The Homomorphic Encryption Market: Enabling Secure Cloud Data Analytics

The global homomorphic encryption market is poised for robust growth driven by the rising need for securing sensitive data used in cloud-based analytics and computations. Homomorphic encryption allows complex mathematical operations on encrypted data without decrypting it first. By enabling secure cloud data processing, it resolves privacy concerns associated with migrating analytics workloads to public clouds.

Market Overview

Homomorphic encryption implements cryptographic techniques to generate ciphertexts that can be analyzed and worked upon without accessing the decrypted data. It allows third-party services to derive insights from encrypted data without revealing the data itself. The market is evolving with recent advancements making fully homomorphic encryption more practical for real-world adoption across sectors.

Get PDF for more professional and technical insights: https://www.marketresearchfuture.com/sample_request/1144 

Market Growth

The homomorphic encryption market worldwide is projected to register an impressive CAGR of over 7.2% between 2022 and 2030, reaching a valuation of USD 303.2 million by 2030. Growth drivers include increasing demand for privacy-preserving machine learning and analytics on the public cloud. Rising focus on confidential computing capabilities and regulatory mandates related to data security and residency are also accelerating adoption.

Key Companies

Leading providers of homomorphic encryption solutions include

  • Microsoft
  • IBM
  • Galois,
  • Crypto4A Technologies
  • Enveil
  • ShieldIO
  • HashiCorp
  • Inpher
  • Zama

These companies offer on-premise and cloud-based offerings catering to diverse organizational needs. They are focused on making homomorphic encryption commercially viable through continued research and product innovation.

Market Segmentation

Based on deployment mode, the market is bifurcated into cloud and on-premise segments. Considering application, key segments include data security, privacy-preserving analytics, payments fraud detection, regulatory compliance and others. Prominent end-user industries driving adoption are BFSI, healthcare, pharmaceuticals, technology and government.

Market Drivers

  • Growing need to ensure privacy and security when processing and analyzing sensitive data via public clouds.
  • Rise in stringent regulations pertaining to data security, residency and privacy.
  • Increasing demand for confidential computing capabilities across data-sensitive sectors.
  • Maturing capabilities making homomorphic encryption commercially ready for integration into enterprise security infrastructure.
  • High applicability in privacy-preserving machine learning models, statistical analytics and other computation-heavy workloads involving private data.
  • Rising usage in verticals like banking, insurance, pharmaceutical research and clinical studies.

Regional Insights

North America accounts for the largest share in the homomorphic encryption market backed by early adoption in data-sensitive industries. Asia Pacific is expected to exhibit the fastest growth driven by increasing digitalization and data protection regulations in the region.

Industry Latest News

  • In 2022, Cosmian raised USD 9 million in Series A funding to drive enterprise adoption of its homomorphic encryption solutions.
  • In 2021, Microsoft introduced homomorphic encryption support on Azure to strengthen confidential computing provisions.
  • In 2022, ShieldIO launched record-breaking homomorphic encryption speeds enabling real-time data analytics.
  • In 2021, IBM partnered with Thales to offer quantum homomorphic encryption capabilities to clients.
  • In 2022, Galois teamed up with Intel to advance confidential computing through its homomorphic encryption platform.

With exponentially growing data volumes and analytics needs, homomorphic encryption is vital for deriving business value securely. As more organizations seek privacy-preserving computation capabilities, the market is poised for robust growth globally.

Get PDF for more professional and technical insights: https://www.marketresearchfuture.com/reports/homomorphic-encryption-market-1144 

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Also, we are launching “Wantstats” the premier statistics portal for market data in comprehensive charts and stats format, providing forecasts, and regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.

Contact: 

Market Research Future (Part of Wantstats Research and Media Private Limited)

99 Hudson Street, 5Th Floor

New York, NY 10013

United States of America

+1 628 258 0071 (US)

+44 2035 002 764 (UK)

Email: [email protected]

Website: https://www.marketresearchfuture.com