LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global quantum cryptography solutions market to grow at a CAGR of close to 39% during the forecast period, according to their latest market research report.
The emergence of QKD is one of the major trends being witnessed in the global quantum cryptography solutions 2018-2022. The cost-effectiveness of QKD as a service stems from the fact that there is no initial investment or upfront cost required to implement the service and take immediate advantage of the benefits offered by QKD. This will have a positive impact on the growth of the market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global quantum cryptography solutions market is the growing popularity of crowdsourced testing:
Global quantum cryptography solutions market: Un-hackability of photons assured by laws of QM
Quantum cryptography is based on the laws of quantum mechanics (QM) and not bound to the foundations of mathematics. Hence, it is dependent on the uncertainty that exists at the quantum level. Quantum cryptography encrypts data using QKD. Each photon transmits a single bit of data based on its quantum state. Quantum cryptography relies on the quantum state of photons to exchange key data due to which data privacy is ensured.
According to a senior analyst at Technavio for research on IT professional services, “The increasing focus on IT security and data privacy will increase the adoption of quantum computing by organizations, which would render traditional encryption obsolete due to improvements in computational power.”
Global quantum cryptography solutions market: Segmentation analysis
The global quantum cryptography solutions market research report provides market segmentation by end-users (G&P, defense, BFSI, telecom, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
EMEA held the largest share of the market in 2017, accounting for close to 40% share, followed by the Americas and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period. EMEA and the Americas are expected to experience a significant decline in their market shares by 2022.
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