Global Homomorphic Encryption Market Size Study, by Component (Solution, Service), by Type (Fully Homomorphic Encryption, Partially Homomorphic Encryption, Somewhat Homomorphic Encryption), by Application (Secure Data Computation, Data Privacy, Data Monet

Global Homomorphic Encryption Market Size Study, by Component (Solution, Service), by Type (Fully Homomorphic Encryption, Partially Homomorphic Encryption, Somewhat Homomorphic Encryption), by Application (Secure Data Computation, Data Privacy, Data Monetization, Regulatory Compliance), by End-use (BFSI, Healthcare, Government, IT & Telecom, Others) and Regional Forecasts 2022-2032

Global Homomorphic Encryption Market was valued at approximately USD 161 million in 2023 and is expected to witness significant growth with a compound annual growth rate (CAGR) of over 8.02% during the forecast period of 2024-2032. Homomorphic encryption, a sophisticated encryption technique, facilitates computations on encrypted data without the need to decrypt it, thereby preserving data confidentiality. This capability is particularly crucial for applications in secure cloud computing, privacy-preserving data analysis, and regulatory compliance, making it a highly sought-after technology in the cybersecurity domain.
The Global Homomorphic Encryption Market expansion is driven by the increasing frequency of cyberattacks and the involvement of major technology players focusing on advanced encryption technologies. Furthermore, stringent government regulations aimed at bolstering cybersecurity and the rising digitization across industries handling sensitive information are propelling the demand for homomorphic encryption solutions. However, the market faces challenges such as a shortage of skilled cybersecurity professionals and the significant memory requirements for implementing homomorphic encryption.
The key regions considered for the market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America is expected to dominate the homomorphic encryption market, exhibiting the highest CAGR during the forecast period. The region's strong presence of major corporations and startups, coupled with the heightened risk of cyberattacks, has led to increased adoption of homomorphic encryption technology. Strategic partnerships aimed at enhancing fully homomorphic encryption (FHE) computations, along with rising private sector investments, are further contributing to the growth of the market in this region.
Major market players included in this report are:
IBM
Google
Intel
Thales Group
Cosmian
Cornami
CryptoLab
Duality Technologies
CryptoExperts
Galois

The detailed segments and sub-segments of the market are explained below:
By Component:
• Solution
• Service
By Type:
• Fully Homomorphic Encryption
• Partially Homomorphic Encryption
• Somewhat Homomorphic Encryption
By Application:
• Secure Data Computation
• Data Privacy
• Data Monetization
• Regulatory Compliance
By End-use:
• BFSI
• Healthcare
• Government
• IT & Telecom
• Others
By Region:
North America:
• U.S.
• Canada
Europe:
• UK
• Germany
• France
• Spain
• Italy
• ROE
Asia Pacific:
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
Latin America:
• Brazil
• Mexico
• RoLA
Middle East & Africa:
• Saudi Arabia
• South Africa
• RoMEA
Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032
Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market

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