The global homomorphic encryption market is anticipated to grow at a CAGR of 8.3% during the forecast period. The increasing amount of data and the growing complexity of problems has resulted in an ever-growing reliance on cloud computing, which is projected to lead to the increasing use of homomorphic encryption. Homomorphic encryption elevates the bar of solutions by adding confidentiality of data during processing and allows computation of fully encrypted data without the need for decryption, thus fully preserving privacy. For instance, in 2021, nearly 847,376 complaints of data breaches were reported, which was a 7% increase from 2020. Among the 2021 complaints received, ransomware, business e-mail compromise (BEC) schemes, and the criminal use of cryptocurrency is among the top incidents reported, according to the Federal Bureau of Investigation.
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Furthermore, funding, investment, and collaborative strategies adopted by key players such as IBM Corp, Intel Inc., Microsoft, and others drive the market growth. For instance, in April 2021, Nasdaq developed new extensions of the 3rd generation Intel Xeon Scalable processor’s instruction architecture to significantly accelerate the homomorphic encryption applications. Nasdaq expects to achieve 100x performance gains in 2021 based on a joint research and innovation initiative with Intel. The proofs of concept carried out by Nasdaq are testing the fully homomorphic encryption in the fight against financial crimes, particularly money laundering and fraud detection, using proprietary data while complying with privacy laws. Moreover, in October 2021, Cornami completed an early close to its currently over-subscribed $50M Series C financing led by SoftBank Vision Fund 2 to bring Fully Homomorphic Encryption (FHE) to market. With the advent of FHE in cloud-computing security it allows for extracting valuable data analytics without ever decrypting the data to expose the underlying plaintext data, whether it is sensitive intellectual property (IP), financial information, personally identifiable information (PII), intelligence insight, or beyond. FHE is a significant and critical technology to enable security across the enterprise, industry, fintech, healthcare, academia, and government markets.
Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
- Segment Covered-
o By Component
o By Type
o By Application
o By End User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- including Google LLC, IBM Corp., Microsoft Corp., Nvidia, Shieldio, Zaiku Group Ltd., AppsFlyer, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Homomorphic Encryption Market Report Segment
By Component
- Solution
- Services
By Type
- Partially Homomorphic Encryption
- Somewhat Homomorphic Encryption
- Fully Homomorphic Encryption
By Application
- Secure Data Computation
- Data Privacy
- Data Monetization
- Regulatory Compliance
By End User
- BFSI
- IT and Telecom
- Health Care
- Government
- Educational Institutes
- Others (Manufacturing, Energy and Utilities)
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Homomorphic Encryption Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Apple Inc.
- Cornami, Inc.
- Cosmian Tech
- CryptoExperts SAS
- Desilo
- Duality Technologies Inc.
- Enveil, Inc.
- Inpher
- Netskope Inc.
- Nvidia Corp.
- ShieldIO
Reasons to Buying From us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
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