Global Homomorphic Encryption Market Overview
The global homomorphic encryption market is estimated to witness sizeable growth over the forecast period, as per the latest report provided by Market Research Future (MRFR). The global homomorphic encryption market is estimated to reach a market valuation of USD 268.92 million by 2027, ascending at a CAGR of 8.58% by the end of the forecast period. Homomorphic encryption refers to a form of encryption process that aids in carrying out computations through ciphertext for the generation of encrypted result. It aids in the delegation of data without giving away access to the data. It is widely used for adequate data security. Data encryption means the translation of data into a form of code that is accessible only to the people who have the password.
Upscaling usage of smartphones and mobility solutions is one of the primary factors driving the global Homomorphic Encryption Market. This is causative to the mobile cloud computing which can be described as an infrastructure where both, data computing and data storage occurs outside the device. Such mobile cloud applications move the computing power and data storage away from the devices and into the cloud. Presently, owing to the digital transmission, people use smartphones in their daily life to carry out tasks such as bill payments, mobile banking, and shopping among many others. Owing to this, people are constantly sharing their personal information with third-party forums. This has raised a concern regarding the privacy and safety of such data. Internet users are also sharing information through a third-party forum. Hence, the security of data becomes an essential factor used to boost the growth of the homomorphic encryption market.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/1144
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.
The global homomorphic encryption market is segmented by type, application, and region. Based on type, the global homomorphic encryption market is segmented into additive, fully, partial, and multiplicative. Based on application, the global homomorphic encryption market is segmented into healthcare, banking and finance, insurance, industrial, and government.
The global homomorphic encryption market is studied for the regions of North America, South America, Asia Pacific, Europe, and the Middle East & Africa. North America accounted for the biggest share of the global homomorphic encryption market over the forecast period. The US and Canada are expected to lead the country-specific markets for homomorphic encryption and ascend at a fast pace. This is accredited to the stable growth rate, better healthcare and medical facilities, and increasing consumption in the region. Further, increasing private sector investments, high exports, and a rising number of small and medium-sized enterprises are expected to set the regional market on an impressive growth trajectory.
Europe is anticipated to grow at a stable rate owing to the increasing security concerns and high adoption of homomorphic encryption solutions. Apart from that, rapid industrialization is also providing impetus to market growth over the forecast period. High investments in cloud-based industries are also boosting market growth over the assessment period. On the other hand, lack of upgradation and complexities are expected to hinder the market growth over the forecast period.
Asia Pacific is estimated to present major growth prospects for the market vendors present in the homomorphic encryption market. Further, the APAC market is also providing major growth opportunities for the industrial sector. However, the market in Asia Pacific is estimated to witness high growth rate mainly due to China emerging as a manufacturing hub owing to the massive consumer base. However, the complexity of the method is expected to hamper the market growth.
Get Complete Report @ https://www.marketresearchfuture.com/reports/homomorphic-encryption-market-1144
- Manufacturing Companies
- Software Developers
- Technology Providers
- Research firms
- Consultancy firms
- End-user sectors
- Technology Investors
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar