Fully homomorphic encryption (FHE) allows computations on encrypted data without decryption. This groundbreaking capability ensures end-to-end data security, even during processing and analysis. FHE is particularly crucial in industries such as healthcare and finance, where sensitive information needs to be handled securely. It enables secure data processing outsourcing to third-party providers, fostering collaboration without compromising data confidentiality. As cloud computing becomes prevalent, FHE becomes a key enabler, allowing organizations to leverage external processing capabilities while maintaining data privacy. Its applications extend to protecting intellectual property, confidential research, and other domains where secure computation of sensitive information is paramount.
According to Data Bridge Market Research analyses the Global Fully Homomorphic Encryption Market is expected to reach USD 510.06 million by 2030, which was USD 275.57 million in 2022, at a CAGR of 8.00% during the forecast period 2023-2030.
"Rise in cloud-based data volume boosts the market growth"
The increasing volumes of cloud-based data in the managed services sector are a significant driver for the global fully homomorphic encryption market. As managed service providers handle growing amounts of data in the cloud, the need for robust security solutions becomes paramount. By enabling computations on encrypted data, fully homomorphic encryption ensures that sensitive information remains confidential even during processing in the cloud. This rising reliance on managed services and the subsequent surge in cloud-based data contribute to the heightened demand for advanced encryption solutions, positioning fully homomorphic encryption as a key driver in the evolving landscape of data security.
What restraints the growth of the global fully homomorphic encryption market?
“Lack of skilled professionals with the market growth”
The shortage of skilled professionals is a significant constraint in the global fully homomorphic encryption market. The complex nature of homomorphic encryption technology demands specialized expertise for its effective implementation, operation, and maintenance. The scarcity of professionals with the requisite skills and knowledge hampers the widespread adoption of fully homomorphic encryption solutions across industries.
Segmentation: Global Fully Homomorphic Encryption Market
The global fully homomorphic encryption market is segmented on the basis of component, sales channel, enterprise size, application, and end-use.
- On the basis of component, the global fully homomorphic encryption market is segmented into solution, and services
- On the basis of sales channel, the global fully homomorphic encryption market is segmented into direct channel, and distribution channel
- On the basis of enterprise size, the global fully homomorphic encryption market is segmented into small and medium-sized enterprises (SMEs) and large enterprises
- On the basis of application, the global fully homomorphic encryption market is segmented into secure data computation, data privacy, data monetization, and regulatory compliance
- On the basis of end-use, the global fully homomorphic encryption market is segmented into banking, financial services and insurance (BFSI), healthcare, government, industrial, IT and telecommunications, manufacturing, energy and utilities, and others
Regional Insights: North America dominates the Global Fully Homomorphic Encryption Market
North America dominates the fully homomorphic encryption market due to a surge in small- and medium-scale enterprises and the expansion of advanced medical facilities. The region's healthcare sector's growth, combined with a rising demand for secure data handling, propels the adoption of homomorphic encryption technology.
Asia-Pacific is expected to experience significant growth during the forecast period from 2023-2030, propelled by rapid industrialization and increased adoption of FHE solutions among enterprises. The expansion of the region's banking and finance industry further accelerates market growth as financial institutions seek advanced encryption to secure digital transactions and data-driven operations.
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Recent Developments in the Global Fully Homomorphic Encryption Market
- In 2020, IBM Security launched an innovative service facilitating organizations to explore fully homomorphic encryption (FHE), a cutting-edge technology devised to maintain data encryption during analysis or processing in the cloud or third-party environments
- In the same year, Enveil, a trailblazing U.S.-based data security company, disclosed a successful funding round of around $10 million dedicated to enterprise-scale homomorphic encryption. The company is actively seeking avenues to enable secure collaboration, data sharing, and monetization
The Prominent Key Players Operating in the Global Fully Homomorphic Encryption Market Include:
- Microsoft (U.S.)
- IBM (U.S.)
- Galois, Inc. (U.S.)
- CryptoExperts (France)
- Enveil (U.S.)
- Huawei Technologies Co., Ltd. (China)
- Duality (U.S.)
- ShieldIO (U.S.)
- Cosmian (France)
- Cornami, Inc. (U.S.)
- Desilo (South Korea)
- Intel Corporation (U.S.)
- Inpher (U.S.)
- Thales Group (France)
- Netskope, Inc. (U.S.)
- Zama (India)
- Zaiku Group LTD (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of global fully homomorphic encryption market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Fully Homomorphic Encryption Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
