Post-Quantum Cryptography (PQC) Market

The Post-Quantum Cryptography (PQC) market 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. PQC vendors provide algorithms resistant to quantum computer attacks, forming the foundation to safeguard sensitive data against attacks by quantum computers.

One of the most important industries related to cybersecurity that will be focused on shortly is quantum-resistant cryptography, as potential threats toward cryptosystems made from quantum computers will thrive over those now in use. The key drivers of exponential growth in this market are demands from industries like BFSI, defense, healthcare, IT, and critical infrastructure.

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The segmentation is based on industries like IT, BFSI, Government, and Healthcare, with applicability ranging from the security of networks to various cryptographic techniques such as lattice-based and hash-based cryptography. Therefore, the standardization that points toward organizations like NIST assumes paramount importance as it highlights the PQC algorithms to provide security and interoperability.

Post-Quantum Cryptography Market Definition:

The Post-Quantum Cryptography (PQC) market refers to the sector focused on developing, standardizing, and deploying cryptographic algorithms and security protocols designed to be secure against the potential threats of quantum computers. Once fully realized, quantum computers are expected to be capable of breaking many of the cryptographic systems currently in use, such as RSA and ECC (Elliptic Curve Cryptography).

Competitive overview:

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.

According to MnM's approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with post-quantum cryptography solutions and professional services, which would assist businesses in boosting market revenue.

Related Reports:

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

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