Inside Quantum Technology

IQT Research Forecasts Revenues from Post Quantum Cryptography to Reach $6.7 Billion by 2032

The day is coming soon when widely used encryption schemes will be breakable by quantum computers.  NIST post-quantum cryptography (PQC) standards should be in place by 2024 and will guard against this “quantum apocalypse.” IQT Research has just published its third PQC analysis report, “Post-Quantum Cryptography 2023: Market Opportunities After NIST” which forecasts revenues from PQC to reach just under $450 million in 2023, with much of this coming from service offerings.  By 2032, this number will have grown to $6.7 billion.

In developing PQC encryption standards for PQC, NIST and the other organizations involved have not just considered resistance to attacks, but also cipher text size, computational efficiency for encoding, decoding, signature generation, signature verification, decryption error rate, simplicity, flexibility and ease of adoption.  While NIST remains the most important standards maker for PQC, other influencers include NSA, Department of Homeland Security, IETF, Cloud Security Alliance, ETSI, IEEE, ITU, and ANSI X9.

For a sample of this report, click on Request Excerpt.

About the Report:

This is the third report that IQT Research has published on PQC markets.  This latest publication takes into account the impact of COVID and current economic conditions on the addressable market for PQC products.  Its forecasting model embeds a new and more sophisticated view of PQC shipments than previous reports.  The products considered in this report comprise crypto libraries, specialized PQC software and firmware, PQC-enabled browsers, PQC chips, as well PQC-enabled HSMs and tape drive.  The report provides coverage of PQC-related services such as PQC clouds, PQC VPNs and PQC-as-a service.

The report also includes granular ten-year forecasts of critical end-user groups for tape drives, disaster recovery facilities, Web browsers, 5G/6G, IoT, financial services, healthcare, the military, police and intelligence communities, machine tools and the cybersecurity industry. And the report also includes profiles of approximately 30 key players: 01 Communique, AWS, BTQ, Cloudfare, Crypto4A, CryptoNext Security, Crypto Quantique, Envieta Systems, evolutionQ, Google, IBM, Infineon, Intel, Isara, Microsoft, Patero, Post Quantum, PQSecure, PQSield, QAN, Qualcomm, QuantiCor Security, Quantropi, QuBalt, QuSecure, Rambus, Secure-IC, SSH Communications, Thales, Utimaco, Rambus, and SandboxAQ.  These profiles focus on the product/market strategies of each of these companies.

From the Report:

By 2032 the largest expenditures for PQC products and services will come from PQC services ($2.7 billion), and Web browsers (just over $1 billion) with disaster recovery applications lagging just behind Web browsers.  While, one day PQC algorithms will one day replace the current generation of encryption algorithms, it will be many years before a full transition to PQC occurs.

The types of PQC products available now are limited —typically libraries, firmware updates, hardware modules, and a few services providing simple quantum-safe security.  With NIST growing close to finalizing PQC standards, PQC products on the market will become more diverse and niche-specific, driving the need for specialized advice and services from cybersecurity firms. For example, several PQC firms are already beginning to develop products for the Internet-of-Things (IoT) which is an area where there is weak cybersecurity at present.  Another area that is interesting for novel PQC products is in factories.  While manufacturing industries are not often the target of cyberattacks, this is changing.  Some designs and plans (such as for next-generation aircraft, automobiles, etc.) have very long shelf lives.  Driven further by Industry 4.0 considerations the end of the decade, machine tools will see a significant embedding of PQC capabilities.

About IQT Research:
IQT Research is a division of 3DR Holdings, and the first industry analyst firm dedicated to
meeting the strategic information and analysis needs of the emerging quantum technology
sector. In addition to publishing reports on critical business opportunities in the quantum
technology sector, Inside Quantum Technology produces a daily news website on business-
related happenings in the quantum technology field. (

3DR Holdings also organizes the Inside Quantum Technology conferences. The next conference is
devoted to quantum cybersecurity, communications and sensors and will be held on October 24-26, 2023, in New York City.

For more details on the report, contact:
Lawrence Gasman
Telephone: 434-825-1311

Lawrence Gasman is noted as an expert in the fields of additive manufacturing, telecom and quantum technology. He has produced over 300 research reports in all three fields and also plans programing for fall and spring IQT conferences in the USA as well internationally.

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