Homomorphic Encryption Market: By Type (Fully, Additive, Partial and Multiplicative), By Application (Banking and Finance, Healthcare, Government, Industrial and others)
The global homomorphic encryption market size is predicted to touch USD 265.85 million at a 7.45% CAGR between 2020- 2030, states the recent Market Research Future (MRFR) analysis. Homomorphic encryption, simply put, is a type of encryption process that helps to perform computations with the ciphertext to create an encrypted outcome. This helps to delegate the data and is commonly used for ample data security. Data encryption, in other words, helps in translating data into a code or form for making the same accessible, which has the password. Multiplicative, partial, additive, and fully are the different types of homomorphic encryption. Owing to its alluring features and plentiful benefits, it has wide applications in industrial, government, healthcare, banking and finance, and others.
Various factors are propelling the global homomorphic encryption market share. According to the recent MRFR report, such factors include the increasing use of mobility solutions and smartphones, growing e-governance initiatives, rising investments in cloud-based industries, and a burgeoning need for secured data transmission. Besides, high implementation in the banking & finance sector is also adding to market growth.
On the flip side, lack of up-gradation, the complexity of systems, and the ongoing COVID-19 impact are factors that may impede the global homomorphic encryption industry growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global homomorphic encryption market based on type and application.
By type, the global homomorphic encryption market is segmented into multiplicative, partial, additive, and fully. Of these, the fully segment will lead the market over the forecast period.
By application, the global homomorphic encryption market is segmented into industrial, government, healthcare, banking and finance, and others. Of these, the banking and finance sector will dominate the market over the forecast period.
Based on the region, the global homomorphic encryption market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. A surging number of small and medium scale enterprises, high exports, increasing private sector investments, growing consumption, better medical facilities, and stable growth rate are adding to the global homomorphic encryption market growth in this region. Canada & the US hold the utmost share in the market.
The global homomorphic encryption market in Europe is predicted to hold the second-largest share over the forecast period. High investments in cloud-based industries, rapid industrialization, increasing use of homomorphic encryption solutions, and rising security concerns are adding to the global homomorphic encryption market growth over the forecast period. Germany and the UK have the utmost share in the market for increasing investments in infrastructure and the region being a banking hub. On the contrary, complexity and lack of up-gradation are impeding market growth in the region.
The global homomorphic encryption market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of several emerging economies like India, China, Japan, and Australia that contribute largely to the market growth, rapid industrialization, China being the manufacturing hub, and huge consumer base are adding to the global homomorphic encryption market growth in the region. On the contrary, some complexities may hinder the market growth.
The global homomorphic encryption market in the RoW is predicted to have sound growth over the forecast period.
Key players profiled in the global homomorphic encryption market report include Netskope, CryptoExperts, Galois Inc, IBM Corporation, Microsoft, Oracle Corporation, and Gemalto. Industry players have encompassed several strategies to stay at the forefront, such as acquisitions, mergers, partnerships, joint ventures, and others.
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