Increase in number of cyberattacks across the globe has become a vital concern for organizations. As most digital data is shifted through the internet and advanced networks, the danger of data vulnerability has increased rapidly. The government, financial services, and IT sector are some of the prominent industries vulnerable to cyber threats. The industries mentioned above face tough challenges concerning their data security and vulnerability as they have to deal with storing, migrating, shifting, and outsourcing their user data on open source platforms many times. Therefore, in order to mitigate risk regarding data security while at rest, transmitting, or computing, the homomorphic encryption is gaining traction in various industries. The utilization of homomorphic encryption technology is enabling organizations to maintain a robust standard of data security without compromising business operations or application functions. Moreover, owing to increasing concerns over the collection, misuse, transfer or handling of data by businesses and institutions, the governments across the globe are strongly emphasizing on consumer data protection, which is further propelling the adoption of homomorphic encryption technology. Thus, growing concern over data security and increasing need for consumer data protection across the globe are expected to propel the homomorphic encryption market during the forecast period.
The COVID-19 epidemic is changing the functioning of businesses worldwide. To lower the spread of coronavirus companies and government the work from culture which drives digitalization in global market. The worldwide business data ecosystem has proven strong in the face of the epidemic. The businesses, hospitals and other government services started to adopt digital platforms having assured security features. Nevertheless, the financial industry services are adopting advanced encryption technologies to offer customer secured e-services. The digitalization projects witnessed declined growth at the start of pandemic owing to financial restriction, but after lockdown the importance has been increased with significant rate. Data transactions are evolved in enormous quality which created demand for the encryption services.
With to the emergence of cloud computing, the on-premises networking is phasing out. Owing to numerous benefits of cloud computing—such as cost, flexibility, scalability, mobility, disaster recovery & loss prevention—coupled with decreasing cost of cloud computing, organizations are rapidly adopting cloud computing. However, mitigating database over the cloud has been always been a matter of concern. Although, encrypting data is considered a viable option but still exposed to risk while computing, as the data has to be decrypted first. Homomorphic encryption enables organizations to compute the data while always keeping the data encrypted. It allows users to run complex and large calculations without compromising the data security. Owing to increase in deployment of cloud computation across the globe and need for secure cloud computing, the homomorphic encryption market is projected to witness significant growth opportunities over the coming years.
Homomorphic encryption analyzes the encrypted data without disclosing the information to anyone. It has tremendous potential in areas with sensitive personal data, such as healthcare and financial services, when the privacy of a person is paramount. In these situations, homomorphic encryption technology safeguards the sensitive details of the actual data. Homomorphic encryption is differentiated based on types and frequency of mathematical operations that can be implemented on the cipher text. The types of homomorphic encryption include partially, somewhat and fully.
Rising use of mobility solutions and smartphones is fueling the market since mobile cloud computing is an infrastructure where both data computing and data storage happens outside the device. At present, due to the adoption of digitization across all the regions, consumers use smartphones in their daily life for mobile banking, shopping, and bill payments. Thus, they share their personal data with a third-party forum that raises concern over an individual’s data privacy. Growing Internet users around the world are sharing humungous information through a third-party medium. Therefore, data security becomes a crucial factor that is accelerating the growth of the homomorphic encryption market. Homomorphic encryption helps address the balance of risk and utility in data sharing for various industrial applications, such as BFSI, healthcare, and government.
The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
The regional trends and factors influencing the Homomorphic Encryption Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Homomorphic Encryption Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 120.12 Million |
| Market Size by 2027 | US$ 246.29 Million |
| Global CAGR (2019 - 2027) | 9.7% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Homomorphic Encryption Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Homomorphic Encryption Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Homomorphic Encryption Market
The homomorphic encryption market is led by BFSI segment with highest share and is expected to dominate in the forecast period. With homomorphic encryption technology, bank management can generate a detailed report without compromising the privacy of the customers’ data. Due to the various benefits of this technology, various financial institutes around the world are using it.
The growth of the browser isolation software market is primarily attributed to the rise in the number of cyberattacks and data breaches. Moreover, the demand for security solutions in SMEs has increased significantly, thereby substantially driving the homomorphic encryption market.
With to the emergence of cloud computing, the on-premises networking is phasing out. Owing to numerous benefits of cloud computing such as cost, flexibility, scalability, mobility, disaster recovery & loss prevention coupled with decreasing cost of cloud computing, organizations are rapidly adopting cloud computing. However, mitigating database over the cloud has been always been a matter of concern. Although, encrypting data is considered a viable option but still exposed to risk while computing, as the data has to be decrypted first. Homomorphic encryption enables organizations to compute the data while always keeping the data encrypted. It allows users to run complex and large calculations without compromising the data security. Owing to increase in deployment of cloud computation across the globe and need for secure cloud computing, the homomorphic encryption market is projected to witness significant growth opportunities over the coming years.