Homomorphic Encryption Market by Trends, Opportunities And Industry Forecast To

1. Homomorphic Encryption Market To Hit USD 300 Mn By 2030

2. Industry Insights • Homomorphic Encryption Market To Hit USD 300 Mn By 2030. In a bid to establish higher standards of data security in organizations without affecting the processes and application functionality, the homomorphic encryption industry will witness lucrative expansion in the forthcoming years. Lately, businesses have been leveraging cloud computing and storage services securely for eliminating the tradeoff between usability and data security. • Though traditional encryption methods, like AES, are extremely fast and ensure convenient storage of data in encrypted form, they cannot perform simple analytics on encrypted data as cloud servers can lead to security concerns. Homomorphic encryption is therefore used for considerably simplifying this scenario, as it allows the cloud to directly operate on encrypted data and return the result to the data owners. It basically deals with the conversion of data into a ciphertext for analysis.

3. Rising demand in the BFSI sector • Considering the staggering time and cost savings of banks upon implementing cloud computing strategies, the widespread adoption of cloud has grown crucial for the security and protection of data. In this regard, fully homomorphic encryption (FHE) has garnered immense traction. The thriving need for financial crime prevention, detection, and investigation has also led to the higher deployment of encryption methods. FHE further helps financial institutions in leveraging intelligent insights from data assets for delivering better products, and policies to offer services across credit card partners, mergers, loans, and acquisitions without disclosing confidential information. • Thriving application scope in the IT & telecom industry • To preserve the privacy of sensitive data across multiple applications of cloud computing, homomorphic encryption is a popular technique used for data security and privacy in the IT space. On the other hand, the telecom sector deploys this technology for securing large volumes of privacy relevant as well as highly confidential data from hacking.

4. Regional Analysis • Increasing deployment in healthcare • Homomorphic encryption has emerged as a strong contender in medical imaging as it is designed for processing data that remains encrypted. With the increasing demand for handling electronic health records for improved data accessibility, and allowing e-messaging between providers, the efficient homomorphic medical image encryption algorithm is increasingly used for cloud storage security. The rising demand for supporting real-time learning in personalized cancer medicine will also play an ideal role in the homomorphic encryption market expansion. • Competitive Analysis • Cosmian Tech, Desilo Inc., Duality Technologies Inc., Galois, Inc, Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Netskope, Inc

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