Summary:
A new study title “Homomorphic Encryption market size, status and forecast 2027 “has been featured on market research future.
Market overview:
The homomorphic encryption market is anticipated to witness healthy growth from 2019 to 2027, a research report suggests. Growing at a CAGR of 8.58%, the market is projected to reach US$268.92 million by 2027. Homomorphic encryption solves data protection vulnerability and is expected to support the market growth along with data at rest and data in transit. As predicted by analysts, the lack of upgrade of technology will negatively affect the market’s performance from 2019 to 2027. During the forecast period, the market will be supported by the proliferation of hybrid cloud and the rising demand for secured data transmission. Complexities faced during deployment and upgradation on the other hand will challenge encryption sector based organizations functioning in the global homomorphic encryption market.
Analysts have split the market into type and applications segments based on products and services. Encryption based companies have been profiled. Concerns regarding high costs are set to affect the global market during the forecast period 2019 to 2027. The report also provides the market’s performance forecasts till 2027. Analysts have studied the strategy of encryption segment based organizations to help new entrants and established businesses. The encryption sector itself is supported by the presence of effective communication as well as the presence of untapped market opportunities. During the forecast period 2019 to 2027, the homomorphic encryption market is set to witness a healthy growth across type and applications segments as well as regional markets.
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Key Players:
List of Key Companies
- Microsoft (U.S.)
- Oracle Corporation (U.S.)
- Gemalto (Netherlands)
- Galois Inc (U.S.)
- IBM Corporation (U.S.)
- Netskope (U.S.)
- LifeNome Inc (U.S.)
- CryptoExperts (France)
- Enveil Inc (U.S.)
Duality Technologies is one of the leading Privacy Enhancing Technology (PET) providers, setting a new standard for privacy-preserving data collaboration. Its leading PET platform Duality SecurePlus™ combines advanced homomorphic encryption and data science to enable organizations to derive insights without getting their sensitive data exposed. Duality's PET products are used by companies across regulated industries, including financial services, telecommunications, healthcare, and more. The company was recently listed on Fast Company's 2020 Most Innovative Companies List in the Data Science category.
Segment:
The encryption sector has seen growth across type and applications segments owing to increasing awareness levels and the growing urbanization. To study the market, analysts have further segmented type and applications into additive homomorphic encryption, and multiplicative homomorphic encryption, fully homomorphic encryption, partial homomorphic encryption on the basis of type. The market is further segmented into applications sub segment which is split into banking & finance, government, healthcare, industrial, and others.
The segmental analysis presented in the report provides encryption field based organizations insights into key growth factors such as the rapidly growing population as well as challenges such as the lack of R&D investments the market will face from 2019 to 2027. Rapid growth in banking and finance and the growing application areas are some of the key factors having an influence on encryption industry based companies, suggest analysts as per the homomorphic encryption market report. But the report also identifies the lack of skilled human resource and the unavailability of professional services as major threats companies in encryption will face till 2027.
Regional Analysis
Encryption market based companies in the homomorphic encryption market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The rise in distribution channels will be a key growth driver for regional markets. However, the shifting preference will turn out to be a threat. For the forecast period 2019 to 2027 each of these regional markets are studied in the report. Starting from North America, the regional market and encryption vertical based companies are spread across the United States, Canada, and Mexico.
The lack of investments in research and development will turn out to be a major challenge from 2019 to 2027. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the rising industrialization as well as the surging usage across different industries, suggests the report. Similarly, the encryption sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the homomorphic encryption market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2027.
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