According to the research report titled ‘Global Quantum Cryptography Market Size study, by Offering (Solutions, Services) by Application (Network Security, Application Security, Database Security) by End User (IT & Telecommunications, BFSI, Government & Defense, Healthcare, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global quantum cryptography market was valued at USD 142.53 million in 2019 and is expected to grow with a CAGR of 38.2% during 2020-2027.
 

Increasing cyber-attacks in the digitalized world and rising investments for cyber security by both public and private companies are major factors amplifying global quantum cryptography market stake. As per the report, the government of India collaborated with Data Security Council of India (DSCI) in April 2020, to establish a national center of excellence with an aim to increase innovation in the Indian cybersecurity industry.
 

Furthermore, increasing demand for next-gen security solutions and adoption of integrated solutions in various companies will fuel the market growth. However, shortage of skilled professionals is expected to restrain global quantum cryptography market growth during 2020-2027.
 

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For the record, quantum cryptography is used to protect data or valuable information of the association from cyber thieves, hackers, or code breakers. Quantum key distribution is a well-known cryptographic application which includes encoding and sending the information for decryption as per the need.
 

Based on offerings, global quantum cryptography market is segmented into solution and services. With respect to application scope, the industry is divided into application security, network security, and database security. With regards to the end-user spectrum, the industry is segmented into government & defense, IT & telecommunications, healthcare, BFSI, and others.
 

From regional analysis, global quantum cryptography market is segmented into Asia Pacific, Europe, North America, Latin America and rest of the world. North America held majority industry share in the recent past due to extensive adoption of advanced technology along with rise in demand for high security and integrated solutions in the region. Meanwhile, Asia-Pacific quantum cryptography market is likely to witness highest growth rate during 2020-2027, owing to surging digitalization and increasing investments to improve data security.
 

Key players operating in global quantum cryptography market includes River Lane Research Ltd., Anhui Qasky Science and Technology Ltd., Quintessence Labs Pty Ltd., 1QBit Information Technologies, Accenture Plc, MagiQ Technologies, Airbus SE, ID Quantique SA, Interuniversity Microelectronics Centre (Imec) and Aliyun/Alibaba Cloud.