The market for quantum computing is likely to be the largest contributor to the market for quantum technologies, as optimistic forecasts suggest that the market revenue has the potential to amount to 93 billion U.S. dollars by 2040. Other segments in the market for quantum technologies include quantum sensing and quantum communications.

Quantum Computing Market size is valued at USD value 1.1 billion in 2023 and is projected to reach USD 5.2 Billion by 2030. Along with a CAGR of 38.98%.

The revenues for the global quantum computing market are projected to reach 8.6 billion U.S. dollars by 2027. The market was worth 412 million U.S. dollars in 2020.

The global quantum computing software market was valued at USD 111.2 million in 2021 and is expected to grow at a CAGR of 30.9% during the forecast period..

The quantum security market was valued at just under 500 million U.S. dollars in 2022, with forecasts suggesting that this is likely to rise to 9.8 billion U.S. dollars by 2030. The majority of quantum security revenue is generated by the post quantum security or cryptography (PQC) method.

The Report Covers Quantum Cryptography Companies, and the Market is Segmented by Component (Solutions, Services), Application (Network Security, Application Security, Database Security), End Users (IT and Telecommunication, BFSI, Government and Defense, Healthcare, and Other End Users), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The Quantum Sensor Technology Market is Segmented by Product Type (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors, Gravity Sensors, and Other Product Types), Application (Military and Defense, Automotive, Oil and Gas, Healthcare, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Rest of the World). The Report Offers Market Forecasts and Size in Value (USD) for all the Above Segments.

According to Cognitive Market Research, the global quantum cryptography services market size is USD 518.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 19.00% from 2024 to 2031.

North America held the major market of around 40% of the global revenue with a market size of USD 207.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 155.46 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 119.19 million in 2024 and will grow at a compound annual growth rate (CAGR) of 21.0% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 25.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 10.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.7% from 2024 to 2031.
The government held the highest growth rate in quantum cryptography services market in 2024.

Market Dynamics of Quantum Cryptography Services Market

Key Drivers of Quantum Cryptography Services Market

Growing Cyber Threat Landscape to Increase the Sales

The growing cyber threat landscape is a significant driver propelling the sales of quantum cryptography services. With the proliferation of sophisticated cyber threats such as ransomware, phishing attacks, and advanced persistent threats (APTs), organizations face unprecedented challenges in safeguarding their sensitive data and communication channels. Traditional cryptographic methods are increasingly vulnerable to quantum computing-enabled attacks, necessitating the adoption of quantum-resistant encryption solutions. As cybercriminals exploit emerging technologies to launch more sophisticated attacks, there is a heightened urgency for organizations to bolster their cybersecurity defences with advanced cryptographic techniques. Quantum cryptography services offer a quantum-resistant alternative, leveraging the principles of quantum mechanics to provide unparalleled levels of security against potential eavesdropping and interception. This growing awareness of the evolving threat landscape drives organizations across various sectors to invest in quantum cryptography services to fortify their cybersecurity posture and mitigate the risks posed by quantum-enabled cyber threats.

Rising Adoption of Cloud Services to Propel the Growth

The rising adoption of cloud services is a key driver propelling the growth of the quantum cryptography services market. As organizations increasingly migrate their operations to cloud-based infrastructures to leverage scalability, flexibility, and cost-effectiveness, the need to secure data in transit and at rest becomes paramount. Cloud computing introduces unique security challenges, including data breaches, unauthorized access, and interception of sensitive information, necessitating robust encryption solutions. Quantum cryptography services offer a promising avenue for enhancing cloud security by providing quantum-resistant encryption techniques capable of withstanding emerging threats posed by quantum computing. As businesses prioritize data security and regulatory compliance in the cloud, the demand for advanced cryptographic solutions is expected to surge. Quantum cryptography services enable organizations to bolster their cybersecurity defences and mitigate the risks associated with cloud adoption, driving widespread adoption across diverse industry verticals and propelling market growth.

Restraint Factors of Quantum Cryptography Services Market

High Implementation Costs to Pose Challenges for Market Growth

High implementation costs pose significant challenges for the growth of the quantum cryptography services market. The initial investment required for deploying quantum cryptographic solutions encompasses expenses related to hardware procurement, software development, infrastructure upgrades, and specialized expertise. These costs can be prohibitive for organizations, particularly small and medium-sized enterprises (SMEs) with limited budgets. Additionally, the complexity of quantum cryptography technologies necessitates substantial investments in research, development, and training to ensure e...

The global quantum computing market size is estimated to grow from USD 0.39 billion in 2024 to USD 1.63 billion by 2035, representing a CAGR of 13.86% during the forecast period till 2035.

The quantum AI market size is projected to grow from USD 280 million in 2024 to USD 7,796 million by 2035, representing a CAGR of 35.29%, during the forecast period till 2035.

The Quantum Computing Market is expected to maintain a steady CAGR of 19.1%, leading to a market size of USD 5,714.80 million by 2032.

The Automotive Quantum Computing Market is projected to grow at 31.4% CAGR, reaching $0.72 Billion by 2029. Where is the industry heading next? Get the sample report now!

Quantum Computing Market is anticipated to experience a steady 19.1% CAGR, ultimately attaining a market size of USD 5.71 Billion by 2032, according to market forecasts.

This statistic shows the projected enterprise quantum computing market revenue worldwide from 2017 to 2030. In 2019, the global revenue from the enterprise quantum computing market is forecast to amount to 167 million U.S. dollars.

Introduction

The global quantum computing market experienced significant growth, valued at USD 719.3 million in 2023 and projected to reach USD 8,285.6 million by 2032, exhibiting a staggering CAGR of 31.2%.

Quantum computing is an advanced field of computer science that explores the potential of harnessing quantum mechanics principles to perform complex computations. Unlike classical computers that use bits to represent information as either 0 or 1, quantum computers use quantum bits, or qubits, which can exist in multiple states simultaneously, thanks to a phenomenon called superposition. This unique characteristic allows quantum computers to handle large amounts of data and perform calculations at an incredibly faster pace compared to classical computers.

The quantum computing market is experiencing rapid growth as both public and private sectors invest in research and development. Several technology companies, research institutions, and governments are actively involved in advancing quantum computing capabilities. Companies are developing quantum hardware, software, and algorithms to build scalable and reliable quantum systems. Additionally, cloud-based quantum computing platforms are emerging, enabling researchers and businesses to access quantum computing resources remotely.

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The statistic shows the forecast market share of quantum computing by region in 2024. North America's share of the global quantum computer market is forecast to stand at 39 percent at that time.

Of all the predicted use cases for quantum computing in the industry, two are said to take up more than half of the total market size by 2035. The source listed corporate banking as the most likely segment with significant quantum computing applications, due to the high value of money involved. Trade finance or securities lending were the two main examples. This is somewhat extended to retail banking when focusing on HNWI. Risk and cybersecurity are also listed as an important segment, due to the possibility to quickly and accurately detect fraud.

Explore the detailed segmentation analysis of the Quantum Computing market. Understand detailed breakdown for each segment and uncover market opportunities.

Explore the Quantum Security Market trends! Covers key players, growth rate 48.6% CAGR, market size $8.29 Billion, and forecasts to 2033. Get insights now!

The global quantum cryptography market size reached US$ 253.46 million in 2022. Over the forecast period, global demand for quantum cryptography is predicted to rise at an impressive CAGR of 22.6%. Total market valuation is set to increase from US$ 303.99 million in 2023 to US$ 2,332.1 million by 2033.

Attributes	Key Insights
Base Market Value (2022)	US$ 253.46 million
Estimated Global Quantum Cryptography Market Size (2023)	US$ 304.99 million
Projected Market Value (2033)	US$ 2,332.1 million
Value CAGR (2023 to 2033)	22.6%

Semi Annual Market Update

Particular	Value CAGR
H1	21.3% (2022 to 2032)
H2	21.7% (2022 to 2032)
H1	22.4% (2023 to 2033)
H2	22.6% (2023 to 2033)

Comparative View of Adjacent Quantum Cryptography Market

Particulars	Value CAGR
Quantum Cryptography	22.6%
Quantum Computing Market	23.5%
Cloud Encryption Market	30.8%

Country-wise Insights

Country	Value CAGR
United States	24.1%
India	28.1%
China	22.3%
Japan	21.9%
Germany	24.3%
United Kingdom	25.0%

Category-wise Insights

Component	Value CAGR
Quantum Cryptography Appliances	22.8%
Quantum Cryptography Software	23.1%
Services	21.2%

Application	Value CAGR
Network Encryption	23.6%
Database Encryption	19.5%
Application Security	21.0%
Cloud Encryption	22.7%

Industry	Value CAGR
Finance	17.9%
Manufacturing & Resources	5.7%
Distribution Services	12.4%
Services	22.7%
Public Sector	23.2%
Infrastructure	25.9%