Report : Homomorphic Encryption Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Partially, Somewhat, and Fully) and Application (BFSI, Healthcare, Government, and Others)
Rising Need for Data Security to Provide Growth Opportunities for Homomorphic Encryption Market
According to our latest market study on “Homomorphic Encryption Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type and Application,”the market was valued at US$ 120.12 million in 2019 and is projected to reach US$ 246.29 million by 2027; it is expected to grow at a CAGR of 9.7% from 2020 to 2027.
Increase in number of cyberattacks across the globe has become a vital concern for organizations. As most digital data is shifted through the Internet and advanced networks, the danger of data vulnerability has increased rapidly. The government, financial services, and IT sector are some of the prominent industries vulnerable to cyber threats. The industries mentioned above face tough challenges concerning their data security and vulnerability as they have to deal with storing, migrating, shifting, and outsourcing their user data on open source platforms many times. Therefore, in order to mitigate risk regarding data security while at rest, transmitting, or computing, the homomorphic encryption is gaining traction in various industries. The utilization of homomorphic encryption technology is enabling organizations to maintain a robust standard of data security without compromising business operations or application functions. Moreover, owing to increasing concerns over the collection, misuse, transfer, or handling of data by businesses and institutions, the governments across the globe are strongly emphasizing on consumer data protection, which is further propelling the adoption of homomorphic encryption technology. Thus, growing concern over data security and increasing need for consumer data protection across the globe are expected to propel the homomorphic encryption market during the forecast period.
Geographically,North Americaheld the largest share of the homomorphic encryption market in 2019,followed by Europe and Asia Pacific. Further,Asia Pacific is projected to witness the highest growth rate during the forecast period. The browser isolation softwaremarket is segmented intotype, application, and geography. Based on type, the market is further categorized into partially, somewhat, and fully. The fully segment represented the largestshare of the overall market during the forecast period. Based on application, the market is further segmented into BFSI, healthcare, government, and others.In 2019, theBFSI segmentaccounted for a substantial share of the global homomorphic encryption market.
Impact of COVID-19 Pandemic on Homomorphic Encryption Market
The COVID-19 epidemic is changing the functioning of businesses worldwide. To lower the spread of coronavirus, companies and government have adopted remote working culture, which drives the digitalization in the global market. The worldwide business data ecosystem has proven strong in the face of the epidemic. The businesses, hospitals, and other government services started to adopt digital platforms having assured security features. Nevertheless, the financial industry services are adopting advanced encryption technologies to offer customer secured e-services. The digitalization projects witnessed declined growth at the start of pandemic owing to financial restriction; however, after the lockdowns, their importance has been increased at a significant rate. Data transactions are evolved in enormous quality which has been creating demand for the encryption services.
Cosmian; Cryptoexperts SAS; Inpher, Inc.; Shieldo, Inc.; Zama, Microsoft Corporation; Netskope, Inc.; Thales Group; IBM Corporation; and Google LLC are among major companies operating in the homomorphic encryption market.
The report segments the global homomorphic encryption market as follows: