"Quantum Cryptography Market to Exceed $3B by 2028"

According to a forecast by MarketsandMarkets, the global quantum cryptography market will be worth an estimated $500 million in 2023. However, like the rapidly evolving technology, the market is expected to expand significantly over the next five years. The forecast predicts that the market for quantum cryptography will grow at a compound annual growth rate of more than 40 percent over the next five years, surpassing $3 billion by 2028. Quantum cryptography applies the principles of quantum mechanics to secure communication channels and data. Although the market for quantum cryptography products is expected to grow immensely over the next few years, it is already a highly competitive market, partly because of the technical complexity required to commercialize the technology. The market includes quantum standards, quantum random number generators, and Quantum Key Distribution (QKD) systems. The market expansion parallels the government's interest in quantum cryptography and quantum computing in general. In preparation for the commercialization of quantum computers, the Office of Management and Budget (OMB) issued a memo outlining the need for federal agencies to migrate to post-quantum cryptography. This article continues to discuss the growing global quantum cryptography market. 

NextGov reports "Quantum Cryptography Market to Exceed $3B by 2028"