South America Homomorphic Encryption Market Analysis, Size, and Share by 2027

The SAM homomorphic encryption market is expected to grow from US$ 3.74 million in 2019 to US$ 6.16 million by 2027; it is estimated to grow at a CAGR of 6.8 % from 2020 to 2027.

The Brazil and Argentina are major economies in SAM. Mounting need for data security is expected to upsurge the SAM homomorphic encryption market. Increase in number of cyberattacks across the SAM 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 across SAM region. 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 SAM 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 SAM are expected to propel the South America Homomorphic Encryption market during the forecast period.

Further, in case of COVID-19, SAM is highly affected specially the Brazil.  In SAM region countries such as Brazil and Argentina are transforming their business operations in digital platform through cloud computation to face the challenges emerged due to COVID-19. The social isolation boost- ecommerce in SAM region similarly it creating considerable growth in all business sectors. The adoption ration of digital technologies such as Artificial Intelligence, Automation, cloud platform and other is low in region which resulted in the slower growth of market in the region. The COVID-19 just propelled the digital technologies importance in region which created strong opportunity for the market to enhance its presence. The adoption and penetration of advanced encryption technologies is started to increase in countries such as Brazil and Argentina which is expected to drive the SAM homomorphic encryption market during forecast period. COVID-19 just enhanced the importance for digital technologies and supportive tools for the security and reality. Major companies such as IBM is also investing in the region owing to the potential available for advanced technologies. For instance, Banco Bradesco, S.A., a Brazilian financial institution and IBM Research formed partnership to integrate techniques such as homomorphic encryption to banking data. COVID-19 is just provided the push for the region to adopt new digital technologies and supporting tools to enhance services for end users.   

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM homomorphic encryption market. The SAM homomorphic encryption market is expected to grow at a good CAGR during the forecast period.

SAM Homomorphic Encryption Market Segmentation

SAM Homomorphic Encryption Market – By Type

• Partially
• Somewhat
• Fully

SAM Homomorphic Encryption Market – By Application

• BFSI
• Healthcare
• Government
• Other

SAM Homomorphic Encryption Market, by Country

• Brazil
• Argentina
• Rest of SAM      

SAM Homomorphic Encryption Market - Companies Mentioned

• Google LLC
• IBM Corporation
• Inpher, Inc.
• Microsoft Corporation
• Netskope, Inc.
• Thales Group

South America Homomorphic Encryption Report Scope