Homomorphic encryption is a type of encryption that aids in computation through data conversion in ciphertext in order to maintain the originality of data during the process of transmission. As per the report published by Market research Future (MRFR), the global homomorphic encryption market is anticipated to expand at a notable CAGR of7.55% during the forecast period of 2016-2027 and is registered to reach the valuation of USD 268.3 Mn by the end of the forecast period.
Market Drivers and Restraints:
The ubiquity of cloud-based services in the networking space has compromised the security of data at multiple levels. Increasing concern regarding the secure delivery of data owing to the high risk of data leakage is inducing high demand for data encryption, resulting in the expansion of the global Homomorphic Encryption Market. The advanced features of homomorphic encryption system such as complex calculations can be performed on encrypted data without compromising the integrity of encryption and high-end data security are propelling the growth of the global homomorphic encryption market.
Growing investments by various industrial sectors for adopting cloud-based solutions and rise in demand for secured data transmission owing to the increasing cybercrime activities are fueling the expansion of the global homomorphic encryption market. However, lack of upgrades and complexity of the systems are likely to restrain the growth of the global homomorphic encryption market during the forecast period.
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On 29th August 2018, Vault, an Australian cloud services provider, alongside QuintessenceLabs (QLabs) and Ziroh labs, has announced a secure enterprise file synchronization and sharing (EFSS) proof of concept which is aimed at data protection. These Canberra-based companies will bring together QuintessenceLabs’ quantum key generation and key management with Vault’s protected cloud and Ziroh Labs’ homomorphic encryption technology, calling the end result as ‘full entropy as a service.’
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.
The global homomorphic encryption market has been segmented on the basis of type and application. Based on type, the homomorphic encryption market is segmented into fully, additive, partial and multiplicative. Based on application, the homomorphic encryption market is segmented into banking and finance, healthcare, government, industrial and others.
Geographically, the global homomorphic encryption market is segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The North America region is projecting high growth potential in the global homomorphic encryption market owing to the increasing demand for data security through encryption in various industrial sectors in this region. The Europe region is expanding significantly in the global homomorphic encryption market owing to the increasing security concern and increasing investments in cloud-based industries in this region. Increasing adoption of cloud-based solutions and high risk of data leakage is fueling the growth of the homomorphic encryption market in the Asia Pacific region.
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