Market Overview
The market size of the Homomorphic encryption market is expected to reach 265.85 million Dollars by the end of the year 2030. In 2019, the homomorphic encryption market was evaluated to be at 246.29 million dollars. During the forecast period of 2019 to 2030, the Homomorphic encryption market is expected to grow with a CAGR or Compound Annual Growth Rate of 7.46% according to expert analysts. Homomorphic encryption refers to the act of coding a piece of information into a code called ciphertext that can be used in its cipher form until the analysis is required. The basic aim of homomorphic encryption is to reduce the complexity of the operation by presenting a simpler, condensed form of the information. There are algorithms with encryptions that are completely homomorphic. This facility of condensing a large amount of data in a small cipher is what makes consumers interested in making use of homomorphic encryption. The main aim of this kind of cipher is to facilitate computation on data that is still in its encrypted form. Essentially, a cipher does not have to be decoded in order to be used in an operation or be operated with. The growth of the market for homomorphic encryption can be attributed to a rising need of cyber security with the increased penetration of the internet seen all over the world. Another factor that is contributing to market growth is the increased adoption of cloud computing software by users all across the globe. The benefits of homomorphic encryption and several other factors are contributing to the growth of the market in the years of the projected period.
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Market Segmentation
The market for Homomorphic encryption can be segmented on three bases. These are segmentation by application, type and region
- On the grounds of application, the segments are industrial, government, healthcare, finance, banking and others.
- On the grounds of type, the segments are additive homomorphic, encryption, multiplicative homomorphic encryption, partial homomorphic encryption, fully homomorphic encryption and Others. Out of these segments, the segment for fully homomorphic encryption is expected to lead the market share distribution in the years of the forecast period and has previously done so as well.
Regional Classification
On the basis of region, the segments are Europe, Africa, Latin America, Middle East and Asia Pacific. North America has led the market share previously and is expected to continue to dominate the Homomorphic encryption Market in the projected period of 2018 to 2023. The growth of the market in North America can be attributed to the presence of several key players of the industry in the region. There is also a rising awareness about the need for cyber security in the people of this region. North America is followed by Europe and APAC in terms of market share distribution for the homomorphic encryption market.
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Industry News
There are many main players in the industry for homomorphic encryption. These include Enveil Inc., CryptoExperts, Netskope, IBM Corporation, Galois Inc., Gemalto, Oracle Corporation and Microsoft among many other big and small corporations.
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