Quantum Computing Market size to grow by USD 9.01 billion from 2022 to 2027, Growing utilization of quantum cryptography to boost growth- Technavio

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Quantum Computing Market size to grow by USD 9.01 billion from 2022 to 2027, Growing utilization of quantum cryptography to boost growth- Technavio

18 Oct, 2023, 21:30 ET

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Oct. 18, 2023 /PRNewswire/ -- The "quantum computing market by deployment (cloud and on-premise), end-user (aerospace and defense, government, IT and telecom, and others), and geography (North America, APAC, Europe, South America, and the Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the quantum computing market from 2022 to 2027 is USD 9.01 billion.

he growing utilization of quantum cryptography is a key factor driving market growth. Cryptography is a technique that can be used to write or decipher codes. From a technical point of view, cryptography involves the transformation of plaintext text to ciphertext. Encryption is a technique used to convert plain text into cipher text. Furthermore, quantum computing can decrypt encrypted data into plain text in a matter of seconds, whereas classical computers might take years to do so. The length of the keys with more bits is increased to achieve this decrypting process, which provides a higher level of security. Hence, these factors are expected to drive market growth during the forecast period.