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

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. 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.

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Post-Quantum Cryptography Market Dynamics

Drivers

·      
Integration
of innovative cryptographic algorithms

·      
Hybrid
PQC mechanisms

Restraints

·      
High
implementation costs in post-quantum cryptography market

·      
Lack
of standardized algorithms

Opportunities

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

·      
Government
and defense contracts

List of Top Companies

·      
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)

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.

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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.

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.

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