Quantum cryptography is described as the technology for
generating a cryptographic key using photons and transmitting it to a recipient
through a suitable communication channel. In the 1970s, Columbia University
discovered quantum cryptography. In cryptography, the cryptographic key is the
most significant component; it is used to encrypt and decrypt data. Quantum
cryptography enables users to communicate in ways that are more secure than
previous approaches. It is based on quantum mechanics' fundamental and
invariable principles, which improves communication privacy. It's essentially
the use of quantum mechanics in cryptography. One of the applications for
quantum cryptography is the detection of eavesdropping.
Global Quantum Cryptography Market
Overview
Quantum
cryptography demand will be bolstered by an increase in cybercrime instances.
Because of the widespread use of the Internet, the number of cyber-crimes is on
the rise, particularly in online banking and financial services. Furthermore,
the introduction of quantum computers and novel attack tactics have made public
key encryption a crucial aspect of data security. Rising demand for
next-generation security solutions to protect confidential data is expected to
benefit existing as well as new vendors and service providers in the Quantum
Cryptography Market, who will be able to make significant profits in
the near future by providing effective quantum cryptography solutions and
services.
Quantum Cryptography Market: Regional
Insights
North
America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are
the regions that make up the worldwide quantum cryptography market. During the
projected period, North America is expected to dominate the worldwide quantum cryptography market.
Increased cyber-attacks in this region on web-based businesses such as
healthcare, banking and financial services, retail and manufacturing have
contributed to this development. According to the Internet Crime Complaint
Center (IC3), cybercrime cost the world economy more than US$ 1.33 billion in
2016. With a loss of almost US$ 255 million, California was the state with the
biggest documented loss. In 2016, the United States accounted for roughly 28%
of all web application attacks, followed by the Netherlands and Germany. This,
in turn, generates a highly favourable climate for market expansion.
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