Insights from BCC Research

What Happened in the IT Market in 2019

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A key component to companies being successful is the strategic use of information technology solutions. By harnessing technology ranging from artificial intelligence, content delivery networks and machine learning, businesses are able to create unique and relevant products and services.

2019 has seen some significant improvements in the fields within the industry. In our full report, 2019 Information Technology Research Review, we explore the markets within the information technology industry, including:

  • Global Content Delivery Network
  • Global Infrastructure as a Service
  • Global Quantum Cryptography

As 2020 approaches, make sure you’re up to date on all the trends and developments that have occurred this past year. Below are some key highlights into the above markets, giving you updated data for your report or project.

Content Delivery Network

Content delivery networks are a group of edge servers that are spread across the globe. They are placed in strategic locations, allowing them to deliver content in an optimal, quick and safe manner. The content delivery networks also contain duplicate content, ensuring that clients receive their information.

CDNs are used by a variety of industries and organizations, including online multi-player gaming companies, internet video services, insurance companies and more.

  • The global market for CDNs was valued at $9.1 billion in 2018 and is forecasted to reach $34.3 billion by 2024 growing at a CAGR of 24.5%.
  • The fastest growing solution segment in the CDN market is the data security and cloud storage segment, which is expected to grow at a CAGR of 29.6% by 2024.
  • The fastest growing application segment in the CDN market is the gaming sector, which is expected to grow at a CAGR of 28.7% and is projected to reach $6.6 billion by 2024.

Infrastructure as a Service (IaaS)

Cloud-based services enable organizations, from software developers to aerospace companies, to store data safely and on a continuous basis. They are also a cost-effective way to store a large amount of data. These services have increased the demand for big data analytics which in turn is creating new business avenues. Ultimately, this reduces the cost necessary to obtain the data, making it possible for larger amounts of businesses.

  • The global market for IaaS solutions implemented via public cloud environments across different industry verticals is estimated to grow at a CAGR of 25.7% and to reach $97.6 billion by 2023.
  • The SaaS segment is expected to grow at a CAGR of 22.3% to reach a market size of $30.7 billion in 2023.
  • The market for DRaaS and backup services is the fastest growing segment and is expected to grow at a CAGR of 37.8% to reach a market size of $ 8.7 billion in 2023.

Quantum Cryptography

Quantum encryption, also known as quantum cryptography, is a technology that secures private information by utilizing the laws of physics instead of mathematical algorithms. The ever-growing need for a way to share confidential information in this digitized age is the reason for the demand of encryption systems that can safeguard information from being obtained by unauthorized personnel.

Quantum encryption utilizes a key-based encryption system. This means that a set of instructions are needed to decrypt data. The use of Quantum Key Distribution is becoming extremely popular in cryptographic applications.

  • The global quantum cryptography market is expected to reach $1.3 billion by 2024, registering a compound annual growth rate of 30.7%.
    North America presently holds the largest market share of the global market of quantum cryptography.
  • The growing attention towards response capabilities, building detection capabilities, properly managing business risks and regulating privacy are factors expected to drive the global security investment in 2019.

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Written by Clara Mouawad on Oct 25, 2019, 10:00:00 AM

Clara Mouawad is the content writer at BCC Research. She contributes to our blog, social media, email marketing and more.

Topics: Information Technology