Rising Security Concerns to Create Application Opportunities for Homomorphic Encryption
According to the latest report published by Market Research Future (MRFR), the Global Homomorphic Encryption Market is set to expand at a CAGR of 7.55% between 2017 and 2027. Additionally, the market is expected to reach a valuation of USD 268.3 Mn. Homomorphic is a new-age sophisticated encryption process that facilitates highly complex computation through ciphertext to generate an encrypted result. The technology can assist in delegating a set of data without giving any pertinent information. Homomorphic Encryption has potential in data security applications. Data encryption interprets information into a unified structure or a code, which is can be only accessed by the authorised user. In the future, the technology is expected to witness widespread popularity in the various industry domains.
It is viewed as a highly dynamic technology and further involvement with new addition and developments. Such factors are expected to draw higher commercial interest in homomorphic encryption during the forecast period. Other factors such as the growing importance of secured data transmission, the introduction of e-governance initiatives and the emergence of cloud-based industries are also supporting the market growth. Moreover, the banking, financial service, and insurance (BFSI) sector also present lucrative market opportunities for homomorphic encryption. Nonetheless, the high level of technological complexity of the systems and the sluggish pace of upgradation is undermining the market prospects of homomorphic encryption.
MRFR’s report includes an in-depth segmental analysis that is based on type, application, and region. On the basis of type, the market has been segmented into fully, additive, partial and multiplicative. On the basis of application, the market has been segmented into banking and finance, healthcare, government, industrial and others.
North America Spearheads the Global Homomorphic Encryption Market
On the basis of region, the market has been segmented into North America, the Middle East, Africa, Europe, and Asia Pacific (APAC). North America is anticipated to spearhead the global homomorphic encryption market during the forecast period. Technologically advanced countries such as the U.S. and Canada are playing an important role in driving the market growth in the region. The U.S is home to some of the largest technology companies in the world, which reflects favorably on the region’s market. It is projected that the homomorphic encryption market will witness tremendous growth in the U.S. over the next couple of years. Factors such as rising private sector investment, mushrooming of small and mid-level enterprise and high export are having a positive impact on the North America homomorphic encryption market. In the year 2016, the market in North America stood at a valuation of USD 53.56 Mn. The region’s market is projected to demonstrate 8.02% CAGR during the assessment period.
The Europe homomorphic encryption market is also expected to witness steady growth in the forthcoming years. European countries that are technologically advanced such as Germany, France, Netherland, and the U.K. present lucrative market opportunities. Rising security concerns and increasing incidences of data theft and intellectual property are expected to influence the adoption of homomorphic encryption. At the same time, increased efforts to modernize industry vertical and rampant privation sector and public sector invest in technologies such as artificial intelligence (AI), cloud computing and big data are creating growth opportunities for market players operating in the region. The presence of a massive banking sector and increasing effort to modernize information technology infrastructure is providing impetus to the market in Europe.
Microsoft (U.S.), Galois Inc (U.S.), Netskope (U.S.), Gemalto (Netherlands), CryptoExperts (France), Oracle Corporation (U.S.) and IBM Corporation (U.S.) are some of the prominent companies that are currently operating in the Global Homomorphic Encryption Market.
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