Middle East and Africa Homomorphic Encryption Market is expected to reach US$ 14.78 Mn by 2027

Healthcare Segment is Expected to be Fastest Growing During Forecast Period for MEA Region.

According to The Insight Partners market research study on “MEA Homomorphic Encryption Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 14.78 million by 2027 from US$ 8.24 million in 2019. The market is estimated to grow at a CAGR of 7.9 % from 2020 to 2027. The report provides trends prevailing in the MEA homomorphic encryption market along with the drivers and restraints pertaining to the market growth. Merging with advanced technologies and burgeoning deployment of cloud computing are the major factor driving the growth of the MEA homomorphic encryption market. However, homomorphic encryption system complexities hinder the growth of MEA homomorphic encryption market.

In case of COVID-19, MEA is highly affected specially the Iran. In MEA the adoption of digital technologies has comparatively low owing which the market has low penetration in the region. Countries such South Africa, UAE and Saudi Arabia are focusing towards the industrialization as well as digitalization which creates opportunity for the market. The COVID-19 has somehow positive impact in the region as awareness about the such encryption method and digital technologies is increased which has escalated the MEA homomorphic encryption market. The businesses, hospitals and other government services across MEA region started to adopt digital platforms having assured security features. Nevertheless, the financial industry services in MEA region are adopting advanced encryption technologies to offer customer secured e-services. The digitalization projects across MEA region witnessed declined growth at the start of pandemic owing to financial restriction, but after lockdown the importance has been increased with significant rate. The COVID-19 just reaped the benefits of long-term initiatives formed for digitalization. For instance, in UAE strengthen their long-term strategies such as Artificial Intelligence Strategy 2031, Block chain Strategy 2021 and National Innovation Strategy by initiating groundwork for COVID-19 digital response. Such kind of initiative has been evolved due to COVID-19 situation as impotence for digital technologies is increased the region, which is expected to drive the MEA homomorphic encryption market.

The MEA homomorphic encryption market is segmented into type, application, and country. Based on type, the market is further segmented into partially, somewhat, and fully homomorphic solutions. The fully segment dominated the MEA homomorphic encryption market in 2019 and partially segment is expected to be fastest growing segment during forecast period. Based on application, the MEA homomorphic encryption market is bifurcated into BFSI, healthcare, government, and others. The BFSI segment dominated the MEA homomorphic encryption market in 2019 and healthcare segment is expected to be fastest growing segment during forecast period.

Google LLC; IBM Corporation; Inpher, Inc.; Microsoft Corporation; Netskope, Inc.; Thales Group are among the leading companies in the MEA homomorphic encryption market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, IBM introduced Fully Homomorphic Encryption Toolkit for iOS and MacOS. 

The report segments the MEA Homomorphic Encryption Market as follows:

MEA Homomorphic Encryption Market – By Type

• Partially
• Somewhat
• Fully

MEA Homomorphic Encryption Market – By Application

• BFSI
• Healthcare
• Government 
• Other    

MEA Homomorphic Encryption Market – By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA