Quantum Security Market Expected to Reach Over $3 Billion by Middle of Decade

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The market for quantum security, including post-quantum cryptography and quantum key distribution approaches, could grow to over $3 billion a year by the middle of the decade, according to the latest report jointly developed by The Quantum Insider strategic advising team – Quantum Insider Partners – and Safe Quantum Inc, led by John Prisco.

The report indicates that spending on quantum security will grow to about $3.5 billion in 2024. By 2030, that number could reach about $30 billion. 

According to Alex Challans, the CEO of The Quantum Insider, the report is the first one to provide a landscape of this rapidly emerging market, underpinned by robust data on the ecosystem. Quantum computing, if fully realized, would have both the power to increase data security, on one hand, but also render classical algorithms for securing data vulnerable to a quantum-enabled hacker.

“At The Quantum Insider, we pride ourselves on providing the highest quality intelligence on the quantum technology market,” said Challans. “We are delighted to release our latest report alongside John Prisco who has unparalleled experience across the quantum security market.”

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Many of our most crucial communication protocols rely principally on three core cryptographic functionalities: public key encryption, digital signatures, and key exchange. 

The security of the above systems relies on the fact that certain mathematical problems (e.g. integer factorization) are very hard for our existing computers to solve. While quantum cryptography has mostly been considered a far-future technology, the rapid progress of quantum and the inherent potential – positive and negative – of the technology, companies and government organizations are increasingly investing in exploring solutions to preserving security and privacy in the oncoming quantum era.

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The report covers over 30 quantum security companies, the key players in the wider ecosystem and provides a detailed assessment of the key developments being seen across quantum encryption, post quantum cryptography and the quantum internet. It also provides a view on the market drivers and size, and the key market dynamics that executives should be aware of in the coming years

“At Safe Quantum we closely monitor worldwide quantum science. Our focus includes quantum communications, quantum cryptography and the race for the most efficient quantum computer modality, said Prisco. “ Working with Alex Challans at The Quantum Insider has been very collaborative and productive.”

The full report can be purchased by contacting [email protected]. Table of contents: 

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The Quantum Insider

The Quantum Insider is the leading provider of data and intelligence on the quantum technology market and is a partner business of The Quantum Daily

Safe Quantum

Safe Quantum is a specialized consulting firm advising its clients in the areas of quantum communications and quantum cryptography.

For more market insights, check out our latest quantum computing news here.


The Quantum Insider is the leading online resource dedicated exclusively to Quantum Computing. You can contact us at [email protected].

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