Homomorphic Encryption Market 2023 Driving Factors Forecast Research 2029

Homomorphic encryption market is anticipated to grow at a CAGR of 8.3% during the forecast period. The prominent factor that drives the market growth includes the expansion of the banking and finance sector, growing demand for data privacy and security in end-user verticals, and the significant increase in research and development of encryption technologies. For instance, Duality, launched their open-source fully homomorphic encryption (FHE) library, OpenFHE, in July 2022. This was a collaborative project with other leaders in cryptography including Intel, Samsung, University of California-San Diego and MIT. OpenFHE is considered a next-generation open-source FHE software library providing even greater security, robust privacy protection and wider useability. Homomorphic Encryption offers opportunities for those in audit and assurance to develop advanced analytics, machine learning (ML), and artificial intelligence (AI) technologies by enabling more options for data management. In November 2021, Duality Technologies announced that its privacy-enhanced Duality SecurePlus ML applications are now available to Amazon Web Services (AWS) customers fueled by 3rd Gen Intel Xeon processors, using accelerated homomorphic encryption. These applications allow AWS customers to process new ML workloads in the cloud at scale while protecting sensitive data and preserving privacy. This new capability also ensures that organizations processing sensitive data in the cloud remain compliant with data privacy regulations as they are never directly exposed to the data being processed.

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The global homomorphic encryption market is segmented based on its component, type, application, and end user. Based on component the market is bifurcated into solution, and services. Based on application, the market is segmented into secure data computation, data privacy, data monetization, and regulatory compliance. Based on type, the market is categorized into partially homomorphic encryption, somewhat homomorphic encryption, and fully homomorphic encryption. Based on end user, the market is divided into BFSI, IT and telecom, health care, government, educational institutes, and others. Based on component, the solution segment registered a favourable market share. Rising deployment of homomorphic encryption solutions across various industries, such as insurance, banking, and healthcare for solving data protection vulnerability, is projected to drive segment growth.

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• Market Coverage
• Market number available for - 2023-2029
• Base year- 2022
• Forecast period- 2023-2029
• Segment Covered- By Source, By Product Type, By Applications
• Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
• Inc., and others

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)

Global Homomorphic Encryption Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa

The Report Covers
• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global homomorphic encryption market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.

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