ポスト量子暗号(PQC)市場規模、シェア、動向、2030年までの世界予測

Post-Quantum Cryptography (PQC) Market - Global Forecast to 2030

ポスト量子暗号(PQC)市場 - ソリューション(耐量子ハードウェア、耐量子暗号製品、暗号ライブラリ、VPN、認証)、サービス(移行サービス、量子リスク評価) - 2030年までの世界予測
Post-quantum Cryptography (PQC) Market by Solution (Quantum-safe Hardware, Quantum-resistant Encryption Products, Cryptographic Libraries, VPN, Authentication), Service (Migration Services, Quantum Risk Assessment) - Global Forecast to 2030
商品番号:SMB-65734
出版社MarketsandMarkets
出版年月2025年10月
ページ数280
図表数277
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

世界のポスト量子暗号(PQC)市場は2025年中に4億2,000万米ドル規模となり、予測期間中に年平均成長率(CAGR)46.2%で成長し、2030年には28億4,000万米ドルに達するとMarketsandMarketsでは予測しています。

MarketsandMarkets(マーケッツアンドマーケッツ)「ポスト量子暗号(PQC)市場 – ソリューション(耐量子ハードウェア、耐量子暗号製品、暗号ライブラリ、VPN、認証)、サービス(移行サービス、量子リスク評価) – 2030年までの世界予測 – Post-quantum Cryptography (PQC) Market by Solution (Quantum-safe Hardware, Quantum-resistant Encryption Products, Cryptographic Libraries, VPN, Authentication), Service (Migration Services, Quantum Risk Assessment) – Global Forecast to 2030」は世界のポスト量子暗号(PQC)市場を調査し、主要セグメント別に分析・予測を行っています。

調査対象セグメント

  • オファリング
    • ソリューション
    • サービス
  • 組織規模
    • 中小企業
    • 大企業
  • 業種
    • 銀行業、金融サービス、保険業(BFSI)
    • 政府&防衛
    • 医療
    • IT&ITeS
    • 小売業&eコマース
  • 地域
    • 北米
      • 米国
      • カナダ
    • 欧州
      • 英国
      • ドイツ
      • フランス
      • その他の欧州
    • アジア太平洋地域
      • 中国
      • 日本
      • インド
      • その他のアジア太平洋地域
    • 中東&アフリカ
      • 中東
      • アフリカ
    • ラテンアメリカ
      • ブラジル
      • メキシコ
      • その他のラテンアメリカ

また下記主要市場プレイヤ情報も提供します。

  • NXP Semiconductor(オランダ)
  • Patero(米国)
  • Thales(フランス)
  • AWS(米国)
  • IDEMIA(フランス)
  • Palo Alto Networks(米国)
  • DigiCert(米国)
  • Kloch(米国)
  • Post-Quantum(英国)
  • PQ Shield(米国)
  • Entrust(米国)
  • IBM(米国)
  • Utimaco(ドイツ)
  • Crypto Quantique(米国)
  • Crypto4A(カナダ)
  • CryptoNext(フランス)
  • Qnu Labs(インド)
  • Qrypt(米国)
  • Enquantum(イスラエル)
  • Xiphera(フィンランド)
  • Sixscape(シンガポール)
  • Keyfactor(米国)
  • ResQuant(ポーランド)
  • Rambus(米国)
  • Archon(英領バージン諸島)
  • Riscure(オランダ)
  • Quantum Xchange(米国)
  • Arqit(英国)
  • Quantropi(カナダ)

PQCの導入は、保険およびリスク管理の要件によってますます推進されています。組織は、進化するサイバー規制への準拠、量子耐性のある補償基準の充足、潜在的な責任の軽減、そして機密性の高い重要データの長期的な保護を確保することで、将来の量子技術を活用したサイバー攻撃や侵害のリスクを軽減することを目指しています。

このレポートでは、ポスト量子暗号(PQC)市場をセグメント化し、提供内容 (ソリューション (耐量子ハードウェア、耐量子アルゴリズム、耐量子暗号ライブラリ、耐量子 VPN、電子メールサービス、メッセージングシステム、耐量子ブロックチェーンソリューション、耐量子認証ソリューション、耐量子暗号化ソリューション)、サービス (設計、実装、コンサルティング、移行サービス、量子リスク評価))、組織規模 (大企業、中小企業)、垂直 (銀行、金融サービス、保険 (BFSI)、政府および防衛、ヘルスケア、IT、ITeS、通信、小売および電子商取引、その他の垂直 (自動車、通信、エネルギーおよび公益事業、メディアおよびエンターテイメント、運輸および物流、教育)、および地域 (北米、ヨーロッパ、アジア太平洋、中東およびアフリカ、ラテンアメリカ) 別に規模を予測しています。

この調査には、市場の主要プレーヤー、その企業プロファイル、製品およびビジネス提供に関する主要な観察、最近の動向、主要な市場戦略に関する詳細な競合分析も含まれています。

本レポートは、市場リーダーと新規参入企業にとって、ポスト量子暗号(PQC)市場全体とそのサブセグメントの収益数値の近似値に関する情報を提供するのに役立ちます。また、ステークホルダーが競争環境を理解し、自社のポジショニングを改善し、適切な市場開拓戦略を策定するための洞察を深めるのに役立ちます。さらに、本レポートは、ステークホルダーが市場の動向を把握し、主要な市場牽引要因、制約要因、課題、そして機会に関する情報を提供するのにも役立ちます。

The global post-quantum cryptography (PQC) market size is projected to grow from USD 0.42 billion in 2025 to USD 2.84 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 46.2% during the forecast period.

The adoption of PQC is increasingly driven by insurance and risk management requirements, as organizations aim to comply with evolving cyber regulations, satisfy quantum-resilient coverage standards, mitigate potential liabilities, and ensure the long-term protection of sensitive and critical data, thereby reducing exposure to future quantum-enabled cyberattacks and breaches.

ポスト量子暗号(PQC)市場規模、シェア、動向、2030年までの世界予測
Post-Quantum Cryptography (PQC) Market – Global Forecast to 2030

“By solution, the quantum-safe hardware segment accounts for the largest market share.”

Quantum-safe hardware represents a critical advancement in the PQC solutions market, focusing on embedding quantum-resistant encryption directly into devices and systems to protect against future quantum-enabled attacks. Advancements include hardware modules and processors capable of executing NIST-approved PQC algorithms such as Kyber and Dilithium, offering faster and more reliable cryptographic operations than software-only implementations. These innovations enable secure data storage, protected communications, and authentication for enterprise systems, cloud platforms, and connected devices, ensuring information remains intact even against the computational power of quantum technologies. Key applications include safeguarding financial transactions, securing cloud and enterprise databases, and protecting sensitive client and intellectual property data in IT services. The integration of quantum-resistant capabilities at the hardware level enhances overall system security, reduces potential vulnerabilities, and supports compliance with emerging industry standards, driving wider adoption across sectors that prioritize long-term digital protection.

ポスト量子暗号(PQC)市場規模、シェア、動向、2030年までの世界予測 - by solution
Post-Quantum Cryptography (PQC) Market – Global Forecast to 2030 – by solution

By vertical, the IT & ITeS segment will account for the highest growth rate during the forecast period.”

Post-quantum cryptography (PQC) is becoming increasingly important for the IT & ITeS sector as organizations seek to protect critical digital assets, enterprise applications, cloud infrastructures, and client data from potential quantum-enabled cyberattacks that could compromise conventional encryption methods, such as RSA and ECC. In this sector, PQC can be applied to secure cloud services, virtual private networks (VPNs), API communications, and software-as-a-service (SaaS) platforms, ensuring end-to-end data confidentiality and integrity. It also supports quantum-resistant authentication for enterprise applications, secure database transactions, and the protection of intellectual property and client records in outsourcing and managed services environments. Surveys indicate that about 50% of IT & ITeS companies are actively developing PQC strategies, 22% are running pilot projects, and 12% are training their workforce for quantum-safe operations. A notable example is IBM, which has implemented NIST-recommended PQC algorithms, such as Kyber and Dilithium, in its Db2 database to protect enterprise workloads, demonstrating the practical integration of quantum-safe methods. Global initiatives, such as IBM’s quantum computing center in Amaravati, featuring a 156-qubit Heron processor, further underscore industry efforts to advance the research and operational deployment of quantum-resilient technologies, reinforcing the IT & ITeS sector’s commitment to long-term security and service reliability.

ポスト量子暗号(PQC)市場規模、シェア、動向、2030年までの世界予測 - 地域
Post-Quantum Cryptography (PQC) Market – Global Forecast to 2030 – region

“By region, North America is estimated to account for the largest market size.”

In North America, post-quantum cryptography (PQC) is gaining momentum as organizations work to secure digital infrastructures against the emerging threats posed by quantum computing. Despite progress, nearly 48% of enterprises remain unprepared for quantum-related cybersecurity risks, according to ITPro. Major players, including IBM, Microsoft, Google, Amazon Web Services (AWS), and NXP Semiconductors, are advancing PQC solutions, which incorporate NIST-approved algorithms such as Kyber and Dilithium, to protect data and communications against quantum-enabled attacks. PQC adoption spans critical use cases across the financial sector, where it secures transactions and client data; healthcare, where it protects electronic medical records; government agencies safeguarding classified information; and connected devices in IoT networks. In the US, initiatives such as the National Institute of Standards and Technology (NIST) Post-Quantum Cryptography project and the Quantum Economic Development Consortium (QED-C) are driving research, testing, and standardization of quantum-resistant algorithms. Canada is also fostering PQC development through programs like the Canadian Institute for Advanced Research (CIFAR) Quantum Information Science initiative, which promotes collaboration between academia and industry. The continued development, pilot projects, and public-private collaborations highlight North America’s proactive approach to integrating quantum-safe technologies and ensuring long-term cybersecurity resilience against future quantum threats.

Breakdown of primaries

The study draws insights from a range of industry experts, including component suppliers, Tier 1 companies, and OEMs. The break-up of the primaries is as follows:

  • By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
  • By Designation: C-level – 40% and Managerial and Other Levels – 60%
  • By Region: North America – 50%, Europe – 25%, Asia Pacific – 20%, and Rest of the World – 15%

The key players in the post-quantum cryptography (PQC) market include are NXP Semiconductor (Netherlands), Patero (US), Thales (France), AWS (US), IDEMIA (France), Palo Alto Networks (US),  DigiCert (US), Kloch (US), Post-Quantum (UK), PQ Shield (US), Entrust (US), IBM (US), Utimaco (Germany), Crypto Quantique (US), Crypto4A (Canada), CryptoNext (France), Qnu Labs (India), Qrypt (US), Enquantum (Israel), Xiphera (Finland), Sixscape (Singapore), Keyfactor (US), ResQuant (Poland), Rambus (US), Archon (British Virgin Island), Riscure (Netherlands), Quantum Xchange (US), Arqit (UK), Quantropi (Canada), and others.

ポスト量子暗号(PQC)市場規模、シェア、動向、2030年までの世界予測 - 対象企業
Post-Quantum Cryptography (PQC) Market – Global Forecast to 2030 – ecosystem

The study includes an in-depth competitive analysis of the key players in the post-quantum cryptography (PQC) market, their company profiles, recent developments, and key market strategies.

Research Coverage

The report segments the post-quantum cryptography (PQC) market and forecasts its size by offering (Solutions (Quantum-safe Hardware, Quantum-resistant Algorithm, Quantum-safe Cryptographic Libraries, Quantum-safe VPN, Email Services, and Messaging Systems, Quantum-safe Blockchain Solutions, Quantum-safe Authentication Solutions, Quantum-resistant Encryption Solutions), Services (Design, Implementation, and Consulting, Migration Services, Quantum Risk Assessment)), Organization Size (Large Enterprises, SMEs), Vertical (Banking, Financial Services, and Insurance (BFSI), Government & Defense, Healthcare, IT, ITeS, Telecom, Retail & E-commerce, Other Verticals (Automotive, Telecom, Energy & Utilities, Media & Entertainment, Transportation & Logistics, and Education) and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

The study also includes an in-depth competitive analysis of the market’s key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report will help market leaders and new entrants with information on the closest approximations of the revenue numbers for the overall post-quantum cryptography (PQC) market and its subsegments. It will also help stakeholders understand the competitive landscape and gain more insights into better positioning their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights into the following pointers:

  • Analysis of key drivers (Integration of innovative cryptographic algorithms, Hybrid PQC mechanisms, growing awareness of cybersecurity and data privacy, driving awareness toward quantum computing threat, rising demand for optimized PQC implementations to handle global encryption workloads, collaboration between academia, industry, and government on PQC adoption), restraints (High implementation costs in post-quantum cryptography market, lack of standardized algorithms), opportunities (Early development of new products and services provides a competitive edge, government and defense contracts, migration to post-quantum cryptography, sensitive data handling for various industry verticals, PQC Integration in Blockchain Networks, advancements in high-performance computing architectures)
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product & service launches in the post-quantum cryptography (PQC) market
  • Market Development: Comprehensive information about lucrative markets – the report analyzes the post-quantum cryptography (PQC) market across varied regions
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the post-quantum cryptography (PQC) market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as NXP Semiconductor (Netherlands), Patero (US), Thales (France), AWS (US), IDEMIA (France), Palo Alto Networks (US), DigiCert (US), Kloch (US), Post-Quantum (UK), PQ Shield (US), Entrust (US), IBM (US), Utimaco (Germany), Crypto Quantique (US), Crypto4A (Canada), CryptoNext (France), Qnu Labs (India), Qrypt (US), Enquantum (Israel), Xiphera (Finland), Sixscape (Singapore), Keyfactor (US), ResQuant (Poland), Rambus (US), Archon (British Virgin Island), Riscure (Netherlands), Quantum Xchange (US), Arqit (UK), and Quantropi (Canada)

Table of Contents

1               INTRODUCTION              30

1.1           STUDY OBJECTIVES       30

1.2           MARKET DEFINITION   30

1.2.1        INCLUSIONS AND EXCLUSIONS 31

1.3           MARKET SCOPE                32

1.3.1        MARKET SEGMENTATION           32

1.3.2        YEARS CONSIDERED      33

1.4           CURRENCY CONSIDERED            33

1.5           STAKEHOLDERS               34

1.6           SUMMARY OF CHANGES               34

2               RESEARCH METHODOLOGY       35

2.1           RESEARCH DATA              35

2.1.1        SECONDARY DATA          36

2.1.2        PRIMARY DATA 36

2.1.2.1    Breakup of primaries            36

2.1.2.2    Key industry insights           37

2.2           MARKET BREAKUP AND DATA TRIANGULATION                 37

2.3           MARKET SIZE ESTIMATION         38

2.3.1        TOP-DOWN APPROACH                38

2.3.2        BOTTOM-UP APPROACH              38

2.4           MARKET FORECAST       42

2.5           RESEARCH ASSUMPTIONS           43

2.6           STUDY LIMITATIONS    44

3               EXECUTIVE SUMMARY  45

4               PREMIUM INSIGHTS       49

4.1           BRIEF OVERVIEW OF POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET              49

4.2           POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY OFFERING           49

4.3           POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY SOLUTION          50

4.4           POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY SERVICE               50

4.5           POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY ORGANIZATION SIZE     51

4.6           POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY VERTICAL            51

4.7           MARKET INVESTMENT SCENARIO           52

5               MARKET OVERVIEW AND INDUSTRY TRENDS    53

5.1           INTRODUCTION              53

5.2           MARKET DYNAMICS       53

5.2.1        DRIVERS               54

5.2.1.1    Integration of innovative cryptographic algorithms        54

5.2.1.2    Hybrid PQC mechanisms   55

5.2.1.3    Growing awareness of cybersecurity and data privacy   55

5.2.1.4    Driving awareness toward quantum computing threat  55

5.2.1.5    Rising demand for optimized PQC implementations to handle global encryption workloads                56

5.2.1.6    Collaboration between academia, industry, and government

on PQC adoption 56

5.2.2        RESTRAINTS      56

5.2.2.1    High implementation costs in post-quantum cryptography market    56

5.2.2.2    Lack of standardized algorithms        57

5.2.3        OPPORTUNITIES              57

5.2.3.1    PQC integration in blockchain networks          57

5.2.3.2    Advancements in high-performance computing architecture                 57

5.2.3.3    Early development of new products and services to provide competitive edge  58

5.2.3.4    Government and defense contracts   58

5.2.3.5    Migration to post-quantum cryptography        58

5.2.4        CHALLENGES    59

5.2.4.1    Significantly large key size and implications on performance                 59

5.2.4.2    Implementation challenges 59

5.2.4.3    Lack of skilled workforce     59

5.2.4.4    Vulnerabilities due to advancements in quantum technology                 59

5.3           IMPACT OF GENERATIVE AI ON POST-QUANTUM CRYPTOGRAPHY MARKET           60

5.3.1        TOP USE CASES AND MARKET POTENTIAL          60

5.3.1.1    Key use cases         60

5.3.2        IMPACT OF GEN AI ON INTERCONNECTED AND ADJACENT ECOSYSTEMS              61

5.3.2.1    Quantum Computing           61

5.3.2.2    Quantum Key Distribution (QKD)  61

5.3.2.3    Hardware Security Modules (HSMs)                62

5.3.2.4    Cloud Security      62

5.3.2.5    Digital Signatures 62

5.3.2.6    Identity and Access Management (IAM)         62

5.4           CASE STUDY      62

5.4.1        POST-QUANTUM CRYPTOGRAPHY FOR DEFENSE AND GOVERNMENT APPLICATIONS 62

5.4.2        ADOPTION OF BIO-KEY’S IDENTITY-BOUND BIOMETRICS SOLUTION AS

PART OF PASSWORDLESS AUTHENTICATION STRATEGY                 63

5.4.3        NAVIGATING QUANTUM LEAP: ROADMAP FOR MIGRATING TO POST-QUANTUM CRYPTOGRAPHY        64

5.4.4        WELLS FARGO, THALES, AND QUANTINUUM – QUANTUM ENTROPY FOR STRONGER CRYPTOGRAPHIC KEYS                 65

5.4.5        WORLD’S LEADING PAYMENT INFRASTRUCTURE PARTNERED WITH QNU LABS TO ACHIEVE 100% PQC COMPLIANCE    65

5.4.6        QUANTUM-RESILIENT DATA SECURITY IN HEALTHCARE: A CRITICAL IMPERATIVE               66

5.5           VALUE CHAIN ANALYSIS               67

5.5.1        TECHNOLOGY INFRASTRUCTURE PROVIDERS  67

5.5.2        POST-QUANTUM CRYPTOGRAPHY PROVIDERS                 67

5.5.3        APPLICATION DEVELOPERS       68

5.5.4        SYSTEM INTEGRATORS 68

5.5.5        VERTICALS         68

5.6           ECOSYSTEM ANALYSIS  68

5.7           PORTER’S FIVE FORCES MODEL ANALYSIS           70

5.7.1        THREAT OF NEW ENTRANTS      71

5.7.2        THREAT OF SUBSTITUTES          71

5.7.3        BARGAINING POWER OF SUPPLIERS       71

5.7.4        BARGAINING POWER OF BUYERS             71

5.7.5        INTENSITY OF COMPETITIVE RIVALRY 71

5.8           PRICING MODEL ANALYSIS         72

5.8.1        AVERAGE SELLING PRICE OF KEY PLAYERS, BY SOLUTION, 2024                72

5.8.2        INDICATIVE PRICING ANALYSIS, BY OFFERING 73

5.9           TECHNOLOGY ANALYSIS             73

5.9.1        KEY TECHNOLOGIES     73

5.9.1.1    Lattice-based Cryptography                73

5.9.1.2    Code-based Cryptography  74

5.9.1.3    Hash-based Cryptography  74

5.9.1.4    Multivariate Cryptography 75

5.9.1.5    Symmetric Key Quantum Resistance                 75

5.9.1.6    Isogeny-based Cryptography               75

5.9.2        COMPLEMENTARY TECHNOLOGIES       76

5.9.2.1    Quantum-resistant Hardware Accelerators      76

5.9.2.2    Cloud-based PQC                 76

5.9.3        ADJACENT TECHNOLOGIES       76

5.9.3.1    Quantum Computing           76

5.9.3.2    Post-quantum Cybersecurity              76

5.10         PATENT ANALYSIS          77

5.11         TRADE ANALYSIS             79

5.12         TARIFF & REGULATORY LANDSCAPE     80

5.12.1      TARIFF RELATED TO PQC PRODUCTS   81

5.12.2      REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  82

5.12.3      KEY REGULATIONS         86

5.12.3.1  NIST PQC Standards          86

5.12.3.2  CNSA 2.0 Compliance Mandate        87

5.12.3.3  ETSI Quantum-safe Cryptography Standards 87

5.12.3.4  EU Cybersecurity Act and ENISA Guidelines 87

5.12.3.5  ISO/IEC Cryptographic Standard Update       87

5.13         KEY STAKEHOLDERS AND BUYING CRITERIA     88

5.13.1      KEY STAKEHOLDERS IN BUYING PROCESS           88

5.13.2      BUYING CRITERIA           88

5.14         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            89

5.15         KEY CONFERENCES & EVENTS   90

5.16         BUSINESS MODEL ANALYSIS      90

5.16.1      ALGORITHM DEVELOPMENT AND LICENSING IN POST-QUANTUM CRYPTOGRAPHY      90

5.16.2      CONSULTING SERVICES                91

5.16.3      HARDWARE SOLUTIONS               91

5.16.4      SOFTWARE SOLUTIONS                91

5.16.5      CLOUD-BASED SERVICES MODEL            92

5.16.6      SPECIALIZED SECURITY SOLUTIONS      92

5.16.7      SUBSCRIPTION-BASED MODEL 92

5.16.8      EDUCATION AND TRAINING IN POST-QUANTUM CRYPTOGRAPHY MARKET           93

5.17         INVESTMENT AND FUNDING SCENARIO               93

5.18         IMPACT OF 2025 US TARIFF – OVERVIEW              94

5.18.1      INTRODUCTION              94

5.18.2      KEY TARIFF RATES          95

5.18.3      PRICE IMPACT ANALYSIS             96

5.18.4      IMPACT ON COUNTRY/REGION                97

5.18.4.1  North America      97

5.18.4.1.1                United States         97

5.18.4.1.2                Canada   97

5.18.4.1.3                Mexico   98

5.18.4.2  Europe   98

5.18.4.2.1                Germany                 98

5.18.4.2.2                France    99

5.18.4.2.3                United Kingdom   99

5.18.4.3  APAC     99

5.18.4.3.1                China      99

5.18.4.3.2                Japan      100

5.18.4.3.3                India       100

5.18.5      INDUSTRIES       100

6               POST-QUANTUM CRYPTOGRAPHY MARKET, BY OFFERING           102

6.1           INTRODUCTION              103

6.1.1        OFFERING: POST-QUANTUM CRYPTOGRAPHY MARKET DRIVERS.             103

6.2           SOLUTIONS        104

6.2.1        QUANTUM-SAFE HARDWARE     105

6.2.1.1    Rising need for secure hardware-based key storage and accelerated PQC adoption across devices         105

6.2.2        QUANTUM-RESISTANT ALGORITHMS   106

6.2.2.1    Standardization efforts by NIST pushing adoption of next-gen algorithms              106

6.2.3        QUANTUM-SAFE CRYPTOGRAPHIC LIBRARIES  107

6.2.3.1    Demand for easy integration of PQC into existing enterprise and cloud applications 107

6.2.4        QUANTUM-SAFE VPN, EMAIL SERVICES, AND MESSAGING SYSTEMS   108

6.2.4.1    Growing urgency to protect critical communications from quantum-era interception risks          108

6.2.5        QUANTUM-SAFE BLOCKCHAIN SOLUTIONS       109

6.2.5.1    Increasing concerns over long-term immutability and crypto wallet security       109

6.2.6        QUANTUM-SAFE AUTHENTICATION SOLUTIONS                 110

6.2.6.1    Protect digital identities with quantum-resistant authentication                 110

6.2.7        QUANTUM-RESISTANT ENCRYPTION SOLUTIONS                 111

6.2.7.1    Helps encrypt data and safeguard against future quantum risk                 111

6.3           SERVICES             112

6.3.1        DESIGN, IMPLEMENTATION, AND CONSULTING                 113

6.3.1.1    Design, implementation, and consulting driving PQC adoption as enterprises need expert integration support                113

6.3.2        MIGRATION SERVICES  114

6.3.2.1    Migration services fueling growth as organizations shift from legacy to quantum-safe standards      114

6.3.3        QUANTUM RISK ASSESSMENT   115

6.3.3.1    Quantum risk assessment accelerating adoption as businesses seek to uncover and mitigate vulnerabilities early           115

7               POST-QUANTUM CRYPTOGRAPHY MARKET, BY ORGANIZATION SIZE     116

7.1           INTRODUCTION              117

7.1.1        ORGANIZATION SIZE: POST-QUANTUM CRYPTOGRAPHY MARKET DRIVERS        117

7.2           SMALL & MEDIUM-SIZED ENTERPRISES 118

7.2.1        NEED FOR AFFORDABLE, EASY-TO-INTEGRATE QUANTUM-SAFE SOLUTIONS DUE TO LIMITED BUDGETS AND EXPERTISE, DRIVING MARKET GROWTH               118

7.3           LARGE ENTERPRISES     119

7.3.1        PROTECTION OF INTELLECTUAL PROPERTY AND SENSITIVE CUSTOMER DATA FUELING INVESTMENT IN PQC, DRIVING MARKET GROWTH       119

8               POST-QUANTUM CRYPTOGRAPHY MARKET, BY VERTICAL            120

8.1           INTRODUCTION              121

8.1.1        VERTICAL: POST-QUANTUM CRYPTOGRAPHY MARKET DRIVERS               121

8.2           BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)    122

8.2.1        SECURING DIGITAL BANKING, PAYMENTS, AND FINANCIAL RECORDS DRIVING GROWTH             122

8.3           GOVERNMENT & DEFENSE         123

8.3.1        INCREASING FOCUS ON NATIONAL SECURITY AND RESILIENT COMMUNICATIONS DRIVING GROWTH         123

8.4           HEALTHCARE    124

8.4.1        GROWING NEED TO PROTECT PATIENT DATA AND ELECTRONIC HEALTH RECORDS, DRIVING ADOPTION OF PQC SOLUTIONS        124

8.5           IT & ITES              125

8.5.1        EXPANDING ADOPTION OF CLOUD AND ENTERPRISE INFRASTRUCTURE SECURITY FUELING MARKET GROWTH                 125

8.6           RETAIL & E-COMMERCE                126

8.6.1        RISING IMPORTANCE OF SAFEGUARDING E-COMMERCE AND DIGITAL IDENTITIES DRIVING GROWTH                 126

8.7           OTHER VERTICALS         127

9               POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY REGION                128

9.1           INTRODUCTION              129

9.2           NORTH AMERICA             130

9.2.1        NORTH AMERICA: MARKET DRIVERS     130

9.2.2        NORTH AMERICA: MACROECONOMIC OUTLOOK                 130

9.2.3        US           133

9.2.3.1    Driving PQC adoption through federal mandates, national standards, and public-private partnerships      133

9.2.4        CANADA               135

9.2.4.1    Advancing PQC leadership with government funding, university research, and enterprise-level collaborations   135

9.3           EUROPE               137

9.3.1        EUROPE: MARKET DRIVERS        138

9.3.2        EUROPE: MACROECONOMIC OUTLOOK               138

9.3.3        UK          141

9.3.3.1    Strengthening PQC readiness through national initiatives and cybersecurity integration programs   141

9.3.4        GERMANY           143

9.3.4.1    Accelerating PQC innovation with public research investment and industrial partnerships 143

9.3.5        FRANCE                145

9.3.5.1    Expanding PQC capabilities through academic excellence and government-backed projects               145

9.3.6        REST OF EUROPE             147

9.4           ASIA PACIFIC     148

9.4.1        ASIA PACIFIC: MARKET DRIVERS               148

9.4.2        ASIA PACIFIC: MACROECONOMIC OUTLOOK     148

9.4.3        CHINA  151

9.4.3.1    Leading PQC development through state-backed investment and enterprise deployment         151

9.4.4        JAPAN   153

9.4.4.1    Driving PQC applications with strong government support and industry engagement            153

9.4.5        INDIA    155

9.4.5.1    Scaling PQC adoption with national strategy, startups,

and academic participation 155

9.4.6        REST OF ASIA PACIFIC   157

9.5           MIDDLE EAST & AFRICA                157

9.5.1        MIDDLE EAST & AFRICA: MARKET DRIVERS        157

9.5.2        MIDDLE EAST & AFRICA: MACROECONOMIC OUTLOOK                 158

9.5.3        MIDDLE EAST   160

9.5.3.1    Driving PQC adoption through national technology strategies,

secure communication projects, and industry pilots       160

9.5.4        AFRICA 162

9.5.4.1    Building PQC foundations through national quantum initiatives, regional collaboration, and academic research 162

9.6           LATIN AMERICA                164

9.6.1        LATIN AMERICA: MARKET DRIVERS        164

9.6.2        LATIN AMERICA: MACROECONOMIC OUTLOOK                 164

9.6.3        BRAZIL 166

9.6.3.1    Expanding PQC adoption with university research and fintech ecosystem initiatives             166

9.6.4        MEXICO                168

9.6.4.1    Developing PQC capabilities through academic partnerships and financial services applications             168

9.6.5        REST OF LATIN AMERICA             170

10            COMPETITIVE LANDSCAPE         171

10.1         KEY PLAYER STRATEGIES/RIGHT TO WIN            171

10.2         REVENUE ANALYSIS       172

10.3         MARKET SHARE ANALYSIS, 2024                 173

10.4         BRAND COMPARISON   175

10.5         COMPANY VALUATION AND FINANCIAL METRICS                 176

10.5.1      COMPANY VALUATION, 2025      176

10.5.2      FINANCIAL METRICS USING EV/EBITDA, 2025     177

10.6         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 177

10.6.1      STARS   178

10.6.2      EMERGING LEADERS     178

10.6.3      PERVASIVE PLAYERS      178

10.6.4      PARTICIPANTS 178

10.6.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         180

10.6.5.1  Company footprint               180

10.6.5.2  Solution footprint 181

10.6.5.3  Vertical footprint  181

10.6.5.4  Regional footprint                 182

10.7         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        182

10.7.1      PROGRESSIVE COMPANIES         183

10.7.2      RESPONSIVE COMPANIES            183

10.7.3      DYNAMIC COMPANIES  183

10.7.4      STARTING BLOCKS         183

10.7.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024                 185

10.7.5.1  Detailed list of key startups/SMEs    185

10.7.5.2  Competitive benchmarking of key startups/SMEs          186

10.8         COMPETITIVE SCENARIO             188

10.8.1      PRODUCT LAUNCHES/ENHANCEMENTS              188

10.8.2      DEALS  192

11            COMPANY PROFILES      197

11.1         KEY PLAYERS     197

11.1.1      NXP SEMICONDUCTORS               197

11.1.1.1  Business overview 197

11.1.1.2  Products/Solutions/Services offered 198

11.1.1.3  Recent developments           199

11.1.1.4  MnM view              201

11.1.1.4.1                Key strengths        201

11.1.1.4.2                Strategic choices   201

11.1.1.4.3                Weaknesses and competitive threats 201

11.1.2      THALES                202

11.1.2.1  Business overview 202

11.1.2.2  Products/Solutions/Services offered 203

11.1.2.3  Recent developments           206

11.1.2.4  MnM view              208

11.1.2.4.1                Key strengths        208

11.1.2.4.2                Strategic choices   208

11.1.2.4.3                Weaknesses and competitive threats 208

11.1.3      AWS       209

11.1.3.1  Business overview 209

11.1.3.2  Products/Solutions/Services offered 210

11.1.3.3  Recent developments           210

11.1.3.4  MnM view              212

11.1.3.4.1                Key strengths        212

11.1.3.4.2                Strategic choices   212

11.1.3.4.3                Weaknesses and competitive threats 212

11.1.4      IDEMIA 213

11.1.4.1  Business overview 213

11.1.4.2  Products/Solutions/Services offered 213

11.1.4.3  Recent developments           214

11.1.4.4  MnM view              217

11.1.4.4.1                Key strengths        217

11.1.4.4.2                Strategic choices   217

11.1.4.4.3                Weaknesses and competitive threats 217

11.1.5      PALO ALTO NETWORKS                218

11.1.5.1  Business overview 218

11.1.5.2  Products/Solutions/Services offered 219

11.1.5.3  Recent developments           220

11.1.5.4  MnM view              223

11.1.5.4.1                Key strengths        223

11.1.5.4.2                Strategic choices   223

11.1.5.4.3                Weaknesses and competitive threats 223

11.1.6      ST ENGINEERING             224

11.1.6.1  Business overview 224

11.1.6.2  Products/Solutions/Services offered 227

11.1.6.3  Recent developments           227

11.1.7      DIGICERT            228

11.1.7.1  Business overview 228

11.1.7.2  Products/Solutions/Services offered 228

11.1.7.3  Recent developments           229

11.1.8      KLOCH 230

11.1.8.1  Business overview 230

11.1.8.2  Products/Solutions/Services offered 230

11.1.9      PATERO                231

11.1.9.1  Business overview 231

11.1.9.2  Products/Solutions/Services Offered                232

11.1.9.3  Recent developments           233

11.1.10   POST-QUANTUM             234

11.1.10.1                 Business overview 234

11.1.10.2                 Products/Solutions/Services offered 234

11.1.11   PQSHIELD           235

11.1.11.1                 Business overview 235

11.1.11.2                 Products/Solutions/Services offered 235

11.1.11.3                 Recent developments           237

11.1.12   ENTRUST             239

11.1.12.1                 Business overview 239

11.1.12.2                 Products/Solutions/Services offered 240

11.1.12.3                 Recent developments           241

11.1.13   IBM        242

11.1.13.1                 Business overview 242

11.1.13.2                 Products/Solutions/Services offered 243

11.1.13.3                 Recent developments           244

11.1.14   QNU LABS           246

11.1.14.1                 Business overview 246

11.1.14.2                 Products/Solutions/Services offered 246

11.1.14.3                 Recent developments           247

11.1.15   ULTIMACO         248

11.1.15.1                 Business overview 248

11.1.15.2                 Products/Solutions/Services offered 248

11.1.15.3                 Recent developments           249

11.1.16   QUANTUM XCHANGE    250

11.1.16.1                 Business overview 250

11.1.16.2                 Products/Solutions/Services offered 250

11.1.17   QUANTROPI      251

11.1.18   ARQIT   252

11.1.19   CRYPTO QUANTIQUE   253

11.1.20   CRYPTO4A          254

11.1.21   CRYPTONEXT    255

11.1.22   QRYPT  256

11.1.23   ENQUANTUM    257

11.1.24   XIPHERA              258

11.1.25   SIXSCAPE             259

11.1.26   KEYFACTOR       260

11.1.27   RESQUANT         261

11.1.28   RAMBUS               262

11.1.29   ARCHON              263

11.1.30   RISCURE               264

12            ADJACENT MARKETS     265

12.1         INTRODUCTION              265

12.2         LIMITATIONS    265

12.3         QUANTUM CRYPTOGRAPHY MARKET   266

12.4         QUANTUM KEY DISTRIBUTION MARKET              269

13            APPENDIX           273

13.1         DISCUSSION GUIDE        273

13.2         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                276

13.3         CUSTOMIZATION OPTIONS        278

13.4         RELATED REPORTS         278

13.5         AUTHOR DETAILS           279

LIST OF TABLES

TABLE 1                USD EXCHANGE RATES, 2019–2024            34

TABLE 2                FACTOR ANALYSIS          42

TABLE 3                RESEARCH ASSUMPTIONS           43

TABLE 4                POST-QUANTUM CRYPTOGRAPHY MARKET SIZE AND GROWTH RATE,

2023–2030 (USD MILLION, Y-O-Y %)          47

TABLE 5                POST-QUANTUM CRYPTOGRAPHY MARKET ECOSYSTEM       69

TABLE 6                IMPACT OF PORTER’S FIVE FORCES ON POST-QUANTUM CRYPTOGRAPHY MARKET   70

TABLE 7                AVERAGE SELLING PRICES OF KEY PLAYERS FOR POST-QUANTUM CRYPTOGRAPHY SOLUTIONS, 2024                 72

TABLE 8                INDICATIVE PRICING ANALYSIS                73

TABLE 9                TOP PATENTS IN POST-QUANTUM CRYPTOGRAPHY MARKET, 2024                 78

TABLE 10              TARIFF RELATED TO PQC PRODUCTS, 2024                 81

TABLE 11              NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  82

TABLE 12              EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  83

TABLE 13              ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  84

TABLE 14              MIDDLE EAST & AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             85

TABLE 15             LATIN AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  86

TABLE 16              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS   88

TABLE 17              KEY BUYING CRITERIA FOR TOP THREE VERTICALS         89

TABLE 18              KEY CONFERENCES & EVENTS, 2025–2026                 90

TABLE 19              US ADJUSTED RECIPROCAL TARIFF RATES                 95

TABLE 20              KEY PRODUCT-RELATED TARIFF EFFECTIVE FOR POST-QUANTUM

CRYPTOGRAPHY HARDWARE    96

TABLE 21              EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON END-USE MARKET

DUE TO TARIFF                96

TABLE 22              POST-QUANTUM CRYPTOGRAPHY MARKET, BY OFFERING,

2023–2030 (USD MILLION)            104

TABLE 23              POST-QUANTUM CRYPTOGRAPHY MARKET, BY SOLUTION,

2023–2030 (USD MILLION)            105

TABLE 24              SOLUTIONS: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   105

TABLE 25              QUANTUM-SAFE HARDWARE: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   106

TABLE 26              QUANTUM-RESISTANT ALGORITHMS: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION, 2023–2030 (USD MILLION) 107

TABLE 27              QUANTUM-SAFE CRYPTOGRAPHIC LIBRARIES: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION, 2023–2030 (USD MILLION)       108

TABLE 28              QUANTUM-SAFE VPN, EMAIL SERVICES, AND MESSAGING SYSTEMS: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION, 2023–2030 (USD MILLION)                109

TABLE 29              QUANTUM-SAFE BLOCKCHAIN SOLUTIONS: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION, 2023–2030 (USD MILLION)       110

TABLE 30              QUANTUM-SAFE AUTHENTICATION SOLUTIONS: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION, 2023–2030 (USD MILLION)          111

TABLE 31              QUANTUM-RESISTANT ENCRYPTION SOLUTIONS: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION, 2023–2030 (USD MILLION)          112

TABLE 32              POST-QUANTUM CRYPTOGRAPHY MARKET, BY SERVICE,

2023–2030 (USD MILLION)            113

TABLE 33              SERVICES: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   113

TABLE 34              DESIGN, IMPLEMENTATION, AND CONSULTING: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION, 2023–2030 (USD MILLION)          114

TABLE 35              MIGRATION SERVICES: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   114

TABLE 36              QUANTUM RISK ASSESSMENT: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   115

TABLE 37              POST-QUANTUM CRYPTOGRAPHY MARKET, BY ORGANIZATION SIZE,

2023–2030 (USD MILLION)            118

TABLE 38              SMES: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION,

2023–2030 (USD MILLION)            118

TABLE 39              LARGE ENTERPRISES: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   119

TABLE 40              POST-QUANTUM CRYPTOGRAPHY MARKET, BY VERTICAL,

2023–2030 (USD MILLION)            122

TABLE 41              BFSI: POST-QUANTUM CRYPTOGRAPHY MARKET, BY REGION,

2023–2030 (USD MILLION)            123

TABLE 42              GOVERNMENT & DEFENSE: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   124

TABLE 43              HEALTHCARE: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   124

TABLE 44              IT & ITES: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   125

TABLE 45              RETAIL & E-COMMERCE: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   126

TABLE 46              OTHER VERTICALS: POST-QUANTUM CRYPTOGRAPHY MARKET,

BY REGION, 2023–2030 (USD MILLION)   127

TABLE 47              POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY REGION,

2023–2030 (USD MILLION)            129

TABLE 48              NORTH AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               131

TABLE 49              NORTH AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              132

TABLE 50              NORTH AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC),

BY SERVICE, 2023–2030 (USD MILLION)  132

TABLE 51              NORTH AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         132

TABLE 52              NORTH AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               133

TABLE 53              NORTH AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY COUNTRY, 2023–2030 (USD MILLION)               133

TABLE 54              US: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY OFFERING,

2023–2030 (USD MILLION)            134

TABLE 55              US: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET, BY SOLUTION,

2023–2030 (USD MILLION)            134

TABLE 56              US: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            134

TABLE 57              US: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         135

TABLE 58              US: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               135

TABLE 59              CANADA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               136

TABLE 60              CANADA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              136

TABLE 61              CANADA: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            136

TABLE 62              CANADA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         137

TABLE 63              CANADA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               137

TABLE 64              EUROPE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               139

TABLE 65              EUROPE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              140

TABLE 66              EUROPE: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            140

TABLE 67              EUROPE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         140

TABLE 68              EUROPE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               141

TABLE 69              EUROPE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY COUNTRY, 2023–2030 (USD MILLION)               141

TABLE 70              UK: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               142

TABLE 71              UK: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              142

TABLE 72              UK: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            142

TABLE 73              UK: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         143

TABLE 74              UK: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               143

TABLE 75              GERMANY: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               144

TABLE 76              GERMANY: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              144

TABLE 77              GERMANY: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            144

TABLE 78              GERMANY: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         145

TABLE 79              GERMANY: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               145

TABLE 80              FRANCE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               146

TABLE 81              FRANCE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              146

TABLE 82              FRANCE: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            146

TABLE 83              FRANCE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         147

TABLE 84              FRANCE: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               147

TABLE 85              ASIA PACIFIC: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               149

TABLE 86              ASIA PACIFIC: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              149

TABLE 87              ASIA PACIFIC: POST-QUANTUM CRYPTOGRAPHY (PQC),

BY SERVICE, 2023–2030 (USD MILLION)  149

TABLE 88              ASIA PACIFIC: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         150

TABLE 89              ASIA PACIFIC: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               150

TABLE 90              ASIA PACIFIC: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY COUNTRY, 2023–2030 (USD MILLION)               150

TABLE 91              CHINA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               151

TABLE 92              CHINA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              151

TABLE 93              CHINA: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            152

TABLE 94              CHINA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         152

TABLE 95              CHINA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               152

TABLE 96              JAPAN: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               153

TABLE 97              JAPAN: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              153

TABLE 98              JAPAN: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            154

TABLE 99              JAPAN: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         154

TABLE 100            JAPAN: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               154

TABLE 101            INDIA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               155

TABLE 102            INDIA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              155

TABLE 103            INDIA: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            156

TABLE 104            INDIA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         156

TABLE 105            INDIA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               156

TABLE 106            MIDDLE EAST & AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               158

TABLE 107            MIDDLE EAST & AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              158

TABLE 108            MIDDLE EAST & AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC),

BY SERVICE, 2023–2030 (USD MILLION)  159

TABLE 109            MIDDLE EAST & AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         159

TABLE 110            MIDDLE EAST & AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               159

TABLE 111            MIDDLE EAST & AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY REGION, 2023–2030 (USD MILLION)   159

TABLE 112            MIDDLE EAST: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               160

TABLE 113            MIDDLE EAST: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              160

TABLE 114            MIDDLE EAST: POST-QUANTUM CRYPTOGRAPHY (PQC),

BY SERVICE, 2023–2030 (USD MILLION)  161

TABLE 115            MIDDLE EAST: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         161

TABLE 116            MIDDLE EAST: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               161

TABLE 117            AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               162

TABLE 118            AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              162

TABLE 119            AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            163

TABLE 120            AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         163

TABLE 121            AFRICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               163

TABLE 122            LATIN AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               164

TABLE 123            LATIN AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              165

TABLE 124            LATIN AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC),

BY SERVICE, 2023–2030 (USD MILLION)  165

TABLE 125            LATIN AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         165

TABLE 126            LATIN AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               166

TABLE 127            LATIN AMERICA: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY COUNTRY, 2023–2030 (USD MILLION)               166

TABLE 128            BRAZIL: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               167

TABLE 129            BRAZIL: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              167

TABLE 130            BRAZIL: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            167

TABLE 131            BRAZIL: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         168

TABLE 132            BRAZIL: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               168

TABLE 133            MEXICO: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY OFFERING, 2023–2030 (USD MILLION)               169

TABLE 134            MEXICO: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY SOLUTION, 2023–2030 (USD MILLION)              169

TABLE 135            MEXICO: POST-QUANTUM CRYPTOGRAPHY (PQC), BY SERVICE,

2023–2030 (USD MILLION)            169

TABLE 136            MEXICO: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY ORGANIZATION SIZE, 2023–2030 (USD MILLION)         170

TABLE 137            MEXICO: POST-QUANTUM CRYPTOGRAPHY (PQC) MARKET,

BY VERTICAL, 2023–2030 (USD MILLION)               170

TABLE 138            OVERVIEW OF STRATEGIES ADOPTED BY KEY POST-QUANTUM

CRYPTOGRAPHY VENDORS, 2021-2025    171

TABLE 139            POST-QUANTUM CRYPTOGRAPHY MARKET: DEGREE OF COMPETITION         173

TABLE 140            POST-QUANTUM CRYPTOGRAPHY MARKET: SOLUTION FOOTPRINT                181

TABLE 141            POST-QUANTUM CRYPTOGRAPHY MARKET: VERTICAL FOOTPRINT 181

TABLE 142            POST-QUANTUM CRYPTOGRAPHY MARKET: REGION FOOTPRINT     182

TABLE 143            POST-QUANTUM CRYPTOGRAPHY MARKET: KEY STARTUPS/SMES    185

TABLE 144            POST-QUANTUM CRYPTOGRAPHY MARKET: COMPETITIVE BENCHMARKING

OF KEY STARTUPS/SMES, BY VERTICAL 186

TABLE 145            POST-QUANTUM CRYPTOGRAPHY MARKET: COMPETITIVE BENCHMARKING

OF KEY STARTUPS/SMES, BY REGION    187

TABLE 146            POST-QUANTUM CRYPTOGRAPHY MARKET: PRODUCT LAUNCHES/ENHANCEMENTS, JANUARY 2023—SEPTEMBER 2025              188

TABLE 147            POST-QUANTUM CRYPTOGRAPHY MARKET: DEALS,

JANUARY 2023—SEPTEMBER 2025              192

TABLE 148            NXP SEMICONDUCTORS: COMPANY OVERVIEW                 197

TABLE 149            NXP SEMICONDUCTORS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    198

TABLE 150            NXP SEMICONDUCTORS: PRODUCT LAUNCHES AND ENHANCEMENTS  199

TABLE 151            NXP SEMICONDUCTORS: DEALS               200

TABLE 152            THALES: COMPANY OVERVIEW 202

TABLE 153            THALES: PRODUCTS/SOLUTIONS/SERVICES OFFERED             203

TABLE 154            THALES: PRODUCT LAUNCHES AND ENHANCEMENTS             206

TABLE 155            THALES: DEALS                207

TABLE 156            AWS: COMPANY OVERVIEW        209

TABLE 157            AWS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             210

TABLE 158            AWS: PRODUCT LAUNCHES AND ENHANCEMENTS             210

TABLE 159            AWS: DEALS       211

TABLE 160            IDEMIA: COMPANY OVERVIEW 213

TABLE 161            IDEMIA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             213

TABLE 162            IDEMIA: PRODUCT LAUNCHES AND ENHANCEMENTS             214

TABLE 163            IDEMIA: DEALS 215

TABLE 164            PALO ALTO NETWORKS: COMPANY OVERVIEW                 218

TABLE 165            PALO ALTO NETWORKS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    219

TABLE 166            PALO ALTO NETWORKS: PRODUCT LAUNCHES AND ENHANCEMENTS  220

TABLE 167            PALO ALTO NETWORKS: DEALS                222

TABLE 168            ST ENGINEERING: COMPANY OVERVIEW                 225

TABLE 169            ST ENGINEERING: PRODUCTS/SOLUTIONS/SERVICES OFFERED    227

TABLE 170            ST ENGINEERING: DEALS, JANUARY 2023–AUGUST 2025     227

TABLE 171            DIGICERT: COMPANY OVERVIEW             228

TABLE 172            DIGICERT: PRODUCTS/SOLUTIONS/SERVICES OFFERED             228

TABLE 173            DIGICERT: DEALS            229

TABLE 174            KLOCH: COMPANY OVERVIEW  230

TABLE 175            KLOCH: PRODUCTS/SOLUTIONS/SERVICES OFFERED             230

TABLE 176            PATERO: COMPANY OVERVIEW                231

TABLE 177            PATERO: PRODUCTS/SOLUTIONS/SERVICES OFFERED             232

TABLE 178            PATERO: PRODUCT LAUNCHES AND ENHANCEMENTS             233

TABLE 179            PATERO: DEALS                233

TABLE 180            POST-QUANTUM: COMPANY OVERVIEW                 234

TABLE 181            POST-QUANTUM: PRODUCTS/SOLUTIONS/SERVICES OFFERED    234

TABLE 182            PQSHIELD: COMPANY OVERVIEW            235

TABLE 183            PQSHIELD: PRODUCTS/SOLUTIONS/SERVICES OFFERED             235

TABLE 184            PQSHIELD: PRODUCT LAUNCHES AND ENHANCEMENTS             237

TABLE 185            PQSHIELD: DEALS           238

TABLE 186            ENTRUST: COMPANY OVERVIEW             239

TABLE 187            ENTRUST: PRODUCTS/SOLUTIONS/SERVICES OFFERED             240

TABLE 188            ENTRUST: PRODUCT LAUNCHES AND ENHANCEMENTS             241

TABLE 189            IBM: COMPANY OVERVIEW         242

TABLE 190            IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED             243

TABLE 191            IBM: PRODUCT LAUNCHES AND ENHANCEMENTS             244

TABLE 192            IBM: DEALS        245

TABLE 193            QNU LABS: COMPANY OVERVIEW            246

TABLE 194            QNU LABS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             246

TABLE 195            QNU LABS: PRODUCT LAUNCHES AND ENHANCEMENTS             247

TABLE 196            QNU LABS: DEALS           247

TABLE 197            ULTIMACO: COMPANY OVERVIEW          248

TABLE 198            ULTIMACO: PRODUCTS/SOLUTIONS/SERVICES OFFERED             248

TABLE 199            ULTIMACO: PRODUCT LAUNCHES AND ENHANCEMENTS             249

TABLE 200            QUANTUM XCHANGE: COMPANY OVERVIEW                 250

TABLE 201            QUANTUM XCHANGE: PRODUCTS/SOLUTIONS/SERVICES OFFERED    250

TABLE 202            ADJACENT MARKETS AND FORECASTS 265

TABLE 203            QUANTUM COMMUNICATION MARKET, BY OFFERING, 2020–2023 (USD MILLION)     266

TABLE 204            QUANTUM COMMUNICATION MARKET, BY OFFERING, 2024–2030 (USD MILLION)     266

TABLE 205            QUANTUM COMMUNICATION MARKET, BY SOLUTION, 2020–2023 (USD MILLION)    266

TABLE 206            QUANTUM COMMUNICATION MARKET, BY SOLUTION, 2024–2030 (USD MILLION)    267

TABLE 207            QUANTUM COMMUNICATION MARKET, BY DEPLOYMENT MODE,

2020–2023 (USD MILLION)            267

TABLE 208            QUANTUM COMMUNICATION MARKET, BY DEPLOYMENT MODE,

2024–2030 (USD MILLION)            267

TABLE 209            QUANTUM COMMUNICATION MARKET, BY ORGANIZATION SIZE,

2020–2023 (USD MILLION)            267

TABLE 210            QUANTUM COMMUNICATION MARKET, BY ORGANIZATION SIZE,

2024–2030 (USD MILLION)            268

TABLE 211            QUANTUM COMMUNICATION MARKET, BY VERTICAL, 2020–2023 (USD MILLION)     268

TABLE 212            QUANTUM COMMUNICATION MARKET, BY VERTICAL, 2024–2030 (USD MILLION)     268

TABLE 213            QUANTUM KEY DISTRIBUTION MARKET, BY OFFERING, 2018–2023 (USD MILLION)     269

TABLE 214            QUANTUM KEY DISTRIBUTION MARKET, BY OFFERING, 2024–2030 (USD MILLION)     269

TABLE 215            QUANTUM KEY DISTRIBUTION MARKET, BY TYPE, 2018–2023 (USD MILLION)                269

TABLE 216            QUANTUM KEY DISTRIBUTION MARKET, BY TYPE, 2024–2030 (USD MILLION)                270

TABLE 217            QUANTUM KEY DISTRIBUTION MARKET, BY TRANSMISSION MEDIUM,

2018–2023 (USD MILLION)            270

TABLE 218            QUANTUM KEY DISTRIBUTION MARKET, BY TRANSMISSION MEDIUM,

2024–2030 (USD MILLION)            270

TABLE 219            QUANTUM KEY DISTRIBUTION MARKET, BY ORGANIZATION SIZE,

2018–2023 (USD MILLION)            270

TABLE 220            QUANTUM KEY DISTRIBUTION MARKET, BY ORGANIZATION SIZE,

2024–2030 (USD MILLION)            271

TABLE 221            QUANTUM KEY DISTRIBUTION MARKET, BY APPLICATION,

2018–2023 (USD MILLION)            271

TABLE 222            QUANTUM KEY DISTRIBUTION MARKET, BY APPLICATION,

2024–2030 (USD MILLION)            271

TABLE 223            QUANTUM KEY DISTRIBUTION MARKET, BY VERTICAL, 2018–2023 (USD MILLION)     272

TABLE 224            QUANTUM KEY DISTRIBUTION MARKET, BY VERTICAL, 2024–2030 (USD MILLION)     272

LIST OF FIGURES

FIGURE 1              POST-QUANTUM CRYPTOGRAPHY MARKET: RESEARCH DESIGN         35

FIGURE 2              POST-QUANTUM CRYPTOGRAPHY MARKET: DATA TRIANGULATION                37

FIGURE 3              APPROACH 1 (SUPPLY SIDE): REVENUE FROM PLATFORMS/SERVICES OF

POST-QUANTUM CRYPTOGRAPHY VENDORS    39

FIGURE 4              APPROACH 1 – SUPPLY-SIDE ANALYSIS  39

FIGURE 5              POST-QUANTUM CRYPTOGRAPHY MARKET ESTIMATION: RESEARCH FLOW                40

FIGURE 6              APPROACH 2 – BOTTOM-UP (DEMAND SIDE): SOLUTIONS & SERVICES               41

FIGURE 7              NIST POST-QUANTUM CRYPTOGRAPHY STANDARDS      46

FIGURE 8              NORTH AMERICA TO ACCOUNT FOR LARGEST SHARE IN 2025   48

FIGURE 9              GEOPOLITICAL RISKS AND GLOBAL DATA FLOWS DRIVING PQC ADOPTION

AND INTEROPERABILITY             49

FIGURE 10            SOLUTIONS SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2025               49

FIGURE 11            QUANTUM-SAFE HARDWARE SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2025             50

FIGURE 12            DESIGN, IMPLEMENTATION, AND CONSULTING SEGMENT TO ACCOUNT

FOR LARGEST MARKET SHARE IN 2025   50

FIGURE 13            LARGE ENTERPRISES SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE

IN 2025  51

FIGURE 14            BANKING, FINANCIAL SERVICES, AND INSURANCE SEGMENT TO ACCOUNT

FOR LARGEST MARKET SHARE IN 2025   51

FIGURE 15            EUROPE TO EMERGE AS BEST MARKET FOR INVESTMENTS IN NEXT FIVE YEARS        52

FIGURE 16            POST-QUANTUM CRYPTOGRAPHY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES                 54

FIGURE 17            MARKET POTENTIAL OF GENERATIVE AI IN ENHANCING POST-QUANTUM CRYPTOGRAPHY MARKET ACROSS INDUSTRIES     60

FIGURE 18            IMPACT OF GEN AI ON INTERCONNECTED AND ADJACENT ECOSYSTEMS              61

FIGURE 19            PQC MARKET: VALUE CHAIN ANALYSIS 67

FIGURE 20            PQC MARKET: ECOSYSTEM         68

FIGURE 21            PORTER’S FIVE FORCES ANALYSIS           70

FIGURE 22            POST QUANTUM CRYPTOGRAPHY SOLUTIONS: AVERAGE SELLING PRICE

OF SOLUTION, 2024         72

FIGURE 23            NUMBER OF PATENTS GRANTED FOR POST-QUANTUM CRYPTOGRAPHY

MARKET, 2015–2025          77

FIGURE 24            REGIONAL ANALYSIS OF PATENTS GRANTED FOR POST-QUANTUM

CRYPTOGRAPHY MARKET           78

FIGURE 25            IMPORT DATA, BY KEY COUNTRY, 2020–2024 (USD MILLION) 79

FIGURE 26            EXPORT DATA, BY KEY COUNTRY, 2020–2024 (USD MILLION) 80

FIGURE 27            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS   88

FIGURE 28            KEY BUYING CRITERIA FOR TOP THREE VERTICALS         88

FIGURE 29            POST-QUANTUM CRYPTOGRAPHY MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS                 89

FIGURE 30            GLOBAL PQC COMPANIES’ FUNDING AND NUMBER OF INVESTORS               93

FIGURE 31            SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD          103

FIGURE 32            QUANTUM-RESISTANT ENCRYPTION SOLUTIONS SEGMENT TO GROW

AT HIGHEST CAGR DURING FORECAST PERIOD               104

FIGURE 33            MIGRATION SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING

FORECAST PERIOD         112

FIGURE 34            SMES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD       117

FIGURE 35            IT & ITES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD          121

FIGURE 36            EUROPE TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD         129

FIGURE 37            NORTH AMERICA: MARKET SNAPSHOT 131

FIGURE 38            EUROPE: MARKET SNAPSHOT   139

FIGURE 39            SEGMENTAL REVENUE ANALYSIS OF TOP FIVE MARKET PLAYERS,

2021–2024 (USD MILLION)            172

FIGURE 40            POST-QUANTUM CRYPTOGRAPHY MARKET: SHARE OF LEADING COMPANIES, 2024   173

FIGURE 41            POST-QUANTUM CRYPTOGRAPHY MARKET: COMPARISON OF VENDORS’ BRANDS    176

FIGURE 42            POST-QUANTUM CRYPTOGRAPHY MARKET: COMPANY VALUATION OF

KEY VENDORS (USD BILLION)   176

FIGURE 43            POST-QUANTUM CRYPTOGRAPHY MARKET: FINANCIAL METRICS OF KEY VENDORS 177

FIGURE 44            POST-QUANTUM CRYPTOGRAPHY MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024       179

FIGURE 45            POST-QUANTUM CRYPTOGRAPHY MARKET: COMPANY FOOTPRINT 180

FIGURE 46            POST-QUANTUM CRYPTOGRAPHY MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024                 184

FIGURE 47            NXP SEMICONDUCTORS: COMPANY SNAPSHOT                 198

FIGURE 48            THALES: COMPANY SNAPSHOT 203

FIGURE 49            AWS: COMPANY SNAPSHOT        209

FIGURE 50            PALO ALTO NETWORKS: COMPANY SNAPSHOT                 219

FIGURE 51            ST ENGINEERING: COMPANY SNAPSHOT                 226

FIGURE 52            IBM: COMPANY SNAPSHOT         242