Global Quantum Cryptography Market Report 2024

The quantum cryptography market size has grown exponentially in recent years. It will grow from $0.6 billion in 2023 to $0.83 billion in 2024 at a compound annual growth rate (CAGR) of 37.8%. The growth witnessed in the historical period can be attributed to several factors, including government investments, vulnerabilities in quantum computing, adoption within the financial sector, emphasis on healthcare data security, and enhancements in cloud computing security.

The quantum cryptography market size is expected to see exponential growth in the next few years. It will grow to $3.03 billion in 2028 at a compound annual growth rate (CAGR) of 38.1%. The anticipated growth in the forecast period can be attributed to several factors, including the escalating number of cyberattacks, the proliferation of digitalization, increased adoption of data-intensive approaches, expansion of digital banking and online monetary transactions, and a heightened demand for next-generation security solutions. Key trends expected in the forecast period encompass the integration of blockchain technology, advancements in quantum key distribution, technological innovations, growing partnerships, and increased adoption of network technologies.

The anticipated increase in cyberattacks is set to drive the growth of the quantum cryptography market in the future. A cyberattack involves a deliberate and malicious effort to disrupt, damage, or gain unauthorized access to computer systems, networks, or digital devices. The escalation in cyberattacks is attributed to several factors, including heightened connectivity through a growing number of internet-connected devices, evolving attack strategies employed by cybercriminals, the transition to remote work creating new vulnerabilities, economic incentives fueling cybercrime, nation-state-sponsored attacks, and vulnerabilities in the supply chain. Quantum cryptography emerges as a promising solution for bolstering cybersecurity by offering enhanced security assurances and resilience against emerging threats, particularly those posed by quantum computing. For example, in November 2023, the Australian Cyber Security Centre, as reported by the Department of Defense, received over 94,000 reports of cybercrime in 2022, indicating a 23% increase from the previous year. Consequently, the surge in cyberattacks is propelling the growth of the quantum cryptography market.

Leading companies in the quantum cryptography market concentrate on developing innovative technologies, such as an open-source post-quantum cryptography library, to assist businesses in safeguarding their data against existing and future security risks. Open-source post-quantum cryptography refers to a cryptographic system developed through open-source projects aimed at supporting the transition to quantum-resistant cryptography. For instance, in May 2024, Terra Quantum AG launched TQ42 Cryptography, an open-source post-quantum cryptography library designed for secure data transmission, storage, and authentication. This technology facilitates the seamless integration of quantum-resistant security measures into applications, ensuring long-term protection against potential threats posed by quantum computing. It offers scalability and adaptability across various platforms including mobile, web, IoT, and cloud. As an open-source initiative, it provides flexibility for utilizing pre-existing solutions or developing proprietary quantum cryptography solutions.

In September 2022, SandboxAQ, a US-based software company, acquired Cryptosense SA, a France-based company specializing in quantum cryptography lifecycle management (CLM), for an undisclosed sum. This acquisition aims to broaden SandboxAQ's footprint in the quantum cryptography market, enriching its portfolio with Cryptosense's expertise in cryptographic security solutions.

Major companies operating in the quantum cryptography market are Google LLC, Microsoft Corporation, Intel Corporation, International Business Machines Corporation, Hewlett Packard Enterprise company, Toshiba Corporation, Thales Group, Infineon Technologies AG, PQ Solutions Limited, Quantum Machines, QuantumCTek Co. Ltd., ID Quantique SA, QuintessenceLabs Pty Ltd., SandboxAQ, ISARA Corporation, MagiQ Technologies Inc., QCI Quantum Computing Inc., D-Wave Systems Inc., Agnostiq Inc., Qnu Labs Private Limited, Qubitekk Inc., Quside Technologies S.L., Quantum Xchange, Crypta Labs Ltd., Kets Quantum Security Ltd., LuxQuanta Technologies.

North America was the largest region in the quantum cryptography market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum cryptography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the quantum cryptography market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Quantum cryptography is a specialized branch of cryptography that employs principles derived from quantum mechanics to safeguard communication channels. Its primary objective is to facilitate the exchange of cryptographic keys between two entities in a highly secure manner, even in the face of adversaries possessing advanced computational capabilities. By leveraging quantum mechanics, quantum cryptography establishes a fundamentally secure approach to distributing cryptographic keys, thereby ensuring the confidentiality and integrity of communication channels.

The key segments within the quantum cryptography market include quantum key distribution, quantum random number generation, and other variations. Quantum key distribution (QKD) facilitates the secure sharing of cryptographic keys between two parties by leveraging principles such as the uncertainty principle and quantum entanglement. This encompasses a range of solutions and services applicable across various domains, including network security, application security, and database security. End-users span industries such as information technology and telecommunications, banking and financial services, government and defense, healthcare, among others.

The quantum cryptography research report is one of a series of new reports that provides quantum cryptography market statistics, including the quantum cryptography industry's global market size, regional shares, competitors with a quantum cryptography market share, detailed quantum cryptography market segments, market trends and opportunities, and any further data you may need to thrive in the quantum cryptography industry. This quantum cryptography market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The quantum cryptography market consists of revenues earned by entities by providing services such as quantum authentication, quantum random number generation, quantum encryption, and quantum secure communication networks. The market value includes the value of related goods sold by the service provider or included within the service offering. The quantum cryptography market also includes sales of products including quantum key distribution (QKD) systems, quantum cryptographic network equipment, and integrated quantum communication systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.