LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global quantum cryptography market to grow at a CAGR of over 33% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global quantum cryptography market for 2017-2021. To calculate the market size, Technavio analysts considered the revenue generated from quantum cryptography solutions provided to end-users including large enterprises, SMEs, and governing and regulatory bodies.
The market will witness rapid growth due to the growing need for data security to protect the IT environment of organizations. There is a pressing need for safe and secure data transmission methods across networks due to an escalation of fraudulent activities in large enterprises, small and medium-sized enterprises, as well as governing and regulatory bodies worldwide.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global quantum cryptography market:
Adoption of the crypto cloud computing system
Crypto cloud computing is built on the quantum direct key system. Each entity encrypts data using their individual private key while using crypto cloud computing systems. This crypto cloud computing systems are being rapidly adopted for authentication processes, video management systems, and for storing information gathered from biometrics.
Abhishek Sharma, a lead cloud computing research analyst at Technavio, says, “Many enterprises including banks and healthcare organizations are storing their confidential data on the cloud, which makes it important to secure the cloud from unauthorized access. The adoption of crypto cloud computing systems is escalating faster in small and medium sized business when compared to large enterprises as cloud-based services work on a pay-per-use model.”
Increased use of quantum cryptography-based e-mail communication via the Internet
As e-mails are a cost-effective mode of business communication, they are being used extensively by employees for communicating confidential information. E-mails also help keep track of business communications and become a readily available source of data backup besides e-mail archiving and e-mail encryption. E-mails are also used to share information with customers, vendors, and partners.
“The concept of secure message authentication is a significant part of quantum cryptography. The eavesdropper gains only some part of the relevant information on the key in cryptography. The sender generates the random number by using the BB84 protocol,” adds Abhishek.
Implementation of BYOD policy
The BYOD policy allows employees an option to access organizational applications and data on personal devices such as desktops, laptops, tablets, and smartphones. It enables employees to work without any location or time constraints, thereby increasing their productivity, managing travel time, and reducing the operational costs of the companies.
SMBs worldwide are adopting the BYOD policy to reduce their operational costs. The increased use of mobile devices will enable employees to access confidential data from remote locations. The mobile workforce will increase further during the forecast period because of the high penetration of mobile devices.
Top vendors:
- HP Development Company
- ID Quantique
- IBM
- Nokia
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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