Post Quantum Cryptography Review: Quantum-Safe Evolution, Applications and Global Market Surge

Abstract

In the wake of accelerating quantum computing threats, Post-Quantum Cryptography (PQC) emerges as a vital shield for global data security, that will poised to revolutionize industries by 2030. This review article traces cryptography\'s evolution from ancient ciphers to NIST\'s 2025 standards, detailing quantum-resistant algorithms like ML-KEM and ML-DSA that counter Shor\'s algorithm vulnerabilities. Potential real-world applications in finance, healthcare, cloud computing and beyond, it highlights PQC\'s role in safeguarding sensitive transactions, patient records and IoT networks amid projections of Q-Day as early as 2029. With the PQC market surging from $0.42 billion in 2025 to potentially $29.95 billion by 2034, driven by regulatory mandates and innovation, the paper underscores India\'s GCCs as quantum-ready hubs unlocking trillions in value through strategic adoption. Also,as data Centres are projected to grow to $100B by 2027, needs immediate migration to avert catastrophic breaches, this article equips stakeholders to strategise the quantum era\'s challenges and opportunities.

Introduction

Quantum computers exploit quantum mechanics to solve specific computational problems exponentially faster than classical computers. They threaten current cryptographic systems, such as RSA-2048, using algorithms like Shor’s algorithm, potentially breaking common encryption in days. Google Quantum AI estimates that breaking RSA-2048 could be achieved in under a week with fewer than one million noisy qubits.

Historical Evolution of Cryptography

• Ancient Egypt (1900 BC): Early ciphers using non-standard hieroglyphs.

• Medieval period: Polyalphabetic ciphers (Vigenère, 1586).

• 20th century: Mechanical encryption (Enigma), digital standards (DES, 1975), public-key cryptography (Diffie-Hellman, 1976), RSA (1977).

• Quantum era: Quantum Key Distribution (QKD) in 1984 (BB84 protocol) and Shor’s algorithm in 1994 exposed conventional vulnerabilities, prompting PQC research.

Post-Quantum Cryptography (PQC)
PQC uses algorithms resistant to quantum attacks, with NIST standardization completed in 2024. Key PQC algorithms include:

1. ML-KEM (Key Exchange)

   • Secure key exchange, messaging, VPNs, cloud storage, smart home encryption.

2. ML-DSA (Digital Signatures)

   • Document signing, secure software distribution, financial transactions, dual-use certificates.

3. SLH-DSA

   • Used for digital certificates, electronic voting, authentication.

PQC relies on mathematical problems hard for quantum computers, such as lattice-based, code-based, and hash-based cryptography.

Applications of PQC

1. Cloud Computing & Data Storage

   • Google Cloud, AWS, and Kubernetes adopt PQC to secure storage and communication channels.

2. Finance

   • Secures banking transactions, ledgers, and digital signatures. Early adoption by banks increases trust and regulatory compliance.

3. Healthcare

   • Protects telemedicine, electronic health records, and ensures compliance with regulations like HIPAA.

4. Government & Defense

   • Federal agencies moving toward full PQC adoption by 2035 to secure classified data.

5. IoT & Networks

   • Lightweight PQC algorithms secure resource-constrained devices, networks, and TLS connections.

6. Blockchain & Emerging Tech

   • PQC secures blockchains, crypto wallets, and hybrid TLS for data centers.

Market Impact and Growth

• Global PQC market: $0.42B (2025) → $2.84B (2030), potentially $29.95B by 2034.

• Major players: AWS, Google Cloud, IBM (cloud PQC); PQShield, QuSecure, Thales (tools); NXP, Palo Alto Networks (hardware/networks); Zscaler (cloud-native).

• PQC adoption is still limited: only 5% of top websites and low uptake in finance, healthcare, and government sectors.

India’s GCC Impact

• India’s Global Capability Centers (GCCs) are poised to adopt PQC for finance, pharma, supply chain, and cybersecurity.

• Opportunities include revenue growth, hybrid testing, and talent upskilling.

Current Readiness & Adoption Statistics

• Q-Day (Quantum threat milestone): as early as 2029.

• Only 5% of CISOs prioritize PQC.

• Global PQC readiness: 57%, heavily influenced by browser support (Chrome 93%, Firefox 85%, Safari 0%).

• Adoption varies by website rank and sector:

  • Top 100 sites: 42%

  • Banking: 3%

  • Healthcare/Government: low

• Leading regions: Australia (.au), Canada (.ca), UK; US leads by company HQ.

Conclusion

As quantum computing edges closer to reality, with Q-Day potentially arriving by 2029, the imperative for Post-Quantum Cryptography (PQC) adoption has never been more urgent. This review has traced cryptography\'s millennia-long evolution from ancient hieroglyphs to NIST\'s 2025 standards, underscoring PQC\'s quantum-resistant algorithms like ML-KEM, ML-DSA, and SLH-DSA as foundational defenses against vulnerabilities in legacy systems. Through diverse applications in cloud computing, finance, healthcare, government, IoT, and blockchain, PQC not only secures sensitive data but also fosters innovation in emerging technologies, ensuring resilience amid performance trade-offs. The market\'s explosive growth—from $0.42 billion in 2025 to projections of $29.95 billion by 2034, while Data Center market projected to top $100 B by 2027[63]—signals a transformative shift, driven by regulatory mandates and the need to mitigate trillion-dollar breach risks. In India, GCCs stand at the forefront, leveraging the National Quantum Mission to evolve into innovation powerhouses, unlocking economic value through PQC pilots and upskilling while navigating talent and cost challenges via strategic collaborations. Ultimately, embracing PQC is not merely a technological upgrade but a strategic necessity for safeguarding the digital future. In PQC era, GCC and cloud companies will boldly rebrand themselves as quantum-resilient powerhouses, touting PQC compliance certifications—such as the emerging PQCC standard, mirroring like ISO 27001—to assure clients that their data stands to quantum threats, fostering unbreakable trust and a competitive edge. Organizations and nations that act decisively will thrive in a quantum-secure world, preserving trust, privacy and competitiveness against inevitable threats.

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Copyright

Copyright © 2025 Vivek Gujar. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.