Post-Quantum Cryptography Revolutionizing Cybersecurity Landscape, Market to Witness Significant Growth by 2030

Post-Quantum Cryptography Market
The global Post-Quantum Cryptography market was valued at US$ million in 2023 and is anticipated to reach US$ million by 2030, witnessing a CAGR of % during the forecast period 2024-2030.

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Market Trends
1. Rising Concerns Over Quantum Computing Threats
The advancement in quantum computing is expected to break traditional encryption protocols like RSA and ECC, leading to an urgent demand for quantum-resistant algorithms. Governments, financial institutions, and enterprises are accelerating investments in post-quantum cryptography to protect sensitive data.
2. Government Initiatives and Standards Development
Agencies like NIST (National Institute of Standards and Technology) are spearheading the development of quantum-resistant cryptographic standards, creating a supportive framework for market growth.
3. Increased Adoption in Critical Sectors
Industries such as finance, defense, healthcare, and IT are adopting post-quantum cryptography solutions to safeguard against future cyberattacks, particularly for securing sensitive data transmitted over networks.
4. Integration with Emerging Technologies
Post-quantum cryptography is being integrated into technologies like blockchain, IoT, and AI systems, ensuring the security of these interconnected systems even against quantum-based attacks.
5. Growing Awareness in Enterprises
Large organizations are increasingly recognizing the need for "crypto agility" to transition to post-quantum solutions smoothly, fostering demand for hybrid cryptographic solutions that combine classical and quantum-safe methods.
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Market Challenges
1. High Transition Costs
Migrating from classical encryption to post-quantum cryptography involves substantial costs related to upgrading infrastructure and training personnel, which may deter smaller organizations.
2. Lack of Quantum-Resistant Standards
Although NIST is working on standardizing post-quantum cryptographic algorithms, the lack of fully established and widely accepted standards creates uncertainty for market players.
3. Complex Implementation Process
Integrating post-quantum cryptography into existing systems is technically challenging and requires significant expertise, which can slow down adoption.
4. Slow Awareness in Emerging Markets
While developed economies are making strides in quantum-safe encryption, awareness and adoption in emerging markets are lagging, limiting the global growth potential.
5. Potential Performance Trade-offs
Post-quantum cryptographic algorithms often require higher computational resources, leading to concerns about system performance, especially for low-power devices like IoT systems.

Segment by Type

• Lattice-based Cryptography
• Multivariate Cryptography
• Hash-based Cryptography
• Code-based Cryptography

Segment by Application

• Financial
• Government
• Military & Defense
• Others

By Company

ID Quantique, SeQureNet, Quintessence Labs, MagiQ Technologies, Toshiba, QuantumCTek, Qasky, Qudoor

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This release was published on openPR.