Homomorphic Encryption is a form of encryption process which helps to carry out computations through cipher text to generate an encrypted result. It helps to delegate the data without giving away access of the data.
Market Research Future published a research report on “Homomorphic Encryption Market Research Report- Global Forecast 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Synopsis of Homomorphic Encryption Market
Homomorphic Encryption is widely used for effective data security.
Data encryption translates data into a form or a code so that it is accessible to people who have the password. Homomorphic Encryption is widely used for effective data security.
The global homomorphic encryption market is a very dynamic market and is expected to witness stable growth over the forecast period. The growth of the homomorphic encryption market is influenced by the growing demand for secured data transmission, growing investment in cloud based industries and growing e-governance initiatives.
Furthermore, high implementation of homomorphic encryption in the banking and finance sector is expected to boost the growth over the forecast period. However, the complexity of systems and lack of upgradation are the factors hindering the growth of the homomorphic encryption market.
The global market of homomorphic encryption is expected to grow at USD 268.3 million by the end of year 2027 with 7.55% of compound annual growth rate.
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The prominent players in the market of Homomorphic Encryption market are – Gemalto (Netherlands), Oracle Corporation (U.S.), Microsoft (U.S.), IBM Corporation (U.S.), Galois Inc (U.S.), CryptoExperts (France), Netskope (U.S.) among others.
Global Homomorphic Encryption Market Structure
- Banking and Finance
- North America
- Asia Pacific
- Manufacturing Companies
- Software Developers
- Technology Providers
- Research firms
- Consultancy firms
- End-user sectors
- Technology Investors
North American region accounted for the largest market share majorly from the countries U.S. and Canada. Homomorphic encryption market is expected to grow at a fast pace in U.S.
The reason is attributed to stable growth rate, better medical facilities, increasing consumption, increasing private sector investments, high exports and increasing number of small and medium scale enterprises. In 2016, North America market has been valued at USD 53.56 million in the year 2016 and is projected to grow at CAGR of 8.02% over the forecast period 2017 to 2027.
Europe is growing at a stable rate over the forecast period. The region is attributed to the increasing security concerns, high adoption of homomorphic encryption solutions rapid industrialization among others.
Also, the high investment in the cloud based industries is expected to boost the market over the forecast period. Whereas, factors such as lack of up gradation and complexity are stopping the market to grow in the European region.
Countries such as U.K and Germany accounted for the largest market share in the European region majorly being a banking hub and high investment in infrastructure.
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