Market Overview:
In its research report, Market Research Future (MRFR), Homomorphic Encryption Market size is projected to register a CAGR of 7.2% to reach USD 303.2 million by the end of 2030, Homomorphic Encryption Market Type, Application.
Drivers and Restraints
The use of smartphones and connectivity solution drives the homomorphic encryption market, as mobile cloud computing can be defined as an infrastructure where both data storage and data processing take place outside the device. Smart cloud systems transfer data storage and computing resources away from cell phones and into the cloud. Nowadays people use smartphones in their everyday lives due to digital communication for bill payments, shopping, and mobile banking, among others. Because of this, people share their personal information with a network of third parties which raises questions about the protection of personal information about an individual. Internet users share a lot of details through a third-party forum. Therefore, data protection becomes an important factor that boosts the growth of the market for homomorphic encryption. The growth of the market for homomorphic encryption is influenced by increasing demand for secured data transmission, increasing investment in cloud-based industries, and growing initiatives for e-governance. In addition, high implementation of homomorphic encryption is expected in the banking and finance sector to fuel growth over the forecast period. However, the complexity of the systems and lack of updates are the factors that impede the growth of the market for homomorphic encryption.
Competitive Analysis
The major Homomorphic Encryption Companies operating in the global market as identified by MRFR are Oracle Corporation (U.S.), Microsoft (U.S.), Gemalto (Netherlands), IBM Corporation (U.S.), Galois Inc (U.S.), Netskope (U.S.), CryptoExperts (France), LifeNome Inc (U.S.), Enveil, Inc (U.S.), among others.
Segmental Analysis
By type, the market has been segmented into fully, partial, additive, and multiplicative.
By application, the market has been segregated into government, banking and finance, healthcare, industrial, and others.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe, and the rest of the world.
Mainly from the US and Canada, North America accounted for the largest market share. The demand for homomorphic encryption is expected to expand at a rapid pace in the US. The explanation is due to steady growth rate, improved medical services, increased demand, increased investment in the private sector, and a increasing number of small and medium-sized enterprises. Other factors for this growth are due to increased mobile and internet use, increased exports, and increased numbers of small and medium-sized enterprises.
In the forecast period Europe is rising at a steady rate. The area is due to the increasing security issues, high adoption of rapid industrialization of homomorphic encryption solutions, among others. This is also anticipated that the high investment in cloud-based industries will fuel the demand over the forecast period. Factors such as lack of upgradation and uncertainty halt the demand in the European region from rising. Countries such as the United Kingdom and Germany accounted for the highest market share in the European region being mainly a financial center with strong infrastructure spending.
The Asian demand for homomorphic encryption offers significant opportunities for development for the industrial sector. However, over the review period, the market is expected to expand largely due to China being a hub for manufacturing, rapid industrialization, and emerging economies. Countries like China, India, Australia, and Japan are mainly contributing to the market because of the huge customer base and the region has a high potential to expand. The complexity of the method however hinders the growth of thehomomorphic encryption market analysis.
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