Post-Quantum Cryptography Market Size Projected to Hit $1,887.9 million by 2029

(IT-NEWSWIRE.COM, October 08, 2024 ) The Post-Quantum Cryptography Market size is estimated to grow from USD 302.5 million in 2024 to USD 1,887.9 million by 2029 at a Compound Annual Growth Rate (CAGR) of 44.2% during the forecast period, according to new research report by MarketsandMarkets™

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Post-Quantum Cryptography Market Dynamics

Market Drivers

• Integration of innovative cryptographic algorithms

• Hybrid PQC mechanisms

Market Restraints

• High implementation costs in post-quantum cryptography market

• Lack of standardized algorithms

Market Opportunities

• Early development of new products and services to provide competitive edge

• Government and defense contracts

Market Analysis

The critical driver of post-quantum cryptography is the threat that quantum computers would pose against existing cryptographic solutions, like RSA (Rivest-Shamir-Adleman) and ECC (Elliptic curve cryptography), which hold highly sensitive data across sectors.

Organizations find it urgent to embrace the early adoption of PQC solutions to protect their data against quantum attacks. The governments of many other countries have also started issuing regulatory mandates, putting billions of dollars into national security and different uses of PQC.

The uptake by industry was first identified in the financial services, healthcare, and technology verticals as quantum threats become more known to the public and demand for PQC increases, supported by education provided by technology providers and cybersecurity experts. As quantum computing develops, the urgency for PQC deployment will only increase, becoming a vital constituent of future cybersecurity strategies.

Based on the Organization Size, the Large Enterprises segment accounts for the highest market size during the forecast period.

During the forecast period, the PQC market will be dominated by large enterprises that can afford advanced security technologies and the protection of enormous amounts of sensitive data. Government agencies and large corporations drive this adoption to protect critical infrastructure from quantum computing threats by deploying sophisticated cryptographic solutions with their resources and competencies. The BFSI sector, considering the huge volumes of sensitive financial data being handled, is expected to be one of the biggest adopters of PQC.

By Vertical, IT & ITeS segment will grow at the highest CAGR during the forecasted period.

The IT & ITeS sector is expected to be the fastest-growing application in the PQC market since secure data transmission and the protection of sensitive information have huge requirements. Quantum computing poses a high threat to existing encryption methods, and hence, IT companies have rapidly started adopting PQC to secure their communication channels and cloud computing environments.

Additionally, cyber threats are soaring, and protection from such threats is one of the investments that keep going with the investment in quantum resistance encryption for intellectual assets. In addition, the provision of PQC to meet the high-level security standards set by the government keeps on emerging in sectors where IT companies are taking up projects that relate to the government in one way or another.

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By region, Europe will grow at the highest CAGR during the forecast period.

The post-quantum cryptography market is expected to be led by Europe, growing at the highest rate, owing to strong government support, increasing concerns about cybersecurity, and a robust R&D ecosystem. The European government now sees cybersecurity as a priority and is channeling funds into PQC solutions.

Besides above, the advanced level of research institutions in this region, coupled with the early rate of adoption of technology, keeps feeding innovation in quantum-resistant cryptography. Key industries, such as critical infrastructure are rushing to implement PQC to protect sensitive data as cyber threats increase. The regulatory standardization process being worked out accelerates the adoption of PQC across Europe and places the region on a high growth track in the forecast period.

Key Players

NXP Semiconductor (Netherlands), Thales (France), AWS (US), IDEMIA (France), Palo Alto Networks (US), DigiCert (US), Kloch (US), Post-Quantum (UK), PQ Shield (US), Entrust (US), IBM (US), Utimaco (Germany), Crypto Quantique (US), Crypto4A (Canada), CryptoNext (France), Qnu Labs (India), Qrypt (US), Enquantum (Israel), Xiphera (Finland), Sixscape (Singapore), Keyfactor (US), ResQuant (Poland), Rambus (US), Archon (British Virgin Island), Riscure (Netherlands).

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Source: EmailWire.Com

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Post-Quantum Cryptography Market Size Projected to Hit $1,887.9 million by 2029