The growing usage of smartphones and mobility solution is driving the Homomorphic Encryption Market as mobile cloud computing can be described as an infrastructure where both data storage and data computing happens outside the device. Mobile cloud applications move the computing power and data storage away from mobile phones and into the cloud. Nowadays, due to digital transmission people use smartphones in their daily life for bill payments, shopping and mobile banking among others. Due to this people share their personal information with a third-party forum which raises the concern over privacy of an individual’s personal information. Internet users are sharing lot of information with each other through a third-party forum. Hence, security of data becomes an important factor which is boosting the growth of Homomorphic Encryption Market.
The Global Homomorphic Encryption Market is expected to reach USD 268.3 million by the end of 2027 with 7.55% CAGR during forecast period 2017-2027.
Homomorphic Encryption Market-Key Players:
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.
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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.
Market Research Analysis:
Cloud computing provides better solutions for e-governance and it also offers lot of financial benefits in many aspects. Therefore, the implementation of homomorphic encryption in the government sector is growing due to better storage solutions. Also, electronic governance has become an important tool for the government to provide the services to the citizens in more proficient and transparent manner. The increasing usage of homomorphic encryption in this context help to serve better services to citizens, improved interactions with business and industry, citizen empowerment and more efficient government management. Therefore, increases transparency, increased growth of the nation and cost reductions.
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The banking and finance sector across the world is adopting homomorphic encryption. Nowadays, the use of online banking system has been increasing drastically. The various government initiatives such as government schemes and transparency in the payment system majority of the population are motivated to have their own bank accounts. Therefore, these are the reasons which lead to enormous computing and storage requirements in the current banking system. Also, the cloud computing system has offered promising prospects in this scenario. The financial inability of banks to procure and maintain private infrastructure and other factors is leading the existing bankers to switch to cloud computing model for their businesses. Also, the main concern is IT security associated with cloud computing services. The security problem is not only with outsourcing but also from internal resources in the organization.
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