Toshiba said it aims to generate $3 billion in revenue from its cryptographic technology for data protection by 2030.
The cyber security technology, called quantum key distribution (QKD), leverages the nature of quantum physics to provide two remote parties with cryptographic keys that are immune to cyberattacks driven by quantum computers.
Toshiba expects the global QKD market to grow to $12 billion in 10 years with the advance of quantum computers, whose massive computational power could easily decipher conventional math-based cryptographic keys commonly used in finance, defence and health care, Reuters reported.
The company is hoping to tap global demand for advanced cryptographic technologies as cyber security has come to the forefront of national defence. China is aggressively expanding network infrastructure for QKD, including quantum satellites that relay quantum signals.
The company said it has teamed up with Verizon Communications in the United States and BT Group in Britain in pilot QKD projects, and is in talks with another telecommunications carrier in South Korea.