PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616693
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616693
Homomorphic Encryption Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Homomorphic Encryption Market was worth USD 178.4 million in 2023 and is estimated to grow at an 8% CAGR from 2024 to 2032, owing to growing data security concerns coupled with the rise of cloud computing. As organizations increasingly store sensitive information in the cloud, the risk of data breaches and unauthorized access has become a pressing issue. Homomorphic encryption enables secure data processing while preserving privacy, allowing businesses to perform computations on encrypted data without exposing it. This capability enhances data security and facilitates compliance with regulatory requirements, making homomorphic encryption an essential solution for modern enterprises.
The homomorphic encryption industry is segregated based on component, method, application, end-use, and region. The solution segment accumulated 65% share in 2023 and will achieve USD 200 million by 2032, attributed to the increasing demand for robust security measures in data processing. As organizations seek effective ways to protect sensitive information while enabling secure computations, the focus on homomorphic encryption solutions has intensified. These solutions allow businesses to perform operations on encrypted data without compromising privacy, making them highly appealing.
With advancements in technology enhancing the efficiency of these solutions, the demand for homomorphic encryption will likely continue to grow. The BFSI (Banking, Financial Services, and Insurance) segment held 30% share in 2023, driven by stringent regulatory requirements and a critical need for data security. Financial institutions handle vast amounts of sensitive customer information, making them prime targets for cyber threats. Homomorphic encryption provides a means to process and analyze encrypted data without exposing it, ensuring compliance with regulations like GDPR and PCI DSS.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $178.4 Million |
| Forecast Value | $352 Million |
| CAGR | 8% |
As the BFSI sector increasingly prioritizes data protection and privacy, the adoption of homomorphic encryption solutions will continue to expand significantly. North America homomorphic encryption market captured 45% share in 2023, driven by a strong emphasis on data security and privacy across various industries. The region's advanced technological infrastructure and high levels of investment in cybersecurity solutions contribute to this growth. As organizations face increasing regulatory pressures and cyber threats, the demand for effective encryption methods is on the rise.Additionally, the presence of key market players and ongoing innovations in encryption technologies further solidify North America's position as a notable contributor to the homomorphic encryption industry.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Market 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Encryption solution providers
- 3.2.2 Cloud service providers
- 3.2.3 Marketing and distribution players
- 3.2.4 Third party service providers
- 3.2.5 End-users
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Use cases
- 3.6 Patent analysis
- 3.7 Key news and initiatives
- 3.7.1 Partnership/Collaboration
- 3.7.2 Merger/Acquisition
- 3.7.3 Investment
- 3.7.4 Product launch & innovation
- 3.8 Regulatory landscape
- 3.9 Impact forces
- 3.9.1 Growth drivers
- 3.9.1.1 Growing data privacy regulations
- 3.9.1.2 Rising cybersecurity threats across the globe
- 3.9.1.3 Increasing adoption of cloud services
- 3.9.1.4 Advancements in cryptographic research
- 3.9.2 Industry pitfalls & challenges
- 3.9.2.1 Implementation and integration challenges
- 3.9.2.2 High computational complexity and performance overheads
- 3.9.1 Growth drivers
- 3.10 Growth potential analysis
- 3.11 Porter's analysis
- 3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Component, 2021-2032 ($Mn)
- 5.1 Key trends
- 5.2 Solution
- 5.2.1 Encrypted data analytics
- 5.2.2 Encrypted AI/ML data modelling
- 5.2.3 Encrypted data linkage
- 5.2.4 Encrypted database querying
- 5.2.5 Encrypted biometrics and behavioral data
- 5.3 Services
- 5.3.1 Professional services
- 5.3.2 Managed services
Chapter 6 Market Estimates & Forecast, By Method, 2021-2032 ($Mn)
- 6.1 Key trends
- 6.2 Fully homomorphic encryption
- 6.3 Partially homomorphic encryption
- 6.4 Somewhat homomorphic encryption
Chapter 7 Market Estimates & Forecast, By Application, 2021-2032 ($Mn)
- 7.1 Key trends
- 7.2 Secure data computation
- 7.3 Data privacy
- 7.4 Data monetization
- 7.5 Regulatory compliance
Chapter 8 Market Estimates & Forecast, By End-Use, 2021-2032 ($Mn)
- 8.1 Key trends
- 8.2 BFSI
- 8.3 Government
- 8.4 Healthcare
- 8.5 IT & telecom
- 8.6 Retail
- 8.7 Education
- 8.8 Others
Chapter 9 Market Estimates & Forecast, By Region, 2021-2032 ($Mn)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.3.8 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
- 9.6 MEA
- 9.6.1 South Africa
- 9.6.2 UAE
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA
Chapter 10 Company Profiles
- 10.1 Amazon Web Services (AWS)
- 10.2 Cosmian
- 10.3 Crypto Labs
- 10.4 CryptoExperts SAS
- 10.5 Duality Technologies Inc.
- 10.6 Enveil
- 10.7 Galois, Inc.
- 10.8 Google LLC
- 10.9 Huawei Technologies Co., Ltd.
- 10.10 IBM Corporation
- 10.11 Inpher, Inc.
- 10.12 Intel Corporation
- 10.13 Microsoft Corporation
- 10.14 NVIDIA Corporation
- 10.15 Oracle Corporation
- 10.16 Samsung SDS
- 10.17 Thales Group
- 10.18 zama.ai
- 10.19 Desilo Inc.
- 10.20 Zaiku Group Ltd.
