The global quantum-resistant cryptography solutions market is growing due to several factors such as the proliferation of quantum computers and rise in the number of cyberattacks.
NEW CASTLE, Delaware, Oct. 03, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Quantum-resistant Cryptography Solutions Market by Type (Hardware, Software and Services), by End User (BFSI, IT & Telecommunication, Government & Defense, Healthcare, Retail & E-commerce and Others), and Application (Cloud Security, Database Security, Network Security and Application Security): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the quantum-resistant cryptography solutions market was valued at $523.4 million in 2023, and is estimated to reach $7, 802.6 million by 2032, growing at a CAGR of 35% from 2024 to 2032.
Prime determinants of growth
The global quantum-resistant cryptography solutions market has grown due to several factors such as the proliferation of quantum computers and rise in number of cyberattacks. However, high initial costs act as restraints for the quantum-resistant cryptography solutions market. In addition, the high penetration of cloud-based solutions will provide many opportunities for the market’s development during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $523.4 million |
| Market Size in 2032 | $7, 802.6 million |
| CAGR | 35% |
| No. of Pages in Report | 350 |
| Segments Covered | Type, End User, Application, and Region. |
| Drivers | The proliferation of quantum computers |
| Rise in number of cyberattacks | |
| Opportunity | High penetration of cloud-based solutions |
| Restraint | High initial costs |
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The software segment held the highest market share in 2023.
By type, the software segment held the highest market share in 2023. The development of efficient quantum algorithms for cryptographic tasks is driving the demand for specialized software solutions that can leverage these algorithms to enhance security. Software developers are focusing on creating algorithms that effectively utilize the unique properties of quantum mechanics to strengthen encryption techniques.
The healthcare segment held the highest market share in 2023.
By end user, the healthcare segment held the highest market share in 2023. Quantum cryptography offers a highly secure method for protecting healthcare data from cyber threats, data breaches, and unauthorized access, driving the adoption of quantum cryptographic solutions in the healthcare sector.
The network security segment held the highest market share in 2023.
By application, the network security segment held the highest market share in 2023. Quantum key distribution (QKD) enables the secure exchange of encryption keys between communication channels using quantum principles, driving market growth.
North America held the highest market share in terms of revenue in 2023.
By region, North America held the highest market share in terms of revenue in 2023 and is expected to dominate the market in terms of revenue throughout the forecast period. The region experienced evolving and sophisticated cyber challenges, prompting both government and private entities to seek advanced solutions to safeguard sensitive information. This increased awareness catalyzes the adoption of quantum cryptographic technologies as organizations recognize the need for quantum-resistant encryption to counter emerging cyber threats.
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Major Industry Players: –
- Infineon Technologies AG
- MagiQ Technologies, Inc.
- QuintessenceLabs Pty. Ltd.
The report provides a detailed analysis of these key players in the global quantum-resistant cryptography solutions market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Recent Industry Development:
- In May 2024, Terra Quantum launched TQ42 Cryptography, an open-source post-quantum cryptography library. This cutting-edge suite of quantum-resistant algorithms is designed to help businesses protect their data from current and future security threats.
- In March 2024, QuSecure Inc. launched a QuProtect Core Security, to strengthen Cisco router-to-router communications against quantum computing threats. This advanced, crypto-agile PQC solution enhances the security of critical network infrastructures without hardware upgrades, offering a seamless integration for enterprises, government agencies, and telecommunications providers.
- In January 2024, Thales launched its PQC Starter Kit in collaboration with Quantinuum. This first-of-its-kind offering helps enterprises prepare for Post-Quantum Cryptography (PQC) . The kit provides a trusted environment for businesses to test quantum-hardened PQC-ready encryption keys and understand the implications that quantum computing is expected to have on the security of their infrastructure.
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