Market Highlights
Homomorphic encryption enables the computation on encrypted data and describes the translation of data into ciphertext. This ciphertext can then be interpreted as well analyzed. The increasing number of favorable regulations imposed across the world are expected to push the demand for the homomorphic encryption market. The regulations are being increasingly imposed due to the constant breaches and abuses of data that has been reported across the world in the last few years. The market for homomorphic encryption is also experiencing growth due to its use as a business enablement tool.
Hommorphic encryption can be a highly critical asset to one’s data privacy and business compliance efforts. Back in 2018, the regulatory landscape had changed in a dramatic manner. Last May, the European Union’s General Data Protection Regulation (GDPR) was imposed. While the California Consumer Privacy Act (CCPA) is all set to be implemented with the start of 2020. Add to this, over 40 different states are reportedly considering imposing privacy laws.
All these regulations came about due to the constant breaches and abuses of data that was reported in the last few years. There is a massive surge in data breach these days. However, not all of these breaches are a result of outside attacks. There are various other key threats that need to be considered. According to an industry report, internal threats and threats from privileged access holds close to 35% to 60% of the breaches.
Both Anthem and MyFitnessPal was on the receiving end of this type of attack. Even by using traditional encryption modes, like transparent data encryption and encryption at rest, the database administrators would still have access to all the data in the clear.
In addition to curbing down privacy threats, homomorphic encryption can be a business enablement tool as well. It can ensure cloud workload protection, in automation and orchestration, and in cloud/aggregate analytics.
In its research report, Market Research Future (MRFR), emphasizes that the global market 2020 is expected to grow exponentially over the review period, ensuring a substantial market valuation of USD 268.92 Million by 2027 and a healthy CAGR of 8.58 percent over the review period
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Segmentation:
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. Whereas 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 the high potential to expand. The complexity of the method however hinders the growth of the homomorphic encryption market.
Key Players
The major market players 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.
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Global Homomorphic Encryption Market: By Type (Fully, Additive, Partial and Multiplicative), By Application (Banking and Finance, Healthcare, Government, Industrial and others) - Forecast till 2027
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Market HighlightsIn its research report, Market Research Future (MRFR), emphasizes that the global market 2020 is expected to grow exponentially over the review period, ensuring a substantial market valuation of USD 268.92 million by 2027 and a healthy CAGR of 8.58 per cent over the review period.Drivers and RestraintsThe 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 takes place outside the device.
Because of this, people share their personal information with a network of third parties that raises questions about the protection of personal information about an individual.
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.Get a Free Sample @https://www.marketresearchfuture.com/sample_request/1144Segmentation: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 AnalysisThe 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 area is due to the increasing security issues, high adoption of rapid industrialization of homomorphic encryption solutions, among others.
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.
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