Quantum Cryptography Market to Grow at 23% CAGR in Middle East & Africa till 2023
Increasing incidences of data theft and
cyberattacks coupled with growing implementation of cloud storage and IoT
solutions is resulting in rising need to safeguard crucial data, which would
drive Middle East & Africa quantum cryptography market through 2023
According to TechSci Research
report, “Middle East & Africa Quantum
Cryptography Market By Component, By Application, By End-User, By Country,
Competition Forecast & Opportunities, 2013-2023”, the quantum
cryptography market in the Middle East & Africa is forecast to grow at a
CAGR of more than 23% during 2018 - 2023. Quantum computing is on the verge of
realization and companies such as IBM and Google are working on bringing
quantum computing to the consumer domain. It is anticipated that quantum
computers can break classical encryption with ease, owing to which quantum
cryptography market is generating demand and playing a pivotal role in
cybersecurity.
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Key factors that are expected to
drive the quantum cryptography market in the Middle East & Africa are growing
number of data theft cases and cyberattacks, booming IoT industry, which is leading
to huge data generation by consumer devices and machines and increasing data
security concerns among enterprises and government organizations across the
region. By end users, the market is segmented into IT & Telecom, BFSI, government
& defense and other sectors. Of these end users, IT & Telecom dominated the market in 2017 and is likely to account
for the largest share in the market over the coming years as well, as this
sector majorly deals in data transmission and storage, which in turn drives the
adoption of quantum cryptography.
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“Quantum cryptography market in the Middle East & Africa region
is anticipated to register strong growth during the forecast period, owing to increasing
spending on IoT infrastructure and related services. As the number of IoT edge
devices increases, each device becomes a potential gateway into the network. Quantum
encryption can bolster cybersecurity and prevent hazardous cyberattacks. The aforementioned
factors are expected to positively influence the region’s quantum cryptography
market over the course of next five years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Middle East & Africa Quantum Cryptography Market By Component, By
Application, By End-User, By Country, Competition Forecast & Opportunities,
2013-2023” has evaluated
the future growth potential of the quantum cryptography market and has also
provided the statistics and information on market structure, size, share and
future growth of quantum cryptography market. The report intends to provide
cutting-edge market intelligence and help decision makers to take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
existing in the market.
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