Post-Quantum Cryptography (PQC) Industry Research 2024-2029: Opportunities in Early Development of New Products and Services, Government and Defense Contracts, Migration to Post-Quantum Cryptography - ResearchAndMarkets.com

The "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" report has been added to ResearchAndMarkets.com's offering.

The Post-Quantum Cryptography (PQC) market size is estimated to grow from USD 302.5 million in 2024 to USD 1.88 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 44.2%

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall PQC market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The main reason for implementing PQC is a direct threat from quantum computing, which can break encryption methods such as RSA (Rivest-Shamir-Adleman) and ECC (Elliptic curve cryptography) exponentially faster than classical computers. Requiring quantum-resistant cryptographic solutions to be implemented is considered a provision for compliance with developing regulatory requirements, such as requirements from the US National Institute of Standards and Technology.

In addition, organizations need to secure long-term fiscal and healthcare-related data from quantum decryption in the future. Very early adoption of PQC can bring competitive military advantages associated with commitment to information security and privacy. Further, technology partner relationships can help ease an organization's migration to quantum-safe cryptography through technology collaborations. For all these reasons, there has been an increasing need for PQC to be used in sensitive data protection to stay compliant.

By Region, BFSI accounts for a larger market share.

The BFSI sector is significantly different from others in the PQC market for several reasons. Stringent regulations like GDPR compel the use of advanced encryption to protect sensitive data and ensure compliance as one such reason. BFSI organizations must rely on PQC because financial data is the most valuable and has become very attractive to cybercriminals, making it a must-guarded item to retain customer trust.

Quantum Safe Hardware accounts for a larger market share by Solutions Segment.

Quantum-safe hardware is estimated to hold the largest market share in the PQC market. As quantum computing progresses, traditional cryptographic methods like RSA and ECC become vulnerable to quantum attacks. Quantum-safe hardware provides the foundational infrastructure needed to implement PQC algorithms effectively, making it indispensable for organizations looking to protect their data against future quantum threats. Hardware such as HSM (Hardware security modules) and TPM (Trusted Platform Module) Play a significant role in securing communication channels using QKD (Quantum Key Distribution) systems and QRNG (Quantum random number generators). Quantum-safe hardware is needed across multiple industries, including BFSI, healthcare, defense, and IT. This broad applicability ensures that quantum-safe hardware will be a central focus of PQC solutions, driving significant demand and market share.

By region, North America accounts for the highest market size during the forecast period.

North America, particularly the US, is leading in adopting PQC due to significant government initiatives and investments. US Agencies like the National Institute of Standards and Technology (NIST) have been at the forefront of standardizing PQC algorithms, driven by concerns over future quantum computing threats. The US & Canada government support accelerates regional research, development, and deployment. North American companies and research institutions are investing substantially in PQC research and development to stay ahead of emerging quantum threats. North America's robust technology ecosystem, including major tech firms and universities, fosters innovation in PQC, accelerating market growth and development.

Key Attributes:

Market Overview and Industry Trends

Drivers

• Integration of Innovative Cryptographic Algorithms
• Hybrid Pqc Mechanisms
• Growing Awareness of Cybersecurity and Data Privacy
• Driving Awareness Toward Quantum Computing Threat

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
• Migration to Post-Quantum Cryptography

Challenges

• Significantly Large Key Size and Implications on Performance
• Implementation Challenges
• Difficulty in Encryption and Scalability
• Vulnerabilities due to Advancements in Quantum Technology

Impact of Generative AI on Post-Quantum Cryptography Market

• Top Use Cases and Market Potential
• Key Use Cases
• Impact of Gen AI on Interconnected and Adjacent Ecosystems
• Quantum Computing
• Quantum Key Distribution (Qkd)
• Hardware Security Modules (Hsms)
• Cloud Security
• Digital Signatures
• Identity and Access Management (Iam)

Case Study Analysis

• Post-Quantum Cryptography for Defense and Government Applications
• Adoption of Bio-Key's Identity-Bound Biometrics Solution as Part of Passwordless Authentication Strategy
• Navigating Quantum Leap: Roadmap for Migrating to Post-Quantum Cryptography

Value Chain Analysis

• Technology Infrastructure Providers
• Post-Quantum Cryptography Providers
• Application Developers
• System Integrators
• End-users

Ecosystem Analysis

Porter's Five Forces Model Analysis

Pricing Model Analysis

Technology Analysis

• Key Technologies
• Lattice-based Cryptography
• Code-based Cryptography
• Hash-based Cryptography
• Multivariate Cryptography
• Symmetric Key Quantum Resistance
• Isogeny-based Cryptography
• Complementary Technologies
• Quantum-Resistant Hardware Accelerators
• Cloud-based Pqc
• Adjacent Technologies
• Quantum Computing
• Post-Quantum Cybersecurity
• Blockchain

Patent Analysis

• Methodology

Trade Analysis

Tariff & Regulatory Landscape

• Tariff Related to Pqc Products
• National Institute of Standards and Technology (Nist)
• European Telecommunications Standards Institute (Etsi)
• International Organization for Standardization (Iso)
• International Telecommunication Union (Itu)
• Internet Engineering Task Force (Ietf)
• Cloud Security Alliance (Csa)
• Global Forum on Cyber Expertise (Gfce)
• World Economic Forum (Wef)
• Organisation for Economic Co-Operation and Development (Oecd)
• International Association for Cryptologic Research (Iacr)
• Regulatory Bodies, Government Agencies, and Other Organizations

Key Stakeholders and Buying Criteria

• Key Stakeholders in Buying Process
• Buying Criteria

Trends/Disruptions Impacting Customer Business

Key Conferences & Events

Business Model Analysis

• Algorithm Development and Licensing in Post-Quantum Cryptography
• Consulting Services
• Hardware Solutions
• Software Solutions
• Cloud-based Services Model
• Specialized Security Solutions
• Subscription-based Model
• Education and Training in Post-Quantum Cryptography Market

Investment and Funding Scenario

Companies Featured

• Nxp Semiconductors
• Thales
• Aws
• Idemia
• Palo Alto Networks
• Digicert
• Kloch
• Post-Quantum
• Pqshield
• Entrust
• IBM
• Utimaco
• Crypto Quantique
• Crypto4A
• Cryptonext
• Qnu Labs
• Qrypt
• Enquantum
• Xiphera
• Sixscape
• Keyfactor
• Resquant
• Rambus
• Archon
• Riscure

For more information about this report visit https://www.researchandmarkets.com/r/3pi9oq

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