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Quantum Cryptography Market Size, Share & Industry Analysis, By Type (Quantum Key Distribution, Quantum Random Number Generation, and Others), By Security Type (Application Security, and Network Security), By Industry (BFSI, Cloud & Datacentre, Government, Energy & Utilities, Healthcare, Automotive, and Others (Gaming, Retail & Consumer Goods, and Others)), and Regional Forecast, 2024 – 2032

Region : Global | Format: PDF | Report ID: FBI100211



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The global quantum cryptography market was valued at USD 128.9 million in 2023. The market is projected to be worth USD 151.0 million in 2024 and reach USD 615.9 million by 2032, exhibiting a CAGR of 19.2% during the forecast period (2024-2032). The report covers players, such as Qrypt, QuintessenceLabs, ID Quantique, Quside Technologies, and QNu Labs Private Limited, and others. These players are continuously upgrading their solutions with the changing technology. For instance, ID Quantique is upgrading its existing enterprise-level encryption with quantum cryptography.

Increase in cyber-attack incidents due to the acceleration of digitalization, increased demand for next-generation security solutions for cloud and IoT technologies, rising funding for cybersecurity, and the development of next-generation wireless network technologies are expected to drive the market growth. Advancements in wireless networking technology have facilitated the development and adoption of quantum cryptography. Wireless networks such as Wi-Fi, Bluetooth, and cellular networks are ubiquitous in modern society. Their use has increased the amount of data transmitted wirelessly.

High implementation and installation costs are one of the factors inhibiting the adoption of quantum cryptography. Quantum cryptography is a relatively new technology and requires specialized hardware and software. This hardware can be expensive, and installation and maintenance costs can also be high. Furthermore, as this technology is still in its early stages of development,  the availability of solutions and services that integrate quantum cryptography is currently limited.

The COVID-19 pandemic sped up digitization across all industries, accelerating the need for secure communications. For instance, most physicians started maintaining digital records in healthcare during the pandemic. In several countries, these records were to be kept secured by law. Quantum cryptography technologies enable security for such electronic communications.

Quantum Cryptography Market Trends

Rising Government Investments across Quantum Computing Technologies to Foster Market Growth

Quantum technologies continue to make substantial progress in 2023, with commercial applications being able to solve difficult problems significantly faster than existing cryptographic algorithms. Companies are realizing the importance of adopting quantum cryptography solutions. To track the top trends going on in 2023, Forbes interviewed experts in quantum space. According to this study, the top trends ongoing in the market are the emergence of quantum computing commercialization, enhanced supremacy of fault-tolerant quantum computers, and a significant increase of government initiatives in quantum space through investments and national protection mechanisms. The experts confirm the implementation of quantum-safe cryptography solutions across main digital platforms, including post-quantum, PKI, and others. The trends mentioned above indicate the robust growth of the market.

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Quantum Cryptography Market Growth Factors

Increasing Focus on Cyber Security to Drive Market Growth

Cyber threats play a major role in the growth of the global market. This was highlighted by the current Russia-Ukraine war. Countries are investing increasingly in quantum-safe technologies to ensure that they do not fall prey to cyber wars in the future. Additionally, the demand for quantum cryptography solutions across industries indicates promising growth for the market. This demand also accelerated government investments and public funding, further favouring the growth of startups in the ecosystem.

Furthermore, businesses and end users have a high reliance on computer networks for transactions and communication, leading to the demand for advanced technologies to safeguard sensitive data. The technology hyperscalers in the market are also investing in building quantum computers capable of withstanding classical and quantum computer attacks.

Moreover, as no single organization can develop every aspect of the quantum-safe technology space, players operating in the market engage in strategic collaborations and partnerships. These factors influence a country’s or company’s quantum cryptography market share in the entire ecosystem.


Lack of Skilled Professionals and Errors in Current Cryptographic Algorithms Might Hinder Market Growth

Quantum cryptography solutions are no longer a “nice to have”; organizations are realizing the need to implement these solutions. The market is entering the commercialization stage and gaining popularity at a rapid pace. However, the industry is facing a lack of skilled professionals. The below chart highlights the barriers hampering the adoption of quantum technologies across businesses.

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Source: State of Quantum 2022 Report - IQM Quantum Computers, Open Ocean and Lakestar

However, companies operating in the market are continuously trying to bridge the gap and cope with the changing technology. Thus, the market is expected to grow steadily with improved solutions, strategic collaborations, revised security standards, and improved workforce education efforts.

Quantum Cryptography Market Segmentation Analysis

By Type Analysis

Quantum Key Distribution to Gain Traction Due to Their Wide Application Across Industries

Based on type, the market is divided into Quantum Key Distribution (QKD), Quantum Random Number Generation (QRNG), and others. Until now, QKD and QRNG have sparked the most interest among end-users. The QKD segment has bagged the largest market share due to its rising applications across industries. For instance,

  • June 2023: QNu Labs and the Indian Navy collaborated to deploy large-scale quantum-based encryption systems. With this collaboration, the Indian Navy became the first agency in the country to secure Quantum Key Distribution (QKD)-based systems.

Additionally, QKD is expected to record the highest CAGR during the forecast period. Moreover, the QRNG segment is expected to grow steadily owing to limited commercialized applications. On the other hand, the other technology segment holds the least market share as these technologies are still in their early stages.

By Security Type Analysis

Need for Robust Protection Against Cyberattacks to Boost Investments in Network Security

Based on security type, the market is bifurcated into application security and network security. The network security segment dominates the market and will continue to hold the largest share in the coming years. The network security applications highlight how quantum cryptography can be applied across live networks to offer protection against suspicious hacks or attacks from future quantum computers. Companies in the entire QComms ecosystem constantly collaborate to strengthen network security applications. For instance,

  • June 2023 - Nokia and its partners have collaborated with Proximus to introduce Europe’s first live hybrid quantum encryption key trial. This trial highlights the growing practical applications of network security across the globe.

Moreover, the application security segment is expected to grow steadily in the coming years owing to limited practical applications.

By Industry Analysis

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Rising Commercialized Applications and Adoption of Quantum Technologies across the Healthcare Space is Revolutionizing the Market 

Based on industry, the market is segmented into BFSI, cloud & data center, government, energy & utilities, healthcare, automotive, and others (gaming, retail & consumer goods, and others). The early adopters of the technology include healthcare, BFSI, and government. Among these, the healthcare segment holds the largest market share owing to positive commercialized practical applications. In the modern healthcare space, critical data is frequently exchanged across clinics, labs, and practitioners. Thus, it becomes important for the infrastructure to deploy advanced cryptographic solutions. Moreover, medical centers across the globe have been installing quantum computers for advancing research related to quantum technologies. For instance,

  • March, 2023 - Cleveland Clinic deployed IBM’s Quantum System One, the quantum computer dedicated to healthcare research. With this installment of quantum computer at the academic medical center, System One becomes the first on-site IBM-managed quantum computer deployed in the private sector of the U.S.

Thus, increasing commercialized applications, rising research projects, and positive deployment of cryptographic solutions have progressed the market share of the healthcare sector in the global market.

Further, the government, cloud, and data centers follow the healthcare industry in terms of their market share due to continuous investments, initiatives, and research projects. Component players, research projects, and consulting services currently govern the market revenue. Owing to this, the government and cloud datacenter segments hold a promising market share. The below chart indicates the top three industry sectors affected by quantum computing.

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Source: State of Quantum 2022 Report - IQM Quantum Computers, Open Ocean and Lakestar

However, most of the above-highlighted industries share common problems in making the most of complex data sets and a sprawling web of requirements. Thus, the market players are recommended to double up on the commercialization applications and develop industry-specific solutions. Government, BFSI, and healthcare are expected to hold a significant share in the coming years.


The report is studied across North America, South America, Europe, the Middle East and Africa, and Asia Pacific.

North America Quantum Cryptography Market Size, 2023 (USD Million)

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North America dominated the market in 2023 and is heavily influenced by increasing research projects and startups across the U.S. According to a collaborative study from CapitalIQ, PitchBook, and press search, U.S.-based QComms startups have accelerated significantly. In 2015, the number of QComms startups was 5, further growing to 19 startups in 2021. This increase is higher than in any other country across the globe. Canada also marks a remarkable position in research institutes and investments. With this, North America is expected to maintain its dominance during the forecast period.

Europe follows the U.S. in terms of the rising number of QComms startups, marking an emerging position in the quantum cryptography space. Owing to these reasons, Europe is expected to grow at a steady pace.

Asia Pacific is making strides in the quantum computing space, with China leading the patents related to the quantum ecosystem. For instance,

  • May 2023 -  China Telecom invested USD 434 million to develop the China Telecom Quantum Information Technology Group Co. This group is headquartered in the eastern Chinese province of Anhui and focuses on developing quantum technologies.

Moreover, India has recently showcased positive growth in the practical applications of quantum technologies. Compared to other regions, the Middle East & Africa and South America have showcased a slower adoption rate of quantum technologies.

List of Key Companies in Quantum Cryptography Market

Key Market Players are Constantly Engaging in Strategic Investments to Keep Up with Changing Technology 

The current ecosystem of this market does not have a single player that can provide or manage a complete solution. To cater to this need, companies are entering strategic collaborations and partnerships to integrate the best of their capabilities with their partner’s expertise. Additionally, companies have been investing in upskilling their workforce, which might foster market growth more rapidly than now.

List of Key Companies Profiled:


  • February 2024 - Linux Foundation launched the Post-Quantum Cryptography Alliance (PQCA) In an open and collaborative effort to address the cryptographic security tasks posed by quantum computing. Founding members of the initiative include Cisco, Amazon Web Services (AWS), IBM, NVIDIA, IntellectEU, SandboxAQ, QuSecure, and the University of Waterloo.

  • October 2023 - QuSecure, Inc., a post-quantum cryptography (PQC) provider, launched a new global partner program. This is an important milestone as the company expands its range and products to meet the growing demand for its PQC solutions.

  • May 2023 - Amazon Web Services introduced two skill development programs for quantum computing in India. The company is integrating Amazon Braket — a fully managed quantum computing service - in the courses by collaborating with academic institutions and learning platforms.

  • April 2023 – The International Institute of Information Technology, Hyderabad collaborated with Synergy Quantum India to develop a Synergy Quantum Solution Lab. With this collaboration, they aim to develop economically viable quantum technologies and discover their potential applications in civilian and military domains.

  • March 2023 - Cleveland Clinic introduced an on-premise quantum computer from IBM in Cleveland, Ohio.


An Infographic Representation of Quantum Cryptography Market

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The market research report highlights the competitive landscape of the key companies operating in the industry. Along with this, it studies the ongoing market trends and recent developments in the market. In addition to the factors above, the global quantum cryptography market report has been studied meticulously, keeping in mind the security standards of countries across the globe. Additionally, it encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 19.2% from 2024 to 2032


Value (USD Million)















By Type

  • Quantum Key Distribution

  • Quantum Random Number Generation

  • Others

By Security Type

  • Application Security

  • Network Security

By Industry

  • BFSI

  • Cloud & Datacentre

  • Government

  • Energy & Utilities

  • Healthcare

  • Automotive

  • Others (Gaming, Retail & Consumer Goods, and others)

By Region

  • North America (By Type, By Security Type, By Industry, and By Country)

    • U.S.

    • Canada

    • Mexico

  • South America (By Type, By Security Type, By Industry, and By Country)

    • Brazil

    • Argentina

    • Rest of South America

  • Europe (By Type, By Security Type, By Industry, and By Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe

  • Middle East and Africa (By Type, By Security Type, By Industry, and By Country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of Middle East & Africa

  • Asia Pacific (By Type, By Security Type, By Industry, and By Country)

    • China

    • Japan

    • India

    • South Korea

    • ASEAN

    • Oceania

    • Rest of Asia Pacific

Frequently Asked Questions

According to Fortune Business Insights, the market is projected to reach USD 615.9 million by 2032.

In 2023, the market was valued at USD 128.9 million.

The market is projected to register a CAGR of 19.2% during the forecast period.

The quantum key distribution type segment is expected to lead the market.

Increasing focus on cyber security is driving the market growth.

Qrypt, QuintessenceLabs., ID Quantique, Quside Technologies, QNu Labs Private Limited, and Toshiba Digital Solutions Corporation are the top players in the market.

North America is expected to hold the largest market share.

By type, the quantum key distribution segment is expected to record the highest CAGR during the forecast period.

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