Post-Quantum Cryptography Market Growing Trends, Future Outlook, Advance Technology, Global Size, Share And Forecast - 2029

Post-Quantum Cryptography (PQC) Market by Solution (Quantum-safe Hardware, Quantum-resistant Encryption Products, Cryptographic Libraries, VPN, Authentication), Service (Migration Services, Quantum Risk Assessment) - Global Forecast to 2029.
The Post-Quantum Cryptography (PQC) market [https://www.marketsandmarkets.com/Market-Reports/post-quantum-cryptography-market-126986626.html?utm_campaign=postquantumcryptographymarket&utm_source=abnewswire.com&utm_medium=paidpr] is projected to expand from USD 302.5 million in 2024 to USD 1,887.9 million by 2029, with a Compound Annual Growth Rate (CAGR) of 44.2% during this period. PQC vendors offer algorithms designed to withstand attacks from quantum computers, providing a critical defense for protecting sensitive data.

Quantum-resistant cryptography is set to become one of the most significant areas in cybersecurity, as threats posed by quantum computers to existing cryptosystems are expected to increase. Key factors driving rapid growth in this market include rising demand from sectors such as BFSI, defense, healthcare, IT, and critical infrastructure.

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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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Unique Features in the Post-Quantum Cryptography Market

One of the standout features of the PQC market is the development of cryptographic algorithms that can resist attacks from quantum computers. These algorithms are designed to replace or complement current encryption methods that may become obsolete in a quantum computing era. Vendors are focused on creating solutions that can ensure long-term data security, even against future quantum threats.

The PQC market's growth is heavily influenced by demand from specific industries, including banking, financial services, and insurance (BFSI), defense, healthcare, information technology (IT), and critical infrastructure. These sectors are highly reliant on secure data transmission and storage, making them early adopters of quantum-safe solutions. As quantum computers become a more realistic threat, these industries are driving the need for enhanced cryptographic techniques.

As quantum computing develops, there is a growing concern that it will soon be capable of breaking the cryptographic systems currently in use. This looming threat has created an urgency for quantum-resistant cryptography solutions, positioning PQC as a critical component of future cybersecurity strategies. The focus on post-quantum security highlights the pressing need for solutions that can address vulnerabilities before quantum computers become mainstream.

Another notable feature in the PQC market is the rise of collaborations between technology vendors, research institutions, and government agencies. These partnerships are essential in developing standardized cryptographic solutions and fostering innovation. Governments and private entities are working together to ensure that post-quantum cryptographic standards are robust and widely adopted to secure future communications and infrastructures.

Major Highlights of the Post-Quantum Cryptography Market

A major highlight of the PQC market is the development and deployment of quantum-resistant algorithms. These algorithms are designed to withstand the computing power of future quantum machines, which will be able to break traditional encryption methods. Vendors in the PQC market are creating robust solutions aimed at securing sensitive data for industries with high-stakes security needs, such as finance, defense, and healthcare.

Key industries, including banking, financial services, insurance (BFSI), defense, healthcare, IT, and critical infrastructure, are leading the demand for PQC solutions. These sectors are particularly vulnerable to data breaches and cyberattacks, and with quantum threats on the horizon, they are prioritizing the implementation of quantum-resistant cryptography to safeguard their systems against potential risks.

PQC has emerged as a critical part of the global cybersecurity strategy. With quantum computers potentially rendering current cryptographic methods ineffective, there is growing recognition of the need to future-proof data security. Governments and private entities are making investments to ensure that post-quantum cryptographic standards are developed, tested, and integrated into existing security infrastructures.

The PQC market is witnessing significant collaboration between governments, technology providers, and research institutions. These partnerships are essential in accelerating the development of standardized PQC solutions that can be universally adopted. This collaborative approach is driving innovation, ensuring that PQC solutions meet the stringent security requirements of the future quantum era.

With the rising awareness of quantum computing's potential threat to current encryption systems, organizations across the globe are preparing for the transition to quantum-safe cryptography. Many companies are beginning to evaluate their existing security measures and seek out PQC solutions in anticipation of quantum computing advancements, positioning the PQC market for sustained, long-term growth.

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Top Companies in the Post-Quantum Cryptography Market

The PQC market is led by some of the globally established players, such as include 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). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players use to increase their market presence.

NXP (Netherlands), a semiconductor powerhouse from the Netherlands, blazes the path with post-quantum cryptography regarding emerging threats related to the quantum of computing. NXP has invested in research and development to secure its products across automotive, industrial, IoT, mobile, and communications infrastructures. The company works directly with organizations setting standards, such as NIST, to help ease the emergence of PQC standards and ensure security solutions with confidence that they are future-proofed against quantum threats. With massive investment in PQC research and the development of leading-edge factories, NXP is at the forefront of secure, innovative solutions within its various industries, helping to shield against the built-in difficulties of the quantum era.

Palo Alto Networks (US) has emerged at the forefront of delivering quantum-resistant security and migration services. Palo Alto Networks, in quantum-proofing, has baked quantum resistance into some of its products, such as a Post-Quantum VPN and tools to help manage algorithms belonging to PQC. It has also participated in government-sponsored projects, such as the White House Quantum Security Roundtable and the NCCoE project, to devise a quantum readiness strategy. It has opened educational resources, including the "CISO's Guide to Quantum Security" video series, so that organizations can begin their journey toward quantum preparedness.

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