North America Quantum Cryptography Market to Register Strong Double Digit Growth till 2023
Increasing need to safeguard crucial data
from rising incidences of data theft and cyberattacks, and implementation of
cloud storage and IoT solutions, to drive North America quantum cryptography
market through 2023
According
to TechSci Research report, “North America Quantum Cryptography Market By Component, By Application, By End-User, By
Country, Competition Forecast & Opportunities, 2013-2023”, the
quantum cryptography market in North America is forecast to exhibit a CAGR of 24%
during 2018-2023, on the back of increasing number of cyberattacks and data
theft cases in the region. Some of the other key factors that are expected to
aid the market are growing data security concerns among enterprises and
government organizations, booming IoT market, and increasing use of cloud
storage data across the region. It is anticipated that with quantum computers
breaking classical encryption with ease, demand for quantum cryptography would grow,
as it plays a pivotal role in cybersecurity.
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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. Some of the major players
operating in the region’s quantum cryptography market are ID Quantique SA, MagiQ
Technologies, Inc., Quintessence Labs Pty Ltd., Qubitekk, Inc., etc. Over the
coming years, the United States is
projected to lead the regional market share, owing to huge investments in research
& development activities in quantum cryptography domain, increasing
adoption of connected devices, growing BYOD trend, among several other factors.
IT & Telecom holds the largest
share in the market, as it deals with huge data transmission and storage.
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“Quantum cryptography market in North America is
anticipated to grow at a robust pace in the coming years, owing to increasing
defense budget of the countries in the region. Government and defense data are
very crucial for the safety of the citizens. Countries in North America are actively
working on deploying quantum communication channels, which use quantum
cryptography to secure the data.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“North America
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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