The use of smartphones and connectivity solution drives the homomorphic encryption market, as mobile cloud computing can be defined as an infrastructure where both data storage and data processing takes place outside the device. Smart cloud systems transfer data storage and computing resources away from cell phones and into the cloud.
The global homomorphic encryption market size is predicted to touch USD 268.92 million at an 8.58% CAGR between 2019- 2027, states the recent Market Research Future (MRFR) analysis. Homomorphic encryption, simply put, is a type of encryption process that helps to perform computations with the ciphertext to create an encrypted outcome. This helps to delegate the data and is commonly used for ample data security. Data encryption, in other words, helps in translating data into a code or form for making the same accessible, which has the password. Multiplicative, partial, additive, and fully are the different types of homomorphic encryption. Owing to its alluring features and plentiful benefits, it has wide applications in industrial, government, healthcare, banking and finance, and others.
Various factors are propelling the global homomorphic encryption market share. According to the recent MRFR report, such factors include the increasing use of mobility solutions and smartphones, growing e-governance initiatives, rising investments in cloud-based industries, and a burgeoning need for secured data transmission. Besides, high implementation in the banking & finance sector is also adding market growth.
On the flip side, lack of up-gradation, the complexity of systems, and the ongoing COVID-19 impact are factors that may impede the global homomorphic encryption industry growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global homomorphic encryption market based on type and application.
By type, the global homomorphic encryption market is segmented into multiplicative, partial, additive, and fully. Of these, the fully segment will lead the market over the forecast period.
By application, the global homomorphic encryption market is segmented into industrial, government, healthcare, banking and finance, and others. Of these, the banking and finance sector will dominate the market over the forecast period.
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.
Key players profiled in the global homomorphic encryption market report include Netskope, CryptoExperts, Galois Inc, IBM Corporation, Microsoft, Oracle Corporation, and Gemalto. Industry players have encompassed several strategies to stay at the forefront, such as acquisitions, mergers, partnerships, joint ventures, and others.
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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), by Region (North America, Europe, Asia-Pacific and the Middle East & Africa) – Forecast till 2027