Rising Government Initiatives for Quantum Security to Drive the Global Quantum Cryptography Market

The global quantum cryptography market is estimated to witness considerable growth during the forecast period. A significant focus on next-generation cybersecurity solution has witnessed to strengthen the cyber-infrastructure. For instance, China is spending nearly $10 billion to establish a quantum research facility in Hefei. Apart from these, the number of Chinese applications and patents filed related to quantum computers has rapidly increased since 2014. The country has already established a 1,263-mile link between Beijing and Shanghai for delivery of quantum keys. Additionally, a successful demonstration of quantum key distribution (QKD) by the Chinese Micius satellite was reported across the 4,700 miles between Beijing and Vienna. 

Browse the full report description Global Quantum Cryptography Market Size, Share & Trends Analysis Report, By Component (Solutions and Services), By Application (Application Security, Network Security, and Others), By Vertical (BFSI, Telecom & IT, Government and Defense, Retail, Healthcare, and Others) and Forecast, 2020-2026 at https://www.omrglobal.com/industry-reports/quantum-cryptography-market 

Moreover, in 2018, China has been constantly working on military modernization efforts with the acquisition of foreign technologies and expertise. China is actively engaged in obtaining foreign technology with foreign direct investment, imports, industrial, and the set up of foreign R&D centers. This may support the country to gain a substantial advantage in military quantum over the US.  Further, in December 2018, the US government signed H.R. 6227 which is intended to fund the National Quantum Initiative Act. Under the law, $1.2 billion will be invested in quantum information science over the 5 years. This funding will go to the Multidisciplinary Centers for Quantum Research and Education, National Science Foundation (NSF), Department of Energy Research, National Institute of Standards and Technology (NIST), and National Quantum Information Science Research Centers.

In September 2019, the European Commission declared the introduction of OPENQKD. The initiative aims for installation of a test quantum communication infrastructure across many European countries. This will enable to increase the security of critical applications in the areas of healthcare, telecommunications, government services, and electricity supply. The main focus of the project is to develop and test a communication network infrastructure with a built-in quantum element, using QKD, an ultra-secure kind of encryption that enables data to be transferred with an extremely high level of security. The EU has already launched the Quantum Technologies Flagship in 2018, which is nearly a $1.1 billion initiative to fund leading-edge research over the next ten years. The government funding is offering an opportunity to develop quantum technologies for much safer and secure infrastructure, which in turn, is expected to drive the global quantum cryptography market. 

Global Quantum Cryptography Market- Segmentation

By Component

• Solutions
• Services
• By Application
• Application Security
• Network Security
• Others

By Vertical

• BFSI
• Telecom & IT
• Government and Defense
• Retail
• Healthcare
• Others

Global Quantum Cryptography Market– Segment by Region