Homomorphic Encryption Global Market – Overview
Technological advancements have played a major role in the development of homomorphic encryption market. Steep increase in demand for secured data transmission, growing investment in cloud based industries and growing e-governance initiatives are major factors driving the growth of homomorphic encryption market.
Homomorphic encryption engages the notion of data conversion into cipher text so that it by no means loses its authentication throughout any sort of data analysis or transmission. Even though, mobile cloud applications fuel the computing power and data storage away from mobile phones and into the cloud. However, the major factor of security concern in the mobile and internet technology is the sharing of information across open space and third party forums. Hence, secure encryption of data tend to be significant factor, boosting the growth of Homomorphic Encryption Market
Gemalto, Oracle Corporation, Microsoft Corporation, IBM Corporation, and Galois Inc. are the major investors in the homomorphic encryption market. Growing urbanization and population is another factor driving the growth of homomorphic encryption market. Moreover, increasing implementation of homomorphic encryption in the banking and finance sector is expected to boost the growth of homomorphic encryption market over the forecast period. According to a recent study report published by Market Research Future, the global market of Homomorphic Encryption is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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March 2018 – IBM has rewritten its C++ homomorphic encryption library and claims it now goes up to 75 times faster. IBM has worked on homomorphic encryption for quite some time, and released the first version of its HElib C++ library in 2015, but as per the reports, the technology has suffered huge performance penalties. IBM has sped things up considerably and is making calculations on a 16-core server over two million times faster than past systems, and has open-sourced part of the technology.
Feb 2018 –Microsoft researchers smash homomorphic encryption speed barriers in partnership with academia, and have published a paper detailing how they have dramatically increased the speed of homomorphic encryption systems.
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.
Homomorphic Encryption Global Market – Segmentation
The homomorphic encryption market can be classified into 3 key segments for the convenience of the report and enhanced understanding;
- Segmentation by Type: Fully, Additive, Partial, Multiplicative
- Segmentation by Application: BFSI, Healthcare, Government, Industrial, and Others
- Segmentation by Region: North America, Europe, Asia Pacific, Rest of the World
Homomorphic Encryption Global Market – Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the homomorphic encryption market in North America owing to the presence of a large number of established key players such as Oracle Corporation, Microsoft Corporation, IBM Corporation, Galois Inc., and Netskope among others. Also, U.S. is leading the market in North America due to the technological advancements and increasing demand for real time data analytics in the region. The growth in the region is attributed to the increasing adoption of smartphones and internet, increasing investments in private sector, higher exports and growing number of small and medium enterprises. Homomorphic encryption market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 owing to growing population and increased urbanization in China, Japan, and India in the region. Whereas, the Europe market for Homomorphic Encryption is expected to grow at a considerable CAGR (2017-2023). Additionally, high investments in the cloud based services is expected to boost the market over the forecast period.
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