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

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

The Post-Quantum Cryptography (PQC) 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 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.

Breakdown of primaries

The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%

By Designation: C-level – 40% and Managerial and Other Levels – 60%

By Region: North America – 50%, Europe – 25%, Asia Pacific – 20%, and Rest of the World – 5%

Major vendors in the PQC market 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).

The study includes an in-depth competitive analysis of the key players in the PQC market, their company profiles, recent developments, and key market strategies.

Research Coverage

The report segments the PQC market by solution, service, organization size, vertical, and region. It forecasts its size by Solution (Quantum-safe hardware, Quantum-resistant algorithms, Quantum-safe cryptographic libraries, Quantum-safe VPN, email service, messaging systems, Quantum-safe blockchain solutions, Quantum-safe authentication solutions, Quantum-resistant encryption products), By Service ( consulting services, Migration services, Quantum risk assessment), By Organization Size (SME's and Large Enterprises), By Vertical (BFSI, government and Defense, Healthcare, IT & ITES, Retail and E-commerce, Other Verticals), By Region ( North America, Europe, Asia Pacific, Rest of the World).

The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

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 report provides insights on the following pointers:

Analysis of key drivers such as (Integration of Innovative Cryptographic algorithms, Hybrid PQC Mechanisms, Growing awareness of Cybersecurity and Data Privacy, Driving awareness toward Quantum Computing Threats); Restraints (High Implementation Costs in Solutions, Lack of Standardized algorithms); Opportunities (Early development of new products and service provides a competitive edge, Government and Defense Contracts, Migration to post-quantum cryptography) and Challenges (Significantly sizeable key size and implications on performance, Implementation Challenges, Difficulty in Encryption and Scalability, Vulnerabilities Due to Advancements in Quantum Technology).

Product Development/Innovation: Detailed insights on upcoming technologies, research development activities, new products, and service launches in the PQC market.

Market Development: Comprehensive information about lucrative markets – the report analyses the PQC market across varied regions.

Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the PQC market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players 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) among others, in the PQC market strategies.

Tables List

Table 1 Usd Exchange Rates, 2020–2023

Table 2 Factor Analysis

Table 3 Post-quantum Cryptography Market Size And Growth Rate,

2023–2029 (Usd Million, Y-o-y %)

Table 4 Post-quantum Cryptography Market Ecosystem

Table 5 Impact Of Porter’s Five Forces On Post-quantum Cryptography Market

Table 6 Indicative Pricing Analysis

Table 7 Top Patents In Post-quantum Cryptography Market, 2024

Table 8 Import Data, By Country, 2019–2023 (Usd Million)

Table 9 Export Data, By Country, 2019–2023 (Usd Million)

Table 10 Tariff Related To Pqc Products, 2023

Table 11 North America: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 12 Europe: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 13 Asia Pacific: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 14 Middle East & Africa: List Of Regulatory Bodies, Government Agencies, And Other Organizations

Table 15 Latin America: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 16 Influence Of Stakeholders On Buying Process For Top Three Verticals

Table 17 Key Buying Criteria For Top Three Verticals

Table 18 Key Conferences & Events, 2024–2025

Table 19 Post-quantum Cryptography Market, By Solution, 2023–2029

(Usd Million)

Table 20 Quantum-safe Hardware: Post-quantum Cryptography Market,

By Region, 2023–2029 (Usd Million)

Table 21 Quantum-resistant Algorithms: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 22 Quantum-safe Cryptographic Libraries: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 23 Quantum-safe Vpn, Email Service, And Messaging Systems: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 24 Quantum-safe Blockchain Solutions: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 25 Quantum-safe Authentication Solutions: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 26 Quantum-resistant Encryption Solutions: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 27 Post-quantum Cryptography Market, By Service, 2023–2029 (Usd Million)

Table 28 Design, Implementation, And Consulting: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 29 Migration Services: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 30 Quantum Risk Assessment: Post-quantum Cryptography Market,

By Region, 2023–2029 (Usd Million)

Table 31 Post-quantum Cryptography Market, By Organization Size,

2023–2029 (Usd Million)

Table 32 Smes: Post-quantum Cryptography Market, By Region,

2023–2029 (Usd Million)

Table 33 Large Enterprises: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 34 Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 35 Bfsi: Post-quantum Cryptography Market, By Region,

2023–2029 (Usd Million)

Table 36 Government & Defense: Post-quantum Cryptography Market,

By Region, 2023–2029 (Usd Million)

Table 37 Healthcare: Post-quantum Cryptography Market, By Region,

2023–2029 (Usd Million)

Table 38 It & Ites: Post-quantum Cryptography Market, By Region,

2023–2029 (Usd Million)

Table 39 Retail & E-commerce: Post-quantum Cryptography Market, By Region, 2023–2029 (Usd Million)

Table 40 Other Verticals: Post-quantum Cryptography Market, By Region,

2023–2029 (Usd Million)

Table 41 Post-quantum Cryptography Market, By Region,

2023–2029 (Usd Million)

Table 42 North America: Post-quantum Cryptography Market, By Solution, 2023–2029 (Usd Million)

Table 43 North America: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 44 North America: Post-quantum Cryptography Market, By Organization Size, 2023–2029 (Usd Million)

Table 45 North America: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 46 North America: Post-quantum Cryptography Market, By Country,

2023–2029 (Usd Million)

Table 47 Us: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 48 Us: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 49 Us: Post-quantum Cryptography Market, By Organization Size,

2023–2029 (Usd Million)

Table 50 Us: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 51 Canada: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 52 Canada: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 53 Canada: Post-quantum Cryptography Market, By Organization Size, 2023–2029 (Usd Million)

Table 54 Canada: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 55 Europe: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 56 Europe: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 57 Europe: Post-quantum Cryptography Market, By Organization Size, 2023–2029 (Usd Million)

Table 58 Europe: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 59 Europe: Post-quantum Cryptography Market, By Country,

2023–2029 (Usd Million)

Table 60 Uk: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 61 Uk: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 62 Uk: Post-quantum Cryptography Market, By Organization Size,

2023–2029 (Usd Million)

Table 63 Uk: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 64 France: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 65 France: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 66 France: Post-quantum Cryptography Market, By Organization Size, 2023–2029 (Usd Million)

Table 67 France: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 68 Asia Pacific: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 69 Asia Pacific: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 70 Asia Pacific: Post-quantum Cryptography Market, By Organization Size, 2023–2029 (Usd Million)

Table 71 Asia Pacific: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 72 Asia Pacific: Post-quantum Cryptography Market, By Country,

2023–2029 (Usd Million)

Table 73 China: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 74 China: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 75 China: Post-quantum Cryptography Market, By Organization Size,

2023–2029 (Usd Million)

Table 76 China: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 77 Japan: Post-quantum Cryptography Market, By Solution,

2023–2029 (Usd Million)

Table 78 Japan: Post-quantum Cryptography Market, By Service,

2023–2029 (Usd Million)

Table 79 Japan: Post-quantum Cryptography Market, By Organization Size,

2023–2029 (Usd Million)

Table 80 Japan: Post-quantum Cryptography Market, By Vertical,

2023–2029 (Usd Million)

Table 81 Rest Of The World: Post-quantum Cryptography Market, By Solution, 2023–2029 (Usd Million)

Table 82 Rest Of The World: Post-quantum Cryptography Market,

By Service, 2023–2029 (Usd Million)

Table 83 Rest Of The World: Post-quantum Cryptography Market,

By Organization Size, 2023–2029 (Usd Million)

Table 84 Rest Of The World: Post-quantum Cryptography Market,

By Vertical, 2023–2029 (Usd Million)

Table 85 Overview Of Strategies Adopted By Key Post-quantum

Cryptography Vendors

Table 86 Post-quantum Cryptography Market: Degree Of Competition

Table 87 Post-quantum Cryptography Market: Region Footprint

Table 88 Post-quantum Cryptography Market: Solution Footprint

Table 89 Post-quantum Cryptography Market: Service Footprint

Table 90 Post-quantum Cryptography Market: Vertical Footprint

Table 91 Post-quantum Cryptography Market: Key Startups/Smes

Table 92 Post-quantum Cryptography Market: Competitive Benchmarking Of

Key Startups/Smes, By Vertical

Table 93 Post-quantum Cryptography Market: Competitive Benchmarking Of

Key Startups/Smes, By Region

Table 94 Post-quantum Cryptography Market: Product Launches, 2022—2024

Table 95 Post-quantum Cryptography Market: Deals, 2022—2024

Table 96 Nxp Semiconductors: Company Overview

Table 97 Nxp Semiconductors: Products/Solutions/Services Offered

Table 98 Nxp Semiconductors: Product Launches And Enhancements

Table 99 Nxp Semiconductors: Deals

Table 100 Thales: Company Overview

Table 101 Thales: Products/Solutions/Services Offered

Table 102 Thales: Product Launches And Enhancements

Table 103 Thales: Deals

Table 104 Aws: Company Overview

Table 105 Aws: Products/Solutions/Services Offered

Table 106 Aws: Product Launches And Enhancements

Table 107 Aws: Deals

Table 108 Idemia: Company Overview

Table 109 Idemia: Products/Solutions/Services Offered

Table 110 Idemia: Product Launches And Enhancements

Table 111 Idemia: Deals

Table 112 Palo Alto Networks: Company Overview

Table 113 Palo Alto Networks: Products/Solutions/Services Offered

Table 114 Palo Alto Networks: Product Launches And Enhancements

Table 115 Palo Alto Networks: Deals

Table 116 Digicert: Company Overview

Table 117 Digicert: Products/Solutions/Services Offered

Table 118 Digicert: Deals

Table 119 Kloch: Company Overview

Table 120 Kloch: Products/Solutions/Services Offered

Table 121 Post-quantum: Company Overview

Table 122 Post-quantum: Products/Solutions/Services Offered

Table 123 Pqshield: Company Overview

Table 124 Pqshield: Products/Solutions/Services Offered

Table 125 Pqshield: Product Launches And Enhancements

Table 126 Pqshield: Deals

Table 127 Entrust: Company Overview

Table 128 Entrust: Products/Solutions/Services Offered

Table 129 Entrust: Product Launches And Enhancements

Table 130 Ibm: Company Overview

Table 131 Ibm: Products/Solutions/Services Offered

Table 132 Ibm: Product Launches And Enhancements

Table 133 Ibm: Deals

Table 134 Adjacent Markets And Forecasts

Table 135 Quantum Cryptography Market, By Offering, 2017–2022 (Usd Million)

Table 136 Quantum Cryptography Market, By Offering, 2023–2028 (Usd Million)

Table 137 Quantum Cryptography Market, By Solution, 2017–2022 (Usd Million)

Table 138 Quantum Cryptography Market, By Solution, 2023–2028 (Usd Million)

Table 139 Encryption Software Market, By Deployment Mode,

2015–2020 (Usd Million)

Table 140 Encryption Software Market, By Deployment Mode,

2021–2026 (Usd Million)

Table 141 On-premises: Encryption Software Market, By Region,

2015–2020 (Usd Million)

Table 142 On-premises: Encryption Software Market, By Region,

2021–2026 (Usd Million)

Table 143 Cloud: Encryption Software Market, By Region,

2015–2020 (Usd Million)

Table 144 Cloud: Encryption Software Market, By Region,

2021–2026 (Usd Million)

Figures List

Figure 1 Post-quantum Cryptography Market: Research Design

Figure 2 Post-quantum Cryptography Market: Data Triangulation

Figure 3 Approach 1 (Supply Side): Revenue From Platforms/Services Of Post-quantum Cryptography Vendors

Figure 4 Approach 1 - Supply-side Analysis

Figure 5 Post-quantum Cryptography Market Estimation: Research Flow

Figure 6 Approach 2: Bottom Up (Demand Side): Platforms/Solutions/Services

Figure 7 Global Post-quantum Cryptography Market Size And Y-o-y Growth Rate

Figure 8 North America To Account For Largest Share In 2024

Figure 9 Growing Instances Of Quantum Threats Targeting Small Enterprises To Fuel Market Growth

Figure 10 Quantum-safe Hardware Segment To Hold Largest Market Share

Figure 11 Design, Implementation, And Consulting Segment To Hold Largest Market Share

Figure 12 Large Enterprises Segment To Account For Larger Market Share

Figure 13 Bfsi And North America To Account For Largest Market Share

Figure 14 Europe To Emerge As Best Market For Investments In Next Five Years

Figure 15 Post-quantum Cryptography Market: Drivers, Restraints, Opportunities, And Challenges

Figure 16 Market Potential Of Generative Ai In Enhancing Post-quantum Cryptography Market Across Industries

Figure 17 Impact Of Gen Ai On Interconnected And Adjacent Ecosystems

Figure 18 Value Chain Analysis

Figure 19 Ecosystem Analysis

Figure 20 Porter’s Five Forces Analysis

Figure 21 Number Of Patents Granted For Post-quantum Cryptography Market, 2014–2024

Figure 22 Regional Analysis Of Patents Granted For Post-quantum

Cryptography Market

Figure 23 Import Data, By Key Country, 2019–2023 (Usd Million)

Figure 24 Export Data, By Key Country, 2019–2023 (Usd Million)

Figure 25 Influence Of Stakeholders On Buying Process For Top Three Verticals

Figure 26 Key Buying Criteria For Top Three Verticals

Figure 27 Post-quantum Cryptography Market: Trends/Disruptions Impacting Customer Business

Figure 28 Global Pqc Companies Funding Rounds And Number Of Investors

Figure 29 Quantum-resistant Encryption Solutions Segment To Grow At Highest Cagr During Forecast Period

Figure 30 Migration Services Segment To Grow At Highest Cagr During

Forecast Period

Figure 31 Smes Segment To Grow At Higher Cagr During Forecast Period

Figure 32 It & Ites Segment To Grow At Highest Cagr During Forecast Period

Figure 33 Europe To Grow At Highest Cagr During Forecast Period

Figure 34 North America: Market Snapshot

Figure 35 Europe: Market Snapshot

Figure 36 Segmental Revenue Analysis Of Top Five Market Players,

2021–2023 (Usd Million)

Figure 37 Share Of Leading Companies In Post-quantum Cryptography Market

Figure 38 Post-quantum Cryptography Market: Comparison Of Vendors’ Brands

Figure 39 Post-quantum Cryptography Market: Company Valuation Of

Key Vendors (Usd Billion)

Figure 40 Post-quantum Cryptography Market: Financial Metrics Of Key Vendors

Figure 41 Company Evaluation Matrix: Key Players, 2024

Figure 42 Post-quantum Cryptography Market: Company Footprint

Figure 43 Company Evaluation Matrix: Startups/Smes, 2023

Figure 44 Nxp Semiconductors: Company Snapshot

Figure 45 Thales: Company Snapshot

Figure 46 Palo Alto Networks: Company Snapshot

Figure 47 Ibm: Company Snapshot