The homomorphic encryption (HE) market is very dynamic. The market is driven by the rising demand for secured data transmission, growing investment in cloud-based industries, and growing e-governance initiatives. Furthermore, the high implementation of homomorphic encryption in the banking, finance, and insurance sectors boost the market growth.
Global Homomorphic Encryption Market was valued at USD 167.01 million in 2021 and is expected to reach USD 278.52 million by the year 2028, at a CAGR of 7.58%.
Homomorphic encryption is a security encryption method that allows computations to be performed via cypher text to produce an encrypted output. This helps to control the data without sacrificing the details in order to have allowed access. For useful data protection, homomorphic encryption is used extensively. Data encryption transforms data into a form or a code so that it is only accessible to people who have the password.
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COVID-19 Analysis
COVID-19 has brought up the debate on balancing privacy and public interest to the fore, and homomorphic encryption could help strike the right balance. Coronavirus crises have brought up concerns over public interest and the basic human right to privacy. In order to manage the global epidemic, it becomes important to manage contact tracing and statistical data analysis activities and tools to help identify patterns that could lead to cures or prevention measures.
As expected, this has led to mixed emotions of relief and worry, relief from experts being able to collect and process data to control the virus, and worry that the apps could be used for surveillance or sensitive personal data getting revealed. Homomorphic encryption technology is proving to be useful in developing apps that can offer an acceptable data protection level. Recent initiatives led to fully homomorphic encryption (FHE) becoming 1000 times faster than before.
Segmentation of Homomorphic Encryption Market:
By Type: -
- Partially Homomorphism
- Somewhat Homomorphism
- Fully Homomorphism
By Application: -
- Industrial
- Government
- Financial & Insurance
- Health Care
- Others
Market Segment by Regions: -
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
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The Global Homomorphic Encryption Market study contains information on the global industry, as well as user data and numbers. The Global Market is examined in depth in this research report, including raw material suppliers, industry chain structures, and manufacturing. The Homomorphic Encryption Sales market investigates the market's most important segments. This insightful analysis includes historical data as well as a predicted timeframe. This report examines the whole value chain, as well as downstream and upstream fundamentals. This Market study examines the Homomorphic Encryption Industry's technical data, production plants, and raw material suppliers, as well as which product has the largest penetration, profit margins, and R&D status. The report's forecasts are based on an examination of the market's subdivisions, which include the global market size by product, end-user application, and several regions. The research contains information on market intelligence, changing market dynamics, present and anticipated market trends, and so on.
Leading players involved in the Homomorphic Encryption Market include:
- Microsoft (U.S.)
- IBM Corporation (U.S.)
- Galois Inc (U.S.)
- CryptoExperts (France)
- Thales Group
- Google LLC
- Inpher, Inc
- Shieldo, Inc.
- Cosmian
- ZAMA
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Reasons to Purchase this Market Report:
- Market forecast analysis through recent trends and SWOT analysis
- Homomorphic Encryption Market Dynamics Scenarios with Market Growth Opportunities over the Next Year
- Market segmentation analysis, including qualitative and quantitative studies that include economic and non-economic impacts
- Homomorphic Encryption Market Regional and country-level analysis that integrates demand and supply forces that impact the growth of the market.
- Competitive environment related to the Homomorphic Encryption market share for key players, along with new projects and strategies that players have adopted over the past five years
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