Selbyville, Delaware, Sept. 19, 2022 (GLOBE NEWSWIRE) --
The homomorphic encryption market is expected to cross valuation of USD 300 million by 2030, as reported in a research study by Global Market Insights Inc. A significant increase in research and development of encryption technologies will be a key factor driving the industry growth. R&D projects, which are being conducted to boost the effectiveness of technologies including homomorphic computing, are crucial for industries to grow. Private and public organizations are emphasizing such projects through funding programs and other support activities.
Favorable usage attributes to augment fully homomorphic encryption demand
The fully homomorphic encryption market segment accounted for more than 42% share in 2021. This was credited to its capability to aid users in performing calculations on the ciphertext an infinite number of times. This encryption type can also influence arbitrary computation on the encrypted data, fueling segmental progress.
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Increasing cloud-based data volumes amplify the need for managed services
The managed services sector is poised to register a growth rate of approximately 12% through 2030. This can be attributed to the growing popularity of managed services as a preferred solution for organizations to fulfill regulatory requirements without the need for dedicated IT teams. Furthermore, in a burgeoning multi-cloud landscape, the volume of data on the cloud is rising significantly. Managed encryption services are emerging as important solutions to create more robust encryption standards for organizations, which may propel the demand.
Implementation of encryption mandates in regulatory compliance applications
The regulatory compliance application in homographic encryption market is set to attain gains above 11% between 2022 and 2030, driven by the rapid implementation of stringent regulations to enhance data protection. The report also cites that encryption has become a legal mandate for business operations to ensure the privacy of customer data.
Adoption of encryption technologies by government agencies
The government sector recorded a revenue of over USD 37 million in 2021. The surging popularity of encryption tools among federal agencies is contributed to recent developments in homomorphic encryption techniques to ensure compatibility with legacy systems. Several government institutions also operate on primitive encryption technologies and legacy IT environments which only stimulate selective formats, contributing to market expansion.
APAC to emerge as a prominent hub for homomorphic encryption
The Asia Pacific homomorphic encryption industry valued at USD 25 million in 2021. The demand for endpoint encryption solutions has increased in Southeast Asian countries, such as Thailand and Vietnam, due to the rapid digitization of business operations. As per a 2019 report from nCipher Security Limited, around 65% of the organizations were emphasizing emerging encryption technologies including homomorphic encryption and elliptic curve cryptography in Southeast Asia. These factors will create a strong outlook for the developers of different types of homomorphic encryption services in the region.
Product development strategies characterize competitive landscape
Some of the key players operating in the homomorphic encryption market are Enveil Inc, Cosmian Tech, Cornami, Inc., CryptoExperts SAS, Desilo Inc., Duality Technologies Inc., Galois, Inc, CryptoLabs, Google LLC, IBM Corporation, Intel Corporation, Inpher, Inc, Microsoft Corporation, Netskope, Inc, ShieldIO, Inc., Thales Group, Zama.ai and Zaiku Group Ltd. These firms are engaging mainly in new product development, merger, and acquisition strategies to retain their footprint in the market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Homomorphic encryption industry 360º synopsis, 2018 – 2030
2.2 Business trends
2.2.1 Total addressable market (TAM), 2022 - 2030
2.3 Regional trends
2.4 Type trends
2.5 Component trends
2.6 Application trends
2.7 End-use trends
Chapter 3 Homomorphic Encryption Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact of the Russia Ukraine war
3.4 Industry evolution
3.5 Industry architecture
3.6 Homomorphic encryption industry ecosystem analysis
3.7 Technology & innovation landscape
3.8 Regulatory landscape
3.9 Patent analysis
3.10 Investment portfolio
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.1.1 Rapidly increasing cyber attacks
3.11.1.2 Rising affinity of prominent technology players in homomorphic encryption
3.11.1.3 Surge in R&D activities in encryption technologies
3.11.1.4 Stringent government regulations for enhancing cybersecurity measures
3.11.1.5 Growing digitization in sectors working with sensitive information
3.11.2 Industry pitfalls & challenges
3.11.2.1 Lack of skilled professionals in cybersecurity
3.11.2.2 Requirement of large computing memory
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/homomorphic-encryption-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
