Homomorphic Encryption Market Overview:
The Homomorphic Encryption Market is very dynamic. It has been driven by growing demand for secure data transmission, increasing investment in cloud-based industries, and increasing e-governance initiatives. Moreover, the high implementation of homomorphic encryption in the banking, finance, and insurance sectors drives market growth.
COVID-19 has sparked controversy over the balance of privacy and public interest, and homomorphic encryption can help maintain the right balance. The coronavirus crisis has raised concerns about the public interest and the fundamental human right to privacy. To be safe from global epidemics, it has become necessary to conduct contact searches and conducts statistical data analysis activities and tools to help identify patterns that could lead to cure or prevention.
The market experts anticipate that the global Homomorphic Encryption Market revenue will increase significantly at a CAGR of 7.5 % during the forecast period 2019-2030. The market size is estimated to grow by $265.85 million during the forecast period.
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Market Segmentation
The Homomorphic Encryption Market can be segmented based on type, application, and region.
Based on the type, the Homomorphic Encryption Market is divided into Fully Homomorphic Encryption, Partial Homomorphic Encryption, Multiplicative Homomorphic Encryption, Additive Homomorphic Encryption, and Others.
Based on application, the market is divided into Banking & Finance, Healthcare, Government Industrial, and Others.
Regional classification
Based on the region, the market is divided into South America, North America, Europe, Asia Pacific, Africa, and Rest-of-the-World.
North America, the dominating country in the Homomorphic Encryption Market since 2018 and could maintain its winning streak throughout the assessment period. The market has driven by the increasing use of homomorphic encryption technology. Also, the steady growth rate in the healthcare sector and the growing number of advanced medical facilities affect the size of the homomorphic encryption market.
Europe holds the second-largest share in the global Homomorphic Encryption Market. Factors such as the growing banking and finance industry and the use of HE technology drive the growth of the homomorphic encryption market.
The Asia Pacific is an emerging market for homomorphic encryption technology. The regional market growth is affected by the growing demand for Homomorphic Encryption in Cloud Security. Furthermore, the rapid adoption of HE solutions due to rapid industrialization creates ample opportunities for the Homogeneous Encryption Market in this region. Countries such as India, Australia, China, and Japan are the main contributors to the Homomorphic Encryption Marketshare in the region.
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Industrial News
Technology plays an important role in the growth of the homomorphic encryption market. PE technology will improve the security and transparency of elections.
Several studies are underway to see how Homogeneous Encryption Market Technology can be used to improve the security and transparency of democratic elections. For example, a partial encryption scheme allows users to add different values neutrally while their values can be kept private and used for voting-related applications. This technology will protect the data independently without any manipulation and allow verification by authorized third parties.
Samsung has announced the winner of the SDS 2020 iDASH Secure Genome Analysis Competition, recognized for its homomorphic encryption technology.
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