Quantum cryptography market expected to be worth $214m in 2025

From: RegTech Analyst

Quantum technology is going to bring in a whole new level of cybersecurity threats and opportunities, which is why the market is expected grow tremendously in the next five years.

New research from MarketsandMarkets estimated that the quantum cryptography market would is worth $89m in 2020. However, that figure is expected to skyrocket to reach $214m by 2025 at a compound annual growth rate of 19.1%.

The growing number of cyber attacks and the increased funding in the cybersecurity area are key drivers in this expected growth. Other areas include the rise of the internet of things, cloud technology and the onslaught of new technology hitting the market.

One example of an upcoming quantum cybersecurity company is the startup PQShield, which bagged £5.5m in a funding round in early July.

Doctor Ali El Kaafarani, founder and CEO of PQShield, launched the venture back in 2015 to tackle the rising threat presented by quantum cryptography.

Even before the company came out of stealth at the end of its latest funding round, PQShield had impressed the industry so much that it found itself a spot on the coveted CyberTech100 list, which is compromised of the most innovative cybersecurity companies in the world.

Copyright © 2020 FinTech Global

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