Quantum Cryptography Market Size, Share, Growth Analysis, By Type, By Security Type, by Transmission, By Deployment mode, By Service, By Industry, By Region -Industry Forecast 2025-2032

Quantum Cryptography Market size was valued at USD 160.17 Million in 2023 and is poised to grow from USD 191.88 Million in 2024 to USD 679.57 Million by 2032, growing at a CAGR of 19.8% during the forecast period (2025-2032).

Its market development is likely to be driven by several factors, such as the upsurge in investments for cybersecurity, the growing need for next-generation security solutions in cloud and IoT technology, the rise in the incidence of cyber-attacks resulting from the advent of digitalization, and the evolution of the upcoming trends in wireless network technologies. The creation and application of quantum cryptography has been made easier by developments in wireless networking technologies. Modern society is replete with wireless networks, including cellular networks, Wi-Fi, and Bluetooth. Data sent wirelessly has increased due to their utilization. One of the things preventing quantum cryptography from becoming widely used is its high installation and implementation expenses.

Given how recent quantum cryptography is as a technique, some hardware and software are necessary. The cost of this hardware can be high, just as much as its installation and maintenance costs. Moreover, as quantum cryptography exists as a scientific discipline, for now, only a handful of companies and applications can be found that utilize it. The COVID-19 epidemic hastened the digitization of all sectors of the economy, increasing the demand for secure communications. For example, the majority of doctors began keeping computerized records in the medical field during the pandemic. These records were legally required to be kept secure in a number of nations. Such electronic communications are made secure by technology based on quantum cryptography.