Market Highlights

In its research report, Market Research Future (MRFR), emphasizes that the global market 2020 is expected to grow exponentially over the review period, ensuring a substantial market valuation of USD 268.92 Million by 2027 and a healthy CAGR of 8.58 percent over the review period

It is viewed as a highly dynamic technology and further involve with new addition and developments. Such factors are expected to draw higher commercial interest in homomorphic encryption industry during the forecast period. Other factors such as growing importance of secured data transmission, introduction of e-governance initiatives and emergence of cloud-based industries are also supporting the market growth. Moreover, the banking, financial service and insurance (BFSI) sector also presents lucrative market opportunities for homomorphic encryption. Nonetheless, the high level of technological complexity of the systems and sluggish pace of upgradation is undermining the market prospects of homomorphic encryption.

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Segmentation:

MRFR’s report include an in-depth segmental analysis which is based on type, application and region. On the basis of type, the market has been segmented into fully, additive, partial and multiplicative. On the basis of application, the market has been segmented into banking and finance, healthcare, government, industrial and others.

Regional Analysis

The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.

Mainly from the US and Canada, North America accounted for the largest market share. The demand for homomorphic encryption is expected to expand at a rapid pace in the US. The explanation is due to steady growth rate, improved medical services, increased demand, increased investment in the private sector, and a increasing number of small and medium-sized enterprises. Other factors for this growth are due to increased mobile and internet use, increased exports and increased numbers of small and medium-sized enterprises.

In the forecast period Europe is rising at a steady rate. The area is due to the increasing security issues, high adoption of rapid industrialization of homomorphic encryption solutions, among others. This is also anticipated that the high investment in cloud-based industries will fuel the demand over the forecast period. Whereas factors such as lack of upgradation and uncertainty halt the demand in the European region from rising. Countries such as the United Kingdom and Germany accounted for the highest market share in the European region being mainly a financial center with strong infrastructure spending.

The Asian demand for homomorphic encryption offers significant opportunities for development for the industrial sector. However, over the review period the market is expected to expand largely due to China being a hub for manufacturing, rapid industrialization, and emerging economies. Countries like China, India, Australia, and Japan are mainly contributing to the market because of the huge customer base and the region has the high potential to expand. The complexity of the method however hinders the growth of the homomorphic encryption market.

Competitive Landscape

Microsoft (U.S.), Galois Inc (U.S.), Netskope (U.S.), Gemalto (Netherlands), CryptoExperts (France), Oracle Corporation (U.S.) and IBM Corporation (U.S.) are some of the prominent companies that are currently operating in the global homomorphic encryption market.

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Global Homomorphic Encryption Market: By Type (Fully, Additive, Partial and Multiplicative), By Application (Banking and Finance, Healthcare, Government, Industrial and others) - Forecast till 2027

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