The global Homomorphic Encryption Market is anticipated to reach a valuation of US$ 258.90 Million by 2026, growing at 7.58% CAGR during the assessment period.
In the last decade, the need for algorithm and digital data protection has increased dramatically in order to manage complex structures. This is also in line with the growing size of the communication network, its computers, and its capabilities. Computation of encrypted data is possible thanks to homomorphic encryption.
The rise in the number of cyberattacks around the world has become a major source of concern for businesses. The risk of data vulnerability has risen rapidly as the majority of digital data is transferred over the Internet and advanced networks. The government, financial services, and IT industries are only a few of the industries that are vulnerable to cyber attacks. The industries listed above face significant data protection and vulnerability challenges because they often store, migrate, transfer, and outsource their user data to open source platforms. As a result, homomorphic encryption is gaining popularity in various industries to reduce risk related to data protection when at rest, transmitting, or computing.
Homomorphic encryption technology enables companies to retain a high degree of data protection without jeopardizing business operations or device features. Furthermore, as concerns about data collection, misuse, transfer, and handling by companies and organizations grow, policymakers around the world are placing a greater emphasis on consumer data security, which is driving the adoption of homomorphic encryption technology.
The Homomorphic Encryption Market is segmented by Type (Partially Homomorphism, Somewhat Homomorphism, Fully Homomorphism), by Application (Industrial, Government, Financial & Insurance, Health Care, Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- The homomorphic encryption market is expected to be dominated by North America, followed by Europe.
- The growing use of smartphones and mobility solutions is expected to help the growth of the homomorphic encryption industry.
- Samsung SDS won the 2020 iDASH Secure Genome Analysis Competition in December 2020, and was praised for its homomorphic encryption technology.
Key Participants like Microsoft (U.S.), IBM Corporation (U.S.), Galois Inc (U.S.), CryptoExperts (France).
For this report, Introspective Market Research have segmented the Homomorphic Encryption Market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM