Global Post-Quantum Cryptography Market Expected to Reach USD 8,763.8 Million by 2030

According to a recent market study published by Growth Market Reports, titled, “Global Post-Quantum Cryptography Market by Type, Security Type, Organization Size, Industry Vertical, and Regions: Size, Volume, Share, Trends and Opportunity Analysis, 2024-2030”, the market is expected to generate revenue worth USD 158.3 Million in 2024 and is expected to grow at a moderate growth rate of 95.2% by the year 2030.

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As per the Growth Market Reports industry analyst Akash Vedpathak, “The Post-Quantum Cryptography Market” is anticipated to witness significant growth during the forecast period 2024-2030. Key factors that are anticipated to fuel the demand for the global post-quantum cryptography market during the forecast period are the growing cyber-attack incidents, the evolution of wireless network technologies, and rising demand for security solutions across several industry verticals. Conversely, high implementation and installation costs and a lack of skilled expertise and information hamper the growth of the post-quantum cryptography market. The growing need for next-generation security solutions for cloud and IoT technologies is expected to create opportunities in the market.

Post-quantum cryptography entails the use of dedicated hardware to increase its speed. It ensures that advances in quantum computing do not affect the authenticity and confidentiality of digital communications and information. These are currently protected by approaches that are theoretically vulnerable to attacks that utilize realistic quantum computing. The shift to post-quantum cryptography necessitates significant updates to present encryption, which is expected to take considerable time and money to necessitate both hardware and software updates.

The evolution of cryptographic approaches is implemented using classical computers. Post-quantum cryptography methods such as Crystals-Dilithium, Crystals-Kyber, Falcon, and Sphincs+ run on conventional computer hardware found in user-owned devices and do not require a quantum computer.

Value/ supply chain management is a pivotal part of any business. A value chain contains a series of steps to get products from their original state to the customers. These steps include research and development, encryption algorithm, key management solutions, software and hardware providers, security consulting, and end-users in industries such as finance, healthcare, and government.

The primary, as well as secondary research methodology, is used for keen observation and study of the post-quantum cryptography market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs).

These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs.

Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 outbreak has propelled the global post-quantum cryptography market. The pandemic hasn't really affected quantum cryptography much so yet. The majority of businesses are currently able to carry out a significant percentage of their research remotely because to sensible decisions taken in recent years to host quantum computers in the cloud. In 2016, IBM differentiated out from the competition by being the first corporation to make its quantum computers accessible online. Several businesses, like Bay Area upstart Rigetti Computing and Canadian D-Wave Systems, pursued a comparable approach.

As the pandemic continued, businesses expanded their cloud services. For instance, IonQ worked with Microsoft's Azure and Amazon Web Services to host its quantum computers in the cloud. The startup is currently attempting to make them accessible to a larger audience.

Key Takeaways from the Study

• In terms of components, the Post-Quantum Cryptography Market is segmented into Lattice-based Cryptography, Multivariate Cryptography, Hash-based Cryptography, Code-based Cryptography, Symmetric Key Quantum Resistance, and Isogeny-Based Cryptography. The Lattice-based Cryptography segment is projected to hold a substantial share of the market in 2024, as it encodes messages that can only be decoded by the correct key.
• Based on Security type, the Post-Quantum Cryptography market is segmented into Application Security and Network Security. The network security segment is projected to hold a considerable share of the market in 2024.
• On the basis of Organization size, the Post-Quantum Cryptography Market is segmented into Large Enterprise and Small & Medium Enterprises. The large enterprise segment projected to hold a considerable share of the market in 2024.
• In terms of industry vertical, the market is segmented into Banking & Finance, Information Technology, Government, Military & Defense, Telecommunication, Automotive & Transportation, and Others. Banking & Finance is expected to dominate the market in 2024.

Report Scope:

Target Audience

• Supply-side: Software providers and developers
• Demand Side: Consulting companies and end-consumers
• Regulatory Side: Concerned government authorities, and other regulatory bodies
• Associations and Industry Bodies: SME (Society of Manufacturing Engineers) and others.