APAC held the largest market share in the Quantum Cryptography Market
Asia Pacific region holds the largest market share and growth in the Quantum Cryptography Market and is anticipated to reach $393.70 million by 2023 at a CAGR of 40.6%. Advancements in secure communication technology with the help of research laboratories has benchmarked the growth of quantum encryption in this region. Also existence and evolution of huge number of industrial players such as NEC Corporation and Toshiba Corporation in Japan is driving the growth of Quantum Cryptography Market. The key applications in this region including simulation, optimization, and sampling.
Selected Value Chain Analysis done in the full report:
The Value Chain for Quantum Cryptography solutions is similar to any other Modern Cryptography solutions. Research & Development forms the initial aspect for creation of any cryptography solution. All the possibilities are evaluated on the basis of market requirements and continuously put under iterations under different kind of stimulating threats.
This is followed by Standardization & Regulation involving self-testing independent of any direct internal device control. Such standards development is an essential aspect of market sustainability. Post this, product management deals with the marketing and planning activities of solutions.
The final step in the value chain concludes with Operations & Services where the solution is integrated with customer systems. A continuous support & training services remain an indispensable aspect in this step
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Excerpts on Market Growth Factors:
Growing demand for integrated security solutions from electronics and automotive OEMs in Europe, is acting as a catalyst for the adoption of the quantum cryptographic market in European region
Banking & Large Enterprise segment for Quantum Cryptography Market is projected to reach $227.95m by 2023 growing at highest CAGR 39.5% during forecast period.
Owing to increasing number of online transaction and online banking, there is a need of highly secured encryption/decryption. This factor in turn has increased the growth of the market with respect to banking and large enterprise application
Quantum Cryptography market with respect to satellite Communication application is projected to remain the fastest growing application during the forecast period
Telecommunication segment for quantum cryptography market was $12.54m in 2015 and is projected to reach $210.27m by 2023 growing at highest CAGR 40.3% during the forecast period. Owing to information security, confidentiality and authentication of critical data, the market is projected to grow during the forecast period
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Key players of Quantum Cryptography Market:
The key players of the industry including ID Quantiques SA, Anhui Qasky Science and Technology Limited, Magiq Technologies, SeQureNet, and Quintessence Labs
All the major companies of quantum cryptography market are private companies. With several funding and research activities, these companies will likely to gain position in quantum cryptography market space.
Companies in the Quantum Cryptography Market mainly focused on Collaboration as the key strategy that accounted for 28% of the total developments. The key players in quantum cryptography market also witnessed large number of product launches in this time period. Moreover, main focus of the companies was centered towards developing the technologies to offer differentiated and more efficient products.
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