The Europe Quantum Cryptography Market would witness market growth of 39.8% CAGR during the forecast period (2023-2030).
Quantum cryptography offers multiple advantages over traditional cryptographic methods. For instance, it offers high secrecy, meaning that an eavesdropper cannot encrypt the message even with unlimited computing power. Communication will also be disrupted by any effort to eavesdrop on a quantum-encrypted communication, informing the legitimate parties involved. Governments, military organizations, financial institutions, and other organizations that demand high levels of security for their communication channels are, therefore, increasingly using quantum cryptography.
Currently, the revenue of the QComms ecosystem is produced by component players, consulting services, and joint research initiatives. Quantum cryptography solutions are already commercially available. The market participants are forming alliances with related players in the ecosystem. Technology players are introducing new value chain elements. The market is also anticipated to expand faster in the upcoming years due to additional reasons like rising investments, government efforts, research projects, an increase in the frequency of cyberattacks, and player collaborations. Using quantum key distribution (QKD) protocols, quantum cryptography provides a method for secure key distribution.
In the Europe region, cybercrime is becoming increasingly prevalent. According to information released by the UK government, 39% of UK businesses would have detected a cyberattack by 2022. In response to the expanding number of data breaches, governments have enacted new laws, such as the General Data Protection Regulation (GDPR) by the European Union. The development of quantum technology has long been supported by Europe, renowned for its strong technical and scientific capabilities. These methods aim to position the region at the forefront of the second quantum revolution, leading to breakthrough scientific advancements. All of these factors are expected to support the expansion of the market in the Europe region.
The Germany market dominated the Europe Quantum Cryptography Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $366.7 Million by 2030. The UK market is estimated to grow at a CAGR of 38.6% during (2023 - 2030). Additionally, The France market would register a CAGR of 40.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
