Homomorphic Encryption Market Research Report – Global Forecast till 2026 Trends, Growth And Regional Outlook and Forecast 2020-2027 | Impact of COVID-19
Research Reports
Feb 10, 2022
Market Highlights
In its research report, Market Research Future (MRFR), emphasizes that the global market 2020 is expected to grow exponentially over the review period, ensuring a substantial market valuation of USD 268.92 million by 2027 and a healthy CAGR of 8.58 per cent over the review period.
Drivers and Restraints
Homomorphic encryption solves vulnerability inherent in all other approaches to data protection. The HE technology helps to protect the integrity of data at rest and data in transit. The homomorphic encryption technology is primarily used to secure data stored in the cloud and enable data analytics in regulated industries. Rapid growth in banking and finance, and insurance sectors that need to handle a lot of personally identifiable information (PII) and financial data information that needs to be encrypted drives the market growth.
The homomorphic encryption market size is also boosted by the expanding healthcare, government, and manufacturing industries. These industries benefit from the rise in disposable income, surging healthcare spending, and government initiatives to protect the data.
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Competitive Analysis
The major market players operating in the global market as identified by MRFR are Oracle Corporation (U.S.), Microsoft (U.S.), Gemalto (Netherlands), IBM Corporation (U.S.), Galois Inc (U.S.), Netskope (U.S.), CryptoExperts (France), LifeNome Inc (U.S.), Enveil, Inc (U.S.), among others.
Segmentation:
By type, the market has been segmented into fully, partial, additive, and multiplicative.
By application, the market has been segregated into government, banking and finance, healthcare, industrial, and others.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Mainly from the US and Canada, North America accounted for the largest market share. The demand for homomorphic encryption is expected to expand at a rapid pace in the US. The explanation is due to steady growth rate, improved medical services, increased demand, increased investment in the private sector, and a increasing number of small and medium-sized enterprises. Other factors for this growth are due to increased mobile and internet use, increased exports and increased numbers of small and medium-sized enterprises.
In the forecast period Europe is rising at a steady rate. The area is due to the increasing security issues, high adoption of rapid industrialization of homomorphic encryption solutions, among others. This is also anticipated that the high investment in cloud-based industries will fuel the demand over the forecast period. Whereas factors such as lack of upgradation and uncertainty halt the demand in the European region from rising. Countries such as the United Kingdom and Germany accounted for the highest market share in the European region being mainly a financial center with strong infrastructure spending.
The Asian demand for homomorphic encryption offers significant opportunities for development for the industrial sector. However, over the review period the market is expected to expand largely due to China being a hub for manufacturing, rapid industrialization, and emerging economies. Countries like China, India, Australia, and Japan are mainly contributing to the market because of the huge customer base and the region has the high potential to expand. The complexity of the method however hinders the growth of the homomorphic encryption market.
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Global Homomorphic Encryption Market: By Type (Fully, Additive, Partial and Multiplicative), By Application (Banking and Finance, Healthcare, Government, Industrial and others) – Forecast till 2027
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