Homomorphic Encryption Market Research Report
The global, futuristic digital encryption market is expanding with growth in demand for secure, anonymous, and confidential exchange of information. The use of homomorphic encryption makes encryptions without any computations. The main use of this technology is in large-scale file uploading, big data analysis, and other compute-intensive software and systems that require higher speeds than traditional techniques can offer.
The global homomorphic encryption market is witnessing significant growth. This report is mainly focused on the distribution channels, market analysis and prediction, and regulatory aspects related to the theater of this market. It is a type of encryption technology that prevents a user from overcoming encrypted data by using brute force. It’s been found that multiple trends are driving the global homomorphic encryption market in the next few years.
The Global Homomorphic Encryption Market is estimated to be between US$268.92 million and US22.6 billion from the end of 2019 until the end of 2027 with a CAGR of 8.59% during this timeframe. This includes some of the core factors driving demand across regions and submarkets, restraints and opportunities affecting the growth of this sector. Depending on the type of available technologies based on which, solutions that can be provided the market is segregated into four categories :
- Data Integration and Management
- Patient engagement
- Care coordination
Based on the different types of applications, this technology can have, the market has four divisions:
- Banking & Finance
The market is fragmented into four regions: North America, APAC, Europe, and the Rest of the World.
Today, privacy with sensitive data is a lucrative industry. Massive breaches and hacks have caused major goverments to build expensive systems and programs to identify, anonymize and classify the users’ lifestyle in order to enhance their brand values.Governments are concerned about their economic security and are constantly investing in cybersecurity initiatives to safeguard essential national interests in the midst of a hostile environment. Furthermore, enterprises requiring data protection across the globe have planned to step up their investments as well.Nowadays, the demand is increasing exponentially due to the benefits of ‘stateless’ computing. For example, financial companies are adopting this stateless approach to data storage which helps them avoid compiling legal frameworks.
Various industry analysts have predicted an unstable market for the global homomorphic encryption market, mainly driven by the unpredictable decision of the US government to ban cryptocurrencies in the country. Homomorphic Encryption meets some benefits of both symmetric and asymmetric cryptography. Digital cryptocurrencies use homomorphic encryption to carry and store encrypted digital data securely with transaction privacy, fraud protection, and high availability for their wallets for running smart contracts on blockchain platforms. While there are no clear market drivers, restrictions and key player engagement coming in the way of driving the market’s substantial growth.
Homomorphic encryption solutions enable data operations on encrypted data without knowing the decryption parameters or cleartext data matter. The solutions are managed by hardware and software products developed through advancemens in fields such as graphical processing units (GPU). Key players in the global markets include Cisco Systems, Amazon Web Services,Google Cloud Platform, Oracle and IBM Systems.