88 million in 2023 from $122.89 million in 2017 growing with CAGR of 36.3% during the forecast period. Quantum cryptography has been increasingly applied in the Asia-Pacific region owing to the several investments from government in field of quantum encryption and data security hence this region has undergone leading growth in quantum techniques for cryptography. China, however, has invested significantly in research and development efforts and is expected to attribute to the high growth rate that Asia Pacific will exhibit till the end of the forecast period considered in this report. 

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What is Quantum Cryptography?

Quantum cryptography is precisely defined as the technique for the generation of cryptographic key by using photons which is then transmitted it to a receiver by using a suitable communication channel. Quantum Cryptography was discovered at the Columbia University in the 1970s. The cryptographic key plays the most important role in cryptography; it is used to encrypt/decrypt data. Quantum cryptography allows users to communicate using more secure methods than the traditional technology. It is based on the fundamental and invariable principles of quantum mechanics which enhances the privacy of communication. It is basically the application of quantum mechanics to cryptography. Detection of eavesdropping is one of the areas that quantum cryptography is best suited for. 

What are the major applications for Quantum Cryptography?

Quantum cryptography is widely being applied for secure data transmission as it allows exchange of an enciphering key over a private channel with complete security of communication between two parties. Quantum key distribution (QKD) is one of the most common applications of quantum cryptography. It is used to secure communication between two parties and a secret random key is used to encrypt and decrypt the data. QKD only produces and distributes the random secret key and is not used for data communication per se. Standard communication channels are used for transmission of the data. The quantum cryptography technology is being increasingly incorporated in satellites, bank ATMs, defense, etc. where it is necessary to transmit data in secure and fast ways. 

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Market Research and Market Trends of Quantum Cryptography Ecosystem

• Increasing use of computer network for business transactions and communication consisting of confidential information has led for rise in the need for encryption techniques to ensure security of this information from 3rd party. The need for securing data and counter the widespread cyber security concerns is a major factor augmenting the growth of this market. Governments and defense organizations and banks are some of the application segments that have already been using quantum key distribution for several years. Given the success rate of this technology, it is expected that quantum cryptography will be used for several more applications such as securing Internet transactions, large enterprises, and airports, among several others.
  
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• Non-quantum cryptography is still considered very safe for now, because it relies on algorithms that can't be cracked in less than the lifetime of the universe by all the currently existing computers. Theoretically there is no need for quantum cryptography as such yet. However, it is expected that with quantum computers coming into play, the computational speeds will get dramatically high, which will make the mathematical complexity of algorithms less of a challenge. Hence based on future perspective companies are looking to be a step forward by installing quantum cryptographic systems.
  

• Plenty of governments, military operators, and commercial businesses are eagerly interested for incorporating quantum cryptography in their process due to its unmatched security. The Chinese have incorporated this technology in their satellite Micius which has set up the first intercontinental quantum cryptography service. The system was implemented by setting up a secure videoconference between Europe and China. University of Vienna and University of Science and Technology of China have demonstrated intercontinental quantum communication among multiple locations on Earth with a maximum separation of 7,600 kilometers. The security of this videoconference was guaranteed for the first time by the laws of physics with the help of quantum cryptography.
  

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