Growing Threat of Cyber Attacks & Quantum Computers Drives the Quantum Cryptography Market, According to a New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) April 07, 2015 -- Follow us on LinkedIn – Quantum Cryptography (QC), a technique that harnesses the quantum-mechanical properties of light for creating secure encryption, is assuming ever more importance in the light of the string of major cyber attacks on government agencies and public utilities. Moreover, the vulnerability of conventional cryptographic approaches to rapid advancements in mathematical algorithms, and imminent threat of quantum computers, is spurring the development and commercialization of Quantum Cryptography techniques.
The QC concept has matured considerably, migrating from laboratory to proof-of-concept demonstrations and commercialized products since emerging in the 1980s. However, real-world deployment of the technology remains limited due partly to technological restrictions, high cost of switching to quantum systems, side channel attack risks, and difficulties in integrating the technology into existing communication networks. Quantum Key Distribution (QKD) technology is already finding application in the government and research sectors. While terrestrial QKD has already become a reality in some countries, the range of transmissions is constrained by geographic factors associated with the management of qubit’s relatively fragile state over long distances. Though satellite QKD networks are yet to crystallize, a number of countries are undertaking ambitious plans to set up a satellite network exclusively for QKD transmission. A number of challenges related to atmospheric turbulence, extreme power consumption, background noise, and low accuracy rate, remain to be addressed prior to implementing satellite QKD links.
The early adopters of quantum cryptographic technique include governments, military agencies or armed forces, and research institutes. Given the pace of technological advancement in recent years, the target market for quantum cryptography is poised to grow rapidly in the near term, expanding beyond the present niche areas to encompass several commercial entities, such as large and medium-sized financial companies, banks, police and gaming houses, public utilities, law and accountancy firms, power stations, and airports. Quantum cryptography in financial services market would enable safer data recovery and interconnectivity between the wholesale banks. As hardware and software costs decrease, quantum cryptography is also expected to find application in the field of e-commerce, e-government, e-health, and intelligent transport systems. QC can also be applied for transmission of biometric information
As stated by the new market research report on Quantum Cryptography, European banking establishments and government agencies have been using practical QKD systems for several years. However, the low range and lack of scalability confined the technology to research and military institutions in the United States.Backed by huge governmental funding, China is fast overtaking advanced countries in developing a nationwide quantum cryptography system.
Major players covered in the market include Alcatel-Lucent SA, HP Laboratories, ID Quantique SA, International Business Machines Corp., MagiQ Technologies Inc., Nippon Telegraph and Telephone Corp., Nucrypt LLC, Oki Electric Industry Company Ltd., QinetiQ Group PLC, QuintessenceLabs Inc., Raytheon BBN Technologies, SeQureNet SarL, Toshiba Corp., and Universal Quantum D evices, among others.
The research report titled “Quantum Cryptography: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The single segment report provides market estimates and projections in US$ million for the global market for the analysis period 2012-2020.
For more details about this comprehensive market research report, please click here
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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