Farmington, March 17, 2023 (GLOBE NEWSWIRE) -- The Homomorphic Encryption Market is estimated to reach a valuation of USD 265.85 Million by 2030, growing at 7.45% CAGR during the assessment period 2022 to 2030. Homomorphic encryption is a secure method of encryption that can generate an encrypted output by performing computations on a ciphertext. This allows you to control your data without sacrificing specifics in exchange for authorized access. Homomorphic encryption is extensively employed to safeguard valuable data. Encrypting data transforms it into a form or code that only those with the password can decipher. Homomorphic encryption is a form of encryption that enables data to be used without decryption. This technology is gaining popularity because it protects the privacy and security of data while allowing for its processing and analysis.
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Homomorphic Encryption Market Recent Developments:
- December 2020 – IBM Security launched a new service that allows enterprises to experiment with fully homomorphic encryption (FHE), a new technology designed to keep data encrypted while being processed or analyzed in the cloud or in a third-party environment.
- February 2020 – Enveil, a pioneering US-based data security company, announced that it has raised $10 million for enterprise-scale homomorphic encryption. Companies are also looking for ways to enable safe data sharing and collaboration, or secure data monetization, due to privacy and privacy supporting features.
Homomorphic Encryption Market Dynamics:
Drivers:
- The prevalence of cyberattacks and data intrusions is increasing the importance of data privacy and security. Consequently, the need for secure data storage and transmission is increasing. Homomorphic encryption provides a high level of data security by permitting the processing of data without decryption. This makes it an excellent option for businesses and organizations that handle sensitive information.
- Advances in cloud computing and large-scale data analytics: As cloud computing and big data analytics gain popularity, there is a need for more secure and efficient data management strategies. Homomorphic encryption makes it possible to securely process data in the cloud without compromising the data's confidentiality.
- IoT devices are gaining in popularity. The Internet of Things (IoT) has increased the number of connected devices and data creation. Homomorphic encryption can help protect the data created by these devices, preventing it from being lost or stolen while being transmitted or processed.
- The popularity of machine learning and artificial intelligence (AI) is increasing. Both require extensive data management, which poses security risks. Homomorphic encryption can allow these applications to securely process data. This allows businesses to utilize machine learning and artificial intelligence (AI) without jeopardizing the privacy of their data.
Restraints:
- Homomorphic encryption requires intricate computations, which can consume a great deal of resources and slow the processing of data. This makes it more difficult to use in applications that must process data rapidly and in real-time.
- Homomorphic encryption is a difficult-to-implement technology that can only be utilized by those who know how to do so. This can make it difficult for businesses and organizations to use the technology and integrate it with their existing systems.
- High cost: The use of homomorphic encryption can be costly, particularly for small and medium-sized enterprises. This can make it more difficult for smaller groups to utilize and more beneficial for larger groups.
- Scalability is inadequate: Homomorphic encryption is particularly difficult to scale for large-scale applications. This can prevent its use in applications that must process large amounts of data.
Regional Outlook:
North America has maintained its market dominance since 2018 and may continue to do so throughout the evaluation period. Increases in the number of small and medium-sized businesses and the use of homomorphic encryption technology fuel the expansion of the market. Additionally, the scale of the homomorphic encryption market is affected by the steady expansion of the medical industry and the expansion of advanced medical facilities.
Europe has the second highest market share for homomorphic encryption worldwide. The homomorphic encryption market is propelled by factors such as the expansion of the banking and finance sector and the rising use of HE technology. Additionally, a large number of PE technology suppliers and substantial healthcare expenditures in the region contribute to market expansion. In addition, increasing demand in the homomorphic encryption market and rising investment from the private sector fuel substantial expansion.
The Asia-Pacific region is a burgeoning market for homomorphic encryption technology. Increased demand for homomorphic encryption in cloud security influences the expansion of regional markets. In addition, the widespread adoption of HE solutions as a result of accelerated industrialization generates substantial opportunities for the local homomorphic encryption industry. India, Australia, China, and Japan predominantly contribute to the market share of homomorphic encryption in the region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 7.45% from 2023 to 2030 |
| Revenue Forecast by 2030 | USD 265.85 Million |
| By Type |
|
| By Applications |
|
| By Companies | Microsoft (U.S.), IBM Corporation (U.S.), Galois Inc (U.S.), CryptoExperts (France), Enveil Inc (U.S.), and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Homomorphic Encryption Market Key Segments Covered:
Top Market Players:
Microsoft (U.S.), IBM Corporation (U.S.), Galois Inc (U.S.), CryptoExperts (France), Enveil Inc (U.S.), and Others.
By Type
- Partially Homomorphism
- Fully Homomorphism
By Application
- Government
- Finance and Insurance
- Health Care
- Industry
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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