Quantum Cryptography or quantum encryption pertain quantum mechanics principles to encrypt messages in such a way that no one outside the intended recipient will ever read them. This is way more different than the traditional cryptographic systems as they are more dependent on physics rather than mathematics. The benefit of quantum cryptography lies in the reality that by using only classical communication, it enables the completion of multiple cryptographic assignments that are proven or conjectured to be impossible. Quantum cryptography enables two parties to transmit the secret key to encrypt and decrypt the signal between sender and receiver. Quantum cryptography enables to detect the existence of any third party in the communication between the two communicating sides. Quantum cryptography is virtually unhackable and is easy to use as well.
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Some of the factors responsible for the growth of this market are as follow:
The global quantum cryptography market is segmented on the basis of component which is further sub segmented as solutions and services; service is further divided as consulting and advisory, deployment and integration, support and maintenance; security type is divided as network security and application security and vertical is divided into government and defense, banking, financial services, and insurance, retail, healthcare, automotive and others
Some of the acquisitions and launches in the market are as follows:
“According to Data Bridge Market Research, Global Quantum Cryptography Market is set to witness a healthy CAGR of 38.06% in the forecast period of 2019- 2026”
Few of the major competitors currently working in quantum cryptography market are ID Quantique, QuintessenceLabs, NuCrypt, Anhui Qasky Quantum Technology Co. Ltd., PQ Solutions Limited, MagiQ Technologies, ISARA Corporation, Quantum XC., Aurea Technologies Inc, IBM Corporation, Infineon Technologies AG and Mitsubishi Electric Corporation.
Quantum cryptography uses the characteristics of quantum physics so they can store data on the layer of the physical network. They are unbreakable and have the ability to keep the users all personal information safely and securely. One of the most important advantages of quantum cryptography is that no one can steal any data or information which is shared between any users. These are some of the factors which are creating new opportunities for this market.
Global Quantum Cryptography Market – Industry Trends and Forecast to 2026