IQT Research Report Projects that Post-Quantum Cryptography will Generate $2.3 Billion in Revenues by 2026
(IQT.PressReleases) Revenues from post-quantum cryptography (PQC) products and services will total $2.3 billion in 2026 going on to reach $7.6 billion by 2030. This projection comes from a new report “Post-Quantum Cryptography: Market Opportunities 2021-2030” just published by IQT Research; the quantum technology industry analyst firm based here.
About the Report
IQT Research produces an annual report on opportunities in the PQC report and this is the latest in the series. Since the 2020 report, NIST has announced which candidate algorithms have been selected to advance to the third round of the PQC selection process and this report analyzes NIST’s choices and predicts where NIST standards will be headed next. This report also examines what the current market perception is of the quantum threat and what to do about it. It notes that there is an increased interest in PQC across a broad range of industries and that, because of “harvest now-decrypt later” hacking strategies, the quantum threat is increasingly seen as immediate.
This report also discusses how the business potential for PQC is being impacted as end users come to realize that implementing PQC will be considerably more complex than just upgrading from one conventional encryption scheme to the other and also that PQC implementations will have to be flexible with regard to the choice of encryption algorithms. We also explore the degree to which the wait and see approach is dragging the PQC market down.
While most of the opportunity in the PQC space is software oriented, this report also discusses chip-related opportunities. Most obviously, these chips will be specifically PQC chips, but this report also analyzes the impact of PQC on general-purpose processors to provide extra power and memory to run the latest PQC algorithms. In some cases, IQT Research believes entirely new chips will have to be developed.
Industries considered in this report as likely users of PQC include, among others, the financial services industry, cryptocurrencies and blockchain, the healthcare sector, the telecommunications industry, manufacturing industries, the police and military. In addition, the markets for PQC-enabled browsers and PQC services (including remote disaster recovery) are also addressed. In addition, the report discusses how integrated quantum-safe strategies can be built that use both PQC and QKD. Finally, another section of the report discusses how the rise of PQC will impact the traditional data security industry.
Leading PQC vendors that are profiled in the report 01 Communique, CryptoNext Security, Crypto Quantique, Envieta, evolutionQ, Google, IBM Research, Infineon, ISARA, Microsoft, Post-Quantum, PQSecure, PQShield, Qualcomm, Rambus, Thales, and Utimaco. The all- important standards making organizations that are reviewed in the report comprise NIST, the IETF, NSA, the Cloud Security Alliance, ETSI, the IEEE, ANSI X9, and the ITU, Open Quantum Save and PQCrypto
The methodology employed to create this report involves both primary and secondary research. The field of interviewees encompassed representatives from companies and organizations that constitute the PQC eco-system, including IT vendors. In addition, selected representatives from academia were interviewed regarding technology development.
IQT Research believes that this report will be required reading for marketing and planning executives at PQC firms and cybersecurity firms more generally. This report will also provide effective guidance both to managers at end-user organizations as well as standards making groups.
A sample from the report can be obtained by visiting https://www.insidequantumtechnology.com/product/post-quantum-cryptography-market-opportunities-2021-2030/
From the report:
• Although it will be a few years before stable PQC products appear, large end- user organizations are already employing third parties to create and deploy proprietary PQC solutions for them and by 2026, PQC-based cybersecurity services will account for more than $810 million
• Quantum-safe browsers are a definite product of the future, but as the personal computing community becomes more aware of the quantum threat, IQT Research expects PQC-enabled browsers to appear. Because there are so many browsers deployed this represents a potentially huge market – perhaps as much as $535 million in 2026
• The deployment of PQC will be a somewhat confusing experience, with the timing of PQC deployments changing considerably from user to user and from industry sector to industry sector. At least in the short-to-medium time frames there will also be a considerable diversity of PQC protocols used across the cybersecurity community and this will complicate the building of PQC product go to market strategies.
About Inside Quantum Technology
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 quantum technology. https://www.insidequantumtechnology.com/.
3DR Holdings organizes the Inside Quantum Technology conferences. The next conference will be held November 1-5 and covers all aspects of quantum technology. It will be a hybrid event based in New York. https://iqtevent.com/fall/
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