Post-Quantum Cryptography: A Booming Market
IQT Research recently published a report projecting total revenues of Post Quantum Cryptography (PQC) products and services to reach $2.3 billion by 2026 and $7.6 billion by 2030. The report discusses several driving forces in the market including the changing perception of the quantum threat, the uncertainty of NIST PQC standards, and the large variety of initial PQC offerings. The perception of the quantum threat has become more immediate, largely due to increased awareness of “harvest now decrypt later” hacking strategies. Federal entities such as the FBI, NIST, and President Biden have all addressed the use of this growing attack strategy. This attention from the federal government has caused industries to take the threat of Cryptographically Relevant Quantum Computers (CRQCs) more seriously.
The transition to PQC will be a complex process, therefore it is likely that there will be a arge variety of different PQC protocols and implementations in use across the cybersecurity industry. While most of the PQC market will be dominated by software, there will also be some opportunities in the market for hardware-based solutions. In some cases, entirely new types of chips will need to be developed to run PQC algorithms which require more memory and processing power. Within the next few years, IQT expects the PQC market to expand significantly across industries including finance, cryptocurrency and blockchain, healthcare, telecommunications, space, and the military.
As the market for PQC continues to expand there is an increased need for practical PQC solutions that minimize disruption to existing systems. Every day that data is left unprotected presents further liability and risk, and companies must prioritize securing their data now to protect themselves from ‘harvest now, decrypt later’ attacks. PQC companies such as QuSecure are developing solutions that will make the transition to PQC as seamless as possible.