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Quantum Cryptography Market in BFSI - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 5012424
  • Report
  • March 2020
  • Region: Global
  • 120 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Aurea Technology
  • Crypta Labs
  • IBM Corporation
  • IdQuantique
  • Isara Corpoation
  • MagiQ Technologies
  • MORE
The Quantum Cryptography Market in BFSI is expected to register a CAGR of 35%, over the forecast period 2020-2025. Financial data encoded with quantum cryptography is most secure when compared to other kinds of digital security. The hackers will not be able read data encoded in quantum states because they shapeshift by changing states and as such prevent eavesdropping and various other techniques attempted by the hackers.

The wired (Internet) and wireless (mobile) banking are witnessing growth globally, their securities continue to be major concerns among consumers. Banks and other financial institutions have been using secure public key cryptography which includes the RSA algorithm, for online security. However, due to the development of sophisticated technology and cryptanalysis techniques, security solutions in public key cryptography are on the verge of becoming uncertain.

However, with the computing power witnessing an increase, a 1024-bit key in RSA is becoming vulnerable. As computers get more powerful, encryption and decryption keys have to be longer and longer to retain the level of difficulty. Unlike many encryption algorithms, Quantum Cryptography depends on certain principles of quantum mechanics rather than factoring large numbers.

Quantum Cryptography is more secure because an intruder will never be able to replicate a photon to recreate the key. Unlike conventional cryptography it is not threatened by the advancement of computing power, new mathematical algorithms, or by the development of quantum computers. Quantum Cryptography is no longer confined to only laboratory research and it is now being used by financial institutions and government agencies for secure transmission of sensitive information.

Key Market Trends

Significant Growth in the Usage of Quantum Key Distribution for Efficient Encryption
  • Online banking is increasingly becoming more complex and sophisticated because of wireless networking that can communicate with the Internet. In addition to Internet banking, mobile banking is playing a vital role to do transactions globally . As wired (Internet) and wireless (mobile) banking are becoming more popular worldwide, their securities continue to be major concerns among consumers.
  • Quantum encryption can be deployed by banks to send data which is almost unhackable over a quantum network. Quantum cryptography uses a system called quantum key distribution also known as QKD which ensures encrypted messages and its keys are sent separately. If these messages and keys are tampered, or edited in any way, they are automatically destroyed. At this point, automatic notifications are sent to both the sender and the receiver.
  • The most implemented QKD protocols are the prepare and measure based Bennett-Brassard-84 (BB84) and Bennett-92 (B92) protocols and the entanglement based Ekert-91 (E91) protocol. For each of the protocols there is a number of security proofs,which proves that with different techniques for information reconciliation and privacy amplification, a certain private key rate can be achieved which offers better encryption.
North America to Hold a Significant Share
  • The North American region is expected to hold significant share in Quantum Cryptography Market in BFSI during the forecast period. The increase in cyber-attacks in this region is one of the major factors responsible for the growth of the market and also the increasing adoption of Quantum Cryptography over the traditional public key cryptography.
  • The region is witnessing increase in various financial applications which includes full-service banking, peer-to-peer payments, budgeting and investing related applications. The users in the region are using mobile banking for various reasons such as for viewing balance and recent transactions, making bill payments, transferring funds, contacting customer care and opening new account. In 2018, 57% of mobile banking users used the application to transfer funds which requires better encryption methods for safe transactions.
  • Companies such as MagiQ Technologies and ISARA Corporation in this region are focusing on constant development in the area of Quantum Cryptography. Moreover, various banking firms in the region securing their networks and applications using various quantum cryptography appliances. IBM Corporation which is based out of United States is investing significant R&D expenditure in the area of Quantum Cryptography.
Competitive Landscape

The Quantum Cryptography Market in BFSI Market is quite consolidated because there are currently few companies which offer commercial quantum key distribution systems which includes ID Quantique, MagiQ Technologies, Inc., QuintessenceLabs and various companies companies such as IBM Corporation, NTT Technical Review are conducting research programs under Quantum Cryptography.
  • March 2020 - ID Quantique and Mt Pelerin started testing their quantum-safe digital asset custody solution in Geneva. A Quantum Key Distribution (QKD) network has been deployed and is live in Geneva as a testing environment for the Quantum Vault, the ultra-secure digital asset custody project designed by Mt Pelerin and ID Quantique together for financial institutions.
  • February 2020 - QuintessenceLabs secured an investment from In-Q-Tel, Inc. (IQT) which is a non-profit strategic investor that helps in acceleration of the development and delivery of cutting-edge technologies to the national security communities of the U.S. and its allies. This investment recognizes the importance of quantum safe capabilities to support security communities in the US, UK and Australia.
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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FEATURED COMPANIES

  • Aurea Technology
  • Crypta Labs
  • IBM Corporation
  • IdQuantique
  • Isara Corpoation
  • MagiQ Technologies
  • MORE
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers​
4.3.1 Growing concerns of the security related to Internet and Mobile Banking
4.3.2 Advancements in computing power not posing threat to Quantum Cryptography
4.4 Market Restraints
4.4.1 The requirement of its own infrastructure and the technology is prohibitively expensive
4.5 Impact of Quantum Key Distribution Protocols on the Market

5 MARKET SEGMENTATION
5.1 Component
5.1.1 Solutions
5.1.2 Services
5.2 Security Type
5.2.1 Application
5.2.2 Network
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IdQuantique
6.1.2 MagiQ Technologies
6.1.3 The Quantum Resistant Ledger (The QRL Foundation)
6.1.4 QuintessenceLabs
6.1.5 IBM Corporation
6.1.6 Crypta Labs
6.1.7 PQ Solutions Limited (Post Quantum)
6.1.8 NTT Technical Review
6.1.9 Qubitekk Inc
6.1.10 Aurea Technology
6.1.11 Isara Corpoation
6.1.12 QuantumCTek Co., Ltd
6.2 Investment Analysis

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • IdQuantique
  • MagiQ Technologies
  • The Quantum Resistant Ledger (The QRL Foundation)
  • QuintessenceLabs
  • IBM Corporation
  • Crypta Labs
  • PQ Solutions Limited (Post Quantum)
  • NTT Technical Review
  • Qubitekk Inc
  • Aurea Technology
  • Isara Corpoation
  • QuantumCTek Co., Ltd
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