The homomorphic encryption market was valued at US$ 120.12million in 2019 and is projected to reach US$ 246.29million by 2027; it is expected to grow at a CAGR of 9.7% from 2020 to 2027. As the global economy is moving from manufacturing-based economy to knowledge and technology based economy, analytics is projected to play a vital role.Owing to rising advancements in technology in the last two decades, the amount of data generated is enormous.
Thus, in order to improve the overall product offerings, companies are strongly relaying on data-driven decisions.Organizations across the globe from different industrial verticals are collaborating and partnering by exchanging resources to strong-arm one and another.
However, in order to abide by the privacy and data regulations, organizations are obliged not to disclose sensitive data.Further, in some scenarios, organizations do not intend to share certain vital details from data while collaborating with other organizations.
Homomorphic encryption enables organizations to share and compute data by keeping the vital and sensitive details encrypted. Therefore, mounting importance of data analytics and increasing collaborations and partnerships by organizations for product development and research across the globe are projected to drive the homomorphic encryption market.
With to the emergence of cloud computing, the on-premises networking is phasing out.Owing to numerous benefits of cloud computing—such as cost, flexibility, scalability, mobility, disaster recovery, and loss prevention—coupled with decreasing cost of cloud computing, organizations are rapidly adopting cloud computing.
However, mitigating database over the cloud has been always been a matter of concern.Although, encrypting data is considered a viable option but still exposed to risk while computing, as the data has to be decrypted first.
Homomorphic encryption enables organizations to compute the data while always keeping the data encrypted.It allows users to run complex and large calculations without compromising the data security.
Owing to increase in deployment of cloud computation across the globe and need for secure cloud computing, the homomorphic encryption market is projected to witness significant growth opportunities over the coming years.
Increasing computing capabilities of systems and ever increasing amount of data generation are anticipated to flourish the adoption of artificial intelligence (AI) and machine learning (ML) over the coming years.Artificial intelligence and machine learning require tremendous amount of data to thrive on in order to formulate results and conclusion.
The data required by AIand ML needs to be decrypted first in order to process it.With rising concerns over data privacy and data breach and increasing government initiatives for securing consumer data, the homomorphic encryption technology is anticipated to play a vital role.
Integration of homomorphic encryption in artificial intelligence and machine learning is anticipated to address the issue of data privacy. Thus, in order to churn resourceful insights while keeping privacy concern in check, the integration of homomorphic encryption technology and artificial intelligence & machine learning is anticipated to pave a way in future.
Due to surge in online shopping activity during the COVID-19 epidemic in the US and Canada, B2C e-commerce sales in both countries are anticipated to witness exponential growth in 2020.North America is an early adopter of advanced technologies and has strong penetration of digital technologies.
The COVID-19 outbreak has a strong impact on the market as its enhanced importance of homomorphic encryption for business data transfer. During the pandemic, the digitization in North America witnessed significant growth in almost all business sectors owing to the demand for remote working and monitoring services.In addition, the technology has shown possibilities in the healthcare sector to secure critical healthcare data.
Companies also highlighted the importance of the solution for the same. For instance, Duality Technologies started to offer solution based on homomorphic encryption for businesses and also stated the possibilities for the healthcare industry.
Overall size of the homomorphic encryption market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the homomorphic encryption market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the homomorphic encryption market. Major players operating in the global homomorphic encryption market include Cosmian; Cryptoexperts SAS; Inpher, Inc.; Shieldo, Inc.; Zama; Microsoft; Netskope, Inc.; Thales Group; IBM Corporation; and Google LLC.
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