Homomorphic Encryption Market Share ($ 246.29 Million) Through Integration with Advanced Technologies by 2027


Homomorphic encryption market emerges with increasing need for data security and emergence of data analytics by 2027

NEW YORK, UNITED STATES, November 26, 2021 /EINPresswire.com/ – The Insight Partners’ declares that “Homomorphic Encryption Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Type (Partly, Partly and Fully) and Application (BFSI, Healthcare, Government and Others) ”, the market is expected to reach $ 246.29 million by 2027, compared to US $ 120.12 million in 2019. The growth rate of the revenue curve is estimated at 9.7% during the forecast period

Market size value in – US $ 120.12 million in 2019
Market size value of – US $ 246.29 million by 2027
Growth rate – CAGR of 9.7% from 2020-2027
Forecast period – 2020-2027
Baseline year – 2020
Number of Pages – 149
Number of tables – 56
Number of graphs and figures – 71
Historical data available – Yes
Segments Covered – Type and Application
Regional scope – North America; Europe; Asia Pacific; Latin America; AEM
Country Scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Cover – Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors & Trends

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Growing deployment of cloud computing
With the emergence of cloud computing, on-premise networking is disappearing. Due to the many benefits of cloud computing, such as cost, flexibility, scalability, mobility, disaster recovery, and loss prevention, coupled with the falling costs of cloud computing, organizations are rapidly adopting the cloud. computing. However, cloud database mitigation has always been a concern. Although data encryption is considered a viable option, but still at risk when computing, as the data needs to be decrypted first. Homomorphic encryption allows organizations to compute data while still keeping data encrypted. It allows users to perform complex and large calculations without compromising data security. Due to the increasing deployment of cloud computing across the world and the need for secure cloud computing, the homomorphic encryption market is expected to experience significant growth opportunities over the next few years.

Impact of the COVID-19 pandemic on the homomorphic encryption market
The COVID-19 epidemic is changing the way businesses operate around the world. To reduce the spread of coronavirus business and government, culture work that drives digitalization in the global market. The global enterprise data ecosystem has proven to be strong in the face of the epidemic. Businesses, hospitals and other government departments have started adopting digital platforms with secure security features. Nonetheless, financial industry services are adopting advanced encryption technologies to provide secure electronic services to clients. Digitization projects experienced a decline in growth at the start of the pandemic due to financial restrictions, but after the lockdown the importance increased at a significant rate. Data transactions are evolving with tremendous quality, which has created a demand for encryption services.

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The increase in the number of cyber attacks across the world has become a vital concern for organizations. As most digital data is transferred over the Internet and advanced networks, the danger of data vulnerability has increased rapidly. Government, financial services and the IT sector are some of the main industries vulnerable to cyber threats. The industries mentioned above face difficult challenges regarding the security and vulnerability of their data as they have to manage the storage, migration, movement and outsourcing of their user data on open source platforms to many times. Therefore, in order to mitigate data security risks at rest, in transmission or in computation, homomorphic encryption is gaining ground in various industries. The use of homomorphic encryption technology enables organizations to maintain a strong level of data security without compromising business operations or application functions. In addition, due to growing concerns about the collection, misuse, transfer or processing of data by businesses and institutions, governments around the world are placing a strong emphasis on protecting consumer data, this which encourages adoption of homomorphic encryption technology. Thus, the growing concerns about data security and the growing need for consumer data protection across the globe are expected to propel the homomorphic encryption market during the forecast period.

Type Market Overview
Homomorphic encryption analyzes the encrypted data without disclosing the information to anyone. It has enormous potential in areas with sensitive personal data, such as healthcare and financial services, where a person’s privacy is paramount. In these situations, homomorphic encryption technology protects sensitive details of real data. Homomorphic encryption is differentiated based on the types and frequency of mathematical operations that can be performed on the ciphertext. Homomorphic encryption types include partially, partially, and totally.

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About Us:

The Insight Partners is the industry’s unique research provider for actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors & Electronics, Aerospace & Defense, Automotive & Transportation, Biotechnology, Health Informatics, Manufacturing & Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

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