Home > Pressrelease > Homomorphic Encryption Market size worth $300 Mn by 2030
Homomorphic Encryption Market size worth $300 Mn by 2030
- Published Date: August 26, 2022
Homomorphic Encryption Market size is expected to reach USD 300 million by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the strong focus of technology service providers on safeguarding sensitive data as the chief driver of the homomorphic encryption industry expansion. Prominent technology companies including IBM, Google, Amazon, and Microsoft are showing active interest in homomorphic encryption algorithms.
Likewise, key industrial sectors such as BFSI, Defense, and IT are rapidly facilitating business transformations to perform day-to-day activities effectively. The growing emphasis on digital transformations across major industrial sectors dealing with sensitive information will provide lucrative growth opportunities for the homomorphic encryption market.
Partially homomorphic encryption will gain popularity to perform different arithmetic operations
The partially segment was valued at around USD 55 million in 2021. This is attributable to the mounting adoption of partially homomorphic encryption (PHE) solutions to perform different arithmetic operations. PHE algorithms also can enable an infinite number of mathematical operations to be performed on encrypted data.
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Services segment to witness substantial growth due to the rising popularity of EaaS model
Homomorphic encryption services include encryption policy integration with enterprise systems and existing cybersecurity policy evaluation. With the reduction of IT budgets to lower operational costs and the rise of outsourcing cybersecurity services by enterprises, the EaaS (Encryption-as-a-Service) model has also observed sustained growth. The service segment is set to exhibit nearly 31% CAGR through 2030.
Rising number of data breaches to enhance demand for secure data computation
The report reveals that the secure data computation segment accounted for approximately 28% of the homomorphic encryption market revenue share in 2021. This can be credited to the growing concern about confidential data breaches and the subsequent increase in the adoption of homomorphic encryption solutions. According to Verizon, 36% of the external data breach actors were involved in organized crime in 2019, stimulating the need for secure data computation services.
Browse key industry insights spread across 270 pages with 395 market data tables & 35 figures & charts from the report, “Homomorphic Encryption Market Size By Type (Fully, Partially, Somewhat), By Component (Solution [Encrypted Data Analytics, Encrypted AI/ML Data Modelling, Encrypted Data Linkage, Encrypted Database Querying, Encrypted Biometrics and Behavioral Data], Service[ Professional Service, Managed Service]), By Application (Secure Data Computation, Data Privacy, Data Monetization, Regulatory Compliance), By End-Use (BFSI, Healthcare, Government, IT & Telecom, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Increasing digital IP thefts to augment homomorphic encryption demand in the healthcare sector
The healthcare segment will attain more than 13% growth rate by 2030, owing to the escalating need to safeguard sensitive patient data and secure IP assets related to drug research and discovery. As per the American Health Association Centre for Innovation’s 2019 whitepaper, over 180 cases of digital IP thefts had been recorded in the U.S. healthcare industry. This increase in the risk of IP theft will drive the implementation of a fully homomorphic encryption scheme in the healthcare sector.
North America to emerge as a lucrative revenue pocket
The North America held above 49% of the homomorphic encryption market share in 2021. Factors such as a matured cybersecurity landscape and supportive government initiatives have boosted the popularity of homomorphic encryption technologies. Governments across the region are also focusing on the use of advanced encryption technologies to ensure the privacy of citizen data. Regional industry dynamics will also be influenced by the imposition of strict regulations related to encryption protocols, which will escalate the adoption of homomorphic encryption in cloud computing and other applications.
Partnership agreements to add impetus to the homomorphic encryption business growth
Some of the key players profiled in the homomorphic encryption market report include Duality Technologies Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Thales Group, and Zaiku Group Ltd.