The homomorphic encryption market is expected to reach US$ 246.29 million by 2027, rising from US$ 120.12 million in 2019. The growth rate for revenue curve is estimated to be 9.7%during the forecast period.
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.
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 the work from culture which drives digitalization in 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, but after lockdown the importance has been increased with significant rate. Data transactions are evolved in enormous quality which created demand for the encryption services.
Lucrative Regions for Homomorphic Encryption Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Growing Deployment of Cloud Computing
With to the emergence of cloud computing, the on-premises networking is phasing out. Owing to numerous benefits of cloud computing—such as cost, flexibility, scalability, mobility, disaster recovery & loss prevention—coupled with decreasing cost of cloud computing, organizations are rapidly adopting cloud computing. However, mitigating database over the cloud has been always been a matter of concern. Although, encrypting data is considered a viable option but still exposed to risk while computing, as the data has to be decrypted first. Homomorphic encryption enables organizations to compute the data while always keeping the data encrypted. It allows users to run complex and large calculations without compromising the data security. Owing to increase in deployment of cloud computation across the globe and need for secure cloud computing, the homomorphic encryption market is projected to witness significant growth opportunities over the coming years.
Type Market Insights
Homomorphic encryption analyzes the encrypted data without disclosing the information to anyone. It has tremendous potential in areas with sensitive personal data, such as healthcare and financial services, when the privacy of a person is paramount. In these situations, homomorphic encryption technology safeguards the sensitive details of the actual data. Homomorphic encryption is differentiated based on types and frequency of mathematical operations that can be implemented on the cipher text. The types of homomorphic encryption include partially, somewhat and fully.
Homomorphic Encryption Market, by Type– 2019 and 2027
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Application Market Insight
Rising use of mobility solutions and smartphones is fueling the market since mobile cloud computing is an infrastructure where both data computing and data storage happens outside the device. At present, due to the adoption of digitization across all the regions, consumers use smartphones in their daily life for mobile banking, shopping, and bill payments. Thus, they share their personal data with a third-party forum that raises concern over an individual’s data privacy. Growing Internet users around the world are sharing humungous information through a third-party medium. Therefore, data security becomes a crucial factor that is accelerating the growth of the homomorphic encryption market. Homomorphic encryption helps address the balance of risk and utility in data sharing for various industrial applications, such as BFSI, healthcare, and government.
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Homomorphic Encryption Market: Strategic Insights
Market Size Value in US$ 120.12 Million in 2019 Market Size Value by US$ 246.29 Million by 2027 Growth rate CAGR of 9.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Homomorphic Encryption Market: Strategic Insights
| Market Size Value in | US$ 120.12 Million in 2019 |
| Market Size Value by | US$ 246.29 Million by 2027 |
| Growth rate | CAGR of 9.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In April 2020, ZAMA raised funds from Lunar Ventures and Plug and Play, and financial details were not disclosed.
- In February 2020, Netskope Inc. raised US $340 million in Series G funding round and the investment was led by Sequoia Capital.
Global Homomorphic Encryption Segments:
Homomorphic Encryption Market – By Type
- Partially
- Somewhat
- Fully
Homomorphic Encryption Market – By Application
- BFSI
- Healthcare
- Government
- Others
Homomorphic Encryption Market – By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- Rest of APAC
Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Rest of SAM
Companies
- Cosmian
- CryptoExperts SAS
- Inpher, Inc.
- ShieldIO, Inc.
- ZAMA
- Microsoft Corporation
- Netskope, Inc.
- Thales Group
- IBM Corporation
- Google LLC
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The growth of the browser isolation software market is primarily attributed to the rise in the number of cyberattacks and data breaches. Moreover, the demand for security solutions in SMEs has increased significantly, thereby substantially driving the homomorphic encryption market.
With to the emergence of cloud computing, the on-premises networking is phasing out. Owing to numerous benefits of cloud computing such as cost, flexibility, scalability, mobility, disaster recovery & loss prevention coupled with decreasing cost of cloud computing, organizations are rapidly adopting cloud computing. However, mitigating database over the cloud has been always been a matter of concern. Although, encrypting data is considered a viable option but still exposed to risk while computing, as the data has to be decrypted first. Homomorphic encryption enables organizations to compute the data while always keeping the data encrypted. It allows users to run complex and large calculations without compromising the data security. Owing to increase in deployment of cloud computation across the globe and need for secure cloud computing, the homomorphic encryption market is projected to witness significant growth opportunities over the coming years.
The homomorphic encryption market is led by BFSI segment with highest share and is expected to dominate in the forecast period. With homomorphic encryption technology, bank management can generate a detailed report without compromising the privacy of the customers’ data. Due to the various benefits of this technology, various financial institutes around the world are using it.
The List of Companies - Homomorphic Encryption Market
- Cosmian
- CryptoExperts SAS
- Google LLC
- IBM Corporation
- Inpher, Inc.
- Microsoft Corporation
- Netskope, Inc.
- ShieldIO, Inc.
- Thales Group
- ZAMA
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
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