Homomorphic Encryption Global Market – Overview
The growing cloud based services in SME’s and large enterprises across the global in the space of networking and communication is making its presence across various industrial sectors. Cloud services provides many benefits such as cost efficiency and unlimited storage, yet a secure data transaction across servers and end devices has always been a matter of concern for most of the enterprises operating in information and technology space. Homomorphic encryption engages the notion of data conversion into cipher text so that it by no means loses its authentication throughout any sort of data analysis or transmission. Even though, mobile cloud applications fuel the computing power and data storage away from mobile phones and into the cloud. However, the major factor of security concern in the mobile and internet technology is the sharing of information across open space and third party forums. Hence, secure encryption of data tend to be significant factor, boosting the growth of Homomorphic Encryption Market.
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.
Homomorphic Encryption Global Market – Segmentation
- Segmentation by Type: Fully, additive, partial, multiplicative.
- Segmentation by Application: Banking and finance, healthcare, government, industrial.
- Segmentation by Region: North America, Europe, Asia Pacific, rest of the world.
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June 2017, A prototype for an encrypted Uber that can’t track you. A team of cryptographers at the Swiss Federal Polytechnic Institute in Lausanne and Lausanne University have developed a prototype for a software system called “ORide” that is designed to make possible all the features of a ridesharing service while reducing the need of location data it collects. The researchers claim that it might be adopted by ridesharing service companies, where privacy can be a unique selling proposition. They also claim that using the prototype can make it impossible for an attacker, an eavesdropper, or the ridesharing service itself to make use of the location data that goes beyond the function of the service.
March, 2017 New Homomorphic crypto is ‘math magic’. The director of Intelligence Advanced Research Projects Activity claims, that the latest advanced encryption system could allow classified computing to be performed on unclassified computer systems. The director also confirmed that the Homomorphic encryption can fix the gap in the way data was kept secured, allowing mathematical operations using encrypted data without the need of decrypting it. The Homomorphic encryption is supposed to benefit both, the consumer side and the producer side.
April, 2017 IBM’s Homomorphic encryption could revolutionize security. IBM acquires a patent on an encryption method that the company claims could run fully encrypted programs or Virtual Machines without decrypting them. The idea behind Homomorphic encryption (HE) lets you perform math directly on the encrypted data and have the results of that math show in the underlying data. This Homomorphic encryption will work without having to decrypt any of the data. The patent acquired by IBM gives the company, a competitive edge over its competitors.
January, 2017 LifeNome, Infoshield Partner on Genomic Data Encryption. LifeNome and Infoshield have announced a partnership to develop Homomorphic encryption standards for genomic and phenotypic data for cloud-based software. The companies will deploy Infoshield’s encryption in LifeNome’s consumer-focused genomics software. LifeNome will support Infoshield in providing Homomorphic encryption as an industry standard in personal genomics. Both the firms are based in New York City and have begun testing the encryption on LifeNome’s platform. Infoshield plans to provide its technology to other personal genomics companies over the next year.
North American region accounted for the largest market share majorly from the countries U.S. and Canada. Homomorphic encryption market is expected to grow at a fast pace in U.S. The reason is attributed to stable growth rate, better medical facilities, increasing consumption, increasing private sector investments, high exports and increasing number of small and medium scale enterprises. In 2016, North America market has been valued at USD 53.56 million in the year 2016 and is projected to grow at CAGR of 8.02% over the forecast period 2017 to 2027.
Europe is growing at a stable rate over the forecast period. The region is attributed to the increasing security concerns, high adoption of homomorphic encryption solutions rapid industrialization among others. Also, the high investment in the cloud based industries is expected to boost the market over the forecast period. Whereas, factors such as lack of up gradation and complexity are stopping the market to grow in the European region. Countries such as U.K and Germany accounted for the largest market share in the European region majorly being a banking hub and high investment in infrastructure.
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