Inside Quantum's Post-Quantum Cryptography Report Pegs PQC Market at $9.5 Billion in 2029
NEW YORK, June 25, 2020 (GLOBE NEWSWIRE) -- The market for post-quantum cryptography (PQC) software and chips will ramp up to $9.5 billion by 2029 according to a new report from the Inside Quantum Technology (www.insidequantumtechnology.com). PQC describes a class of encryption algorithms that are impervious to being broken by powerful quantum computers.
Although PQC capabilities will be embedded in numerous devices and environments, the report, “Post-Quantum Cryptography (PQC): A Revenue Assessment,” says more than 80 percent of the revenues from PQC will come from Web browsers, the Internet-of-Things (IoT), machine tools and the cybersecurity industry itself. More details on the report can be found at: https://www.insidequantumtechnology.com/product/post-quantum-cryptography-pqc-a-revenue-assessment/
About the report:
This goal of this report is to identify PQC opportunities over the coming decade. Ten-year market forecasts included in the report are cover tape drives, disaster recovery facilities, Web browsers, 5G, IoT, financial services, healthcare, the military, police and intelligence communities, machine tools and the cybersecurity industry. Users in all of these sectors are already buying into PQC to protect long-lived data, but Inside Quantum Technology expects a PQC boom once NIST completes Round 3 of its PQC standards making around 2023.>
The corporate profiles included in the report show how the players in this space are creating PQC products and building marketing strategies for them as quantum computers become more ubiquitous. The firms profiled in this report include: 01 Communique, CryptoNext Security, Envieta, evolutionQ, Google, IBM, Infineon, Isara, Microsoft, Post-Quantum, PC Secure, PQShield, Qualcomm, Rambus, Thales and Utimaco. There are also profiles of the main main standards organizations including NIST, IETF, NSA, ETSI, IEEE, ITU-T, ANSI X9, and Open Quantum Safe.
From the report:
- Over time, Web browsers will replace the current RSA, ECC, and Diffie-Hellman algorithms with PQC encryption schemes. Google has already conducted experiments with browser-based PQC and quantum-safe browsers will eventually be an imperative for any financial transactions later in the decade. By 2029, revenues from browser-based PQC will reach $1.8 Billion.
- Increasingly, the services offered by the cybersecurity industry are likely to involve PQC. For example, the industry will provide “PQC-as-a-Service” offerings for e-mail and VPNs. In addition, cybersecurity firms and IT firms will see a healthy business recommending, developing and implementing PQC software for clients. In 2029, revenues from PQC-related cybersecurity offerings will likely reach $1.6 Billion.
- However, Inside Quantum believes that largest market segment for PQC will emerge in the manufacturing sector, which has many reasons to deploy PQC. For example, plans for planes and cars are often preserved for many years and could be stolen now and decrypted when powerful quantum computers emerge. In addition, disruption in a production plant caused by hackers can bring operations to a halt or lead to faulty products. And given the interconnected nature of the factory-of-the-future there would seem to be a need for quantum-safe guarantees of some kind. By 2029 expenditures by the machine tool industry on PQC products will reach $2.9 Billion.
About Inside Quantum Technology
Inside Quantum Technology is the first industry analyst firm to be entirely 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 runs a popular daily newsfeed (Quantum Technology News) on business-related happenings in quantum technology. This free newsfeed can be subscribed to at Inside Quantum Technology’s Web site (https://www.insidequantumtechnology.com/quantum-news/).
Inside Quantum Technology also organizes major conferences on quantum technology. Our next conference will be in the fall of 2020 and will cover quantum computing and software, the Quantum Internet, QKD, PQC, quantum sensors and quantum policy. You can also follow Inside Quantum Technology on Twitter and on Linked-In where we discuss technology trends, company announcements and the industry’s on-going progress.
For more details on the PQC report contact:
Telephone: 434 825 1311
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