The growing usage of smartphones and mobility solution is driving the homomorphic encryption market as mobile cloud computing can be described as an infrastructure where both data storage and data computing happens outside the device. Mobile cloud applications move the computing power and data storage away from mobile phones and into the cloud. Nowadays, due to digital transmission people use smartphones in their daily life for bill payments, shopping and mobile banking among others. Due to this people share their personal information with a third-party forum which raises the concern over privacy of an individual’s personal information. Internet users are sharing lot of information with each other through a third-party forum. Hence, security of data becomes an important factor which is boosting the growth of homomorphic encryption market.
The global Homomorphic Encryption Market is expected to reach USD 268.3 million by the end of 2027 with 7.55% CAGR during forecast period 2017-2027.
Taste the market data and market information presented through more than 50 market data tables and figures spread over 60 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Homomorphic Encryption Market Research Report -Forecast to 2027”.
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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.
Global Homomorphic Encryption Market Structure
- Banking and Finance
- North America
- Asia Pacific
- Manufacturing Companies
- Software Developers
- Technology Providers
- Research firms
- Consultancy firms
- End-user sectors
- Technology Investors
Market Research Future Analysis
Cloud computing provides better solutions for e-governance and it also offers lot of financial benefits in many aspects. Therefore, the implementation of homomorphic encryption in the government sector is growing due to better storage solutions. Also, electronic governance has become an important tool for the government to provide the services to the citizens in more proficient and transparent manner. The increasing usage of homomorphic encryption in this context help to serve better services to citizens, improved interactions with business and industry, citizen empowerment and more efficient government management. Therefore, increases transparency, increased growth of the nation and cost reductions.
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The banking and finance sector across the world is adopting homomorphic encryption. Nowadays, the use of online banking system has been increasing drastically. The various government initiatives such as government schemes and transparency in the payment system majority of the population are motivated to have their own bank accounts. Therefore, these are the reasons which lead to enormous computing and storage requirements in the current banking system. Also, the cloud computing system has offered promising prospects in this scenario. The financial inability of banks to procure and maintain private infrastructure and other factors is leading the existing bankers to switch to cloud computing model for their businesses. Also, the main concern is IT security associated with cloud computing services. The security problem is not only with outsourcing but also from internal resources in the organization.
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