Pune, India, Feb. 15, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The need for privacy of algorithms and digital data to handle complex structures has gone up exponentially in the last decade. And this also goes along with the increasing growth in the communication network, its devices, as well as its increasing capabilities. Homomorphic encryption enables computation with the encrypted data. The global Homomorphic Encryption Market size is predicted to touch USD 268.92 million at a healthy 8.58% CAGR between 2019 to 2027 (forecast period), according to Market Research Future’s (MRFR) latest report.
The homomorphic encryption (HE) market is highly dynamic. This market is driven by the burgeoning demand for the high implementation in the banking, finance, and insurance sectors, growing e-governance initiatives, increasing investments in cloud-based industries, and surging need for secured data transmission.
On the contrary, the homomorphic encryption market may backtrack a little in its growth trajectory owing to lack of up-gradation of technology and complexity of the encryption method.
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COVID-19 Impact on the Global Homomorphic Encryption Market
The ongoing stay at home and work from home trends owing to lockdowns and social distancing imposed by the government for the COVID-19 outbreak has increased digital transactions, which had a positive impact on the homomorphic encryption market growth.
Market Segmentation
The global homomorphic encryption market has been bifurcated based on applications and type.
By type, the global homomorphic encryption market is segmented into multiplicative homomorphic encryption, additive homomorphic encryption, partial homomorphic encryption, and fully homomorphic encryption. Of these, the fully homomorphic encryption segment will lead the market over the forecast period.
By application, the global homomorphic encryption market is segmented into industrial, healthcare, banking and finance, government, and others. Of these, the banking and finance segment will dominate the market over the forecast period.
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Regional Analysis
North America to Remain Forerunner in Homomorphic Encryption Market
Geographically, the global homomorphic encryption market is segmented into Europe, the Americas, the Asia Pacific (APAC), and Rest of the World.
Of these, North America will remain the forerunner in the market over the forecast period. Factors like the increasing advanced medical facilities, growing use of such technology, and rising number of SMEs are influencing the global homomorphic encryption market growth in the region. Owing to the rise in online shopping trends during the on-going pandemic in Canada and the US, the sale of B2C e-commerce in both these countries is likely to have exponential growth. The pandemic had a positive impact on the market for the growing significance of HE for business data transfers. Digitization in the region, during the COVID-19 outbreak, has experienced positive growth in almost every business sector due to the need for monitoring services and remote working. Further, the technology showed possibilities in the healthcare domain for securing critical healthcare data. Duality Technologies, for instance, have begun to offer HE solutions for businesses and also begun the possibilities even for the healthcare domain.
In Europe, the global homomorphic encryption market is predicted to hold the second-largest share over the forecast period. Booming banking and finance industries, growing homomorphic encryption technology uses, the presence of several HE technology providers, considerable healthcare spending, growing demand for this technology, and growing investments by the private sector are adding to the global homomorphic encryption market growth in the region. Besides, the growing security concerns, rising investments in cloud-based industries, high investments in infrastructure in Germany and the UK, and increasing use in the banking sector, are also adding market growth. On the contrary, complexity issues and lack of up-gradation may limit the market growth in the region over the forecast period.
In the APAC region, the global homomorphic encryption market is predicted to have notable growth over the forecast period. Increasing demand for HE technology in cloud security, high adoption of homomorphic encryption owing to rapid industrialization, presence of several key players, and major contributions made by Japan, China, Australia, and India are adding to the global homomorphic encryption market growth in the region. IBM, for instance, in July 2020, announced victory in the field trials made for fully homomorphic encryption. Besides, the company also made available fully homomorphic encryption for iOS and MacOS platforms.
COVID-19 Impact on Homomorphic Encryption Market:
https://www.marketresearchfuture.com/report/covid-19-impact-homomorphic-encryption-market
Competitive Analysis
The global homomorphic encryption market is extremely fragmented with the presence of several well-established distributors and manufacturers. They seek opportunities for integrating across the huge value chain while laying emphasis on mergers and acquisitions, production facility expansion, and research and development activities to gain impetus. New players are also entering the market with aggressive pricing for gaining footholds in the international market and undercutting established providers.
Notable Players in The Global Homomorphic Encryption Market Are:
- Enveil, Inc (U.S.)
- LifeNomeInc (U.S.)
- CryptoExperts (France)
- Netskope (U.S.)
- Galois Inc (U.S.)
- IBM Corporation (U.S.)
- Gemalto (Netherlands)
- Microsoft (U.S.)
- Oracle Corporation (U.S.)
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Industry News:
January 2021- Researchers at Facebook, Stanford, and NY University have developed a synthesizing compiler, Porcupine, for homomorphic encryption.
December 2020- IBM Security has come up with its latest service, which enables companies to experiment with FHE (fully homomorphic encryption), an emerging technology that has been designed for allowing data to stay encrypted even when it is getting analyzed or processed in third-party environments or cloud.
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