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.
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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.
March 2018 – IBM has rewritten its C++ homomorphic encryption library and claims it now goes up to 75 times faster. IBM has worked on homomorphic encryption for quite some time, and released the first version of its HElib C++ library in 2015, but as per the reports, the technology has suffered huge performance penalties. IBM has sped things up considerably and is making calculations on a 16-core server over two million times faster than past systems, and has open-sourced part of the technology.
Feb 2018 –Microsoft researchers smash homomorphic encryption speed barriers in partnership with academia, and have published a paper detailing how they have dramatically increased the speed of homomorphic encryption systems.
Homomorphic Encryption Global Market – Segmentation
The homomorphic encryption market can be classified into 3 key segments for the convenience of the report and enhanced understanding;
- Segmentation by Type: Fully, Additive, Partial, Multiplicative
- Segmentation by Application: BFSI, Healthcare, Government, Industrial, and Others
- Segmentation by Region: North America, Europe, Asia Pacific, Rest of the World
Homomorphic Encryption Global Market – Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the homomorphic encryption market in North America owing to the presence of a large number of established key players such as Oracle Corporation, Microsoft Corporation, IBM Corporation, Galois Inc., and Netskope among others. Also, U.S. is leading the market in North America due to the technological advancements and increasing demand for real time data analytics in the region. The growth in the region is attributed to the increasing adoption of smartphones and internet, increasing investments in private sector, higher exports and growing number of small and medium enterprises. Homomorphic encryption market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 owing to growing population and increased urbanization in China, Japan, and India in the region. Whereas, the Europe market for Homomorphic Encryption is expected to grow at a considerable CAGR (2017-2023). Additionally, high investments in the cloud based services is expected to boost the market over the forecast period.
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