Newark, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the homomorphic encryption market will grow from USD 165.82 Million in 2022 to USD 376.64 Million by 2032. Throughout the projection period, the growing market for homomorphic encryption would be propelled by favourable government initiatives for cyber-security concerns and the rising use of cloud computing.
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Key Insight of the Homomorphic Encryption Market
North American region will account for the largest market size during the forecast period.
The North American region will hold a significant market share due to the growth of the BFSI and the telecommunication and healthcare industries. Increasing focus on maintaining data privacy in these industries has positively impacted the regional market. The increasing investments in the digitalization of the healthcare industry are leading to the generation of huge amounts of medical data which need end-to-end encryption.
The partial segment is expected to augment the market during the forecast period.
The type segment is divided into additive, partial and full. The partial segment is expected to augment the market during the forecast period. Algorithms for partial homomorphic encryption permit an indefinite repetition of a certain process and certain widely used encryption techniques are accidentally partially homomorphic.. The design of such encryption algorithms is relatively easy.
The secure data computation segment is expected to augment the market during the forecast period.
The application segment is divided into data privacy, secure data computation, data monetization and regulatory compliance. The secure data computation segment is expected to augment the market during the forecast period. A safe computation technique called homomorphic encryption enables computations to be performed on encrypted data without decrypting or revealing the details of the operations being carried out.
The healthcare segment is expected to augment the market during the forecast period.
The end-use segment is divided into healthcare, government, IT and telecommunication, BFSI, and others. The healthcare segment is expected to augment the market during the forecast period. The hospital transfers its patient data to the cloud computing environment of the medical researcher, homomorphically encrypting it. Especially when it comes to safe information sharing and analysis, fully homomorphic encryption provides a revolutionary response to the healthcare sector's data privacy issues.
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Market Dynamics
Driver: Increasing cases of data security issues
Data breaches and cybersecurity are growing issues affecting businesses of all sizes. Cyberattacks have increased for the past four years, with a substantial spike of up to 36% of attacks aimed at smaller firms. Organizations deal with a variety of data security issues regularly. Millions of users are impacted by data breaches far too frequently. The increasing volume of data generated by digital transformation has led to a rise in data breaches as hackers take advantage of people's reliance on data for everyday tasks. Organizations can employ cloud computing in external contexts and maintain data protection throughout, all due to homomorphic encryption. In other words, third parties can handle private information without jeopardizing its security.
Restraint: Restriction in performance
Ensuring the security and accuracy of homomorphic encryption is a constraint for the market. However, depending on the presumptions and constraints of the homomorphic encryption method, security and accuracy are not absolutes. Certain schemes, for instance, can only enable a restricted number of operations because they are only partially homomorphic. Some are homomorphic, but to keep the ciphertexts from becoming invalid or corrupted, they need to be managed using noise.
Opportunity: Increasing investment in the BFSI big data industry
The way industries and individual organizations operate is being profoundly transformed by the exponential rise of technology and the increasing creation of data. Since the financial services industry processes, analyses, and uses data in various valuable ways, it is widely regarded as one of the most data-intensive industries. Big data radically changes how investors judge their investments and how stock markets operate globally. The business archetype does real-time stock trend monitoring. Put another way, the contemporary period is one of big data due to the growing amount of data. Securing large data is one of the major concerns of today. Homomorphic encryption is an essential method that offers great data security in various settings and applications.
Challenges: Costly infrastructure
Due to their high computational cost, fully homomorphic encryption systems are not feasible in many use cases. While homomorphic encryption requires fewer data transport than classical encryption, the cost is still higher. Therefore, homomorphic encryption should generate more money to offset the higher costs, which is not the case in small and medium sized enterprises. Thus, the cost structure is a challenge for such organizations.
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Some of the major players operating in the homomorphic encryption market are:
• IBM
• Microsoft
• Galois, Inc.
• CryptoExperts
• Huawei Technologies Co., Ltd.
• Duality
• Cosmian
• ShieldIO
• Desilo
• Cornami, Inc.
• Intel Corporation
• Thales Group
• Inpher
• Netskope, Inc.
• Zaiku Group LTD
Key Segments Cover in the Market:
By Type:
• Additive
• Partial
• Full
By Application:
• Data Privacy
• Secure Data Computation
• Data Monetization
• Regulatory Compliance
By End-use:
• Healthcare
• Government
• IT and Telecommunication
• BFSI
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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