SELBYVILLE, Del., Sept. 19, 2022 (GLOBE NEWSWIRE) —
As in a Research study by Global Market Insights Inc. A significant increase in the research and development of encryption technologies will be a key factor in the growth of the industry. R&D projects undertaken to increase the effectiveness of technologies, including homomorphic computing, are vital to the growth of the industry. Private and public organizations emphasize such projects through funding programs and other supportive activities.
Favorable usage attributes to increase the demand for fully homomorphic encryption
The full homomorphic encryption market segment accounted for more than 42% share in 2021. This has been attributed to its ability to help users perform calculations on the ciphertext infinitely many times. This type of encryption can also affect the arbitrary computation of the encrypted data and promote segmental progression.
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Increasing cloud-based data volumes increase the need for managed services
The managed services sector is expected to see a growth rate of around 12% through 2030. This is due to the growing popularity of managed services as the solution of choice for businesses to meet regulatory requirements without the need for dedicated IT teams. In addition, the volume of data in the cloud is increasing significantly in a growing multi-cloud landscape. Managed encryption services are emerging as key solutions to create more robust enterprise encryption standards, which could spur demand.
Implementation of encryption rules in applications for regulatory compliance
The regulatory compliance application in the homographic encryption market is expected to grow by over 11% between 2022 and 2030, driven by the rapid implementation of stringent regulations to improve data protection. The report also notes that encryption has become a legal requirement for business operations to ensure the confidentiality of customer data.
Introduction of encryption technologies by government agencies
The government sector recorded revenue of over $37 million in 2021. The increasing popularity of encryption tools among federal agencies is due to recent developments in homomorphic encryption techniques to ensure compatibility with legacy systems. Several government institutions also work with primitive encryption technologies and outdated IT environments that only promote selected formats and contribute to market expansion.
APAC is emerging as a prominent center for homomorphic encryption
That Homomorphic encryption industry in Asia Pacific worth US$25 million in 2021. Demand for endpoint encryption solutions has increased in Southeast Asian countries like Thailand and Vietnam due to the rapid digitization of business operations. According to a 2019 report by nCipher Security Limited, around 65% of companies emphasized new encryption technologies including homomorphic encryption and elliptic curve cryptography in Southeast Asia. These factors create bright prospects for the developers of various types of homomorphic encryption services in the region.
Product development strategies shape the competitive landscape
Some of the major players in the homomorphic encryption market are Enveil Inc, Cosmian Tech, Cornami, Inc., CryptoExperts SAS, Desilo Inc., Duality Technologies Inc., Galois, Inc, CryptoLabs, Google LLC, IBM Corporation, Intel Corporation, Inpher , Inc, Microsoft Corporation, Netskope, Inc, ShieldIO, Inc., Thales Group, Zama.ai and Zaiku Group Ltd. These companies are primarily engaged in new product development, merger and acquisition strategies to maintain their presence in the market.
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Sub-chapters of the report table of contents (TOC):
Chapter 2 summary
2.1 Homomorphic Encryption Industry 360º Synopsis, 2018 – 2030
2.2 Business Development
2.2.1 Total Addressable Market (TAM), 2022 – 2030
2.3 Regional trends
2.4 Type Trends
2.5 Component Trends
2.6 Application Trends
2.7 End Use Trends
Chapter 3 Insights into the homomorphic encryption industry
3.2 Effects of the outbreak of COVID-19
3.3 Effects of the Russia-Ukraine War
3.4 Industry Development
3.5 Industry Architecture
3.6 Homomorphic Encryption Industry Ecosystem Analysis
3.7 Technology and innovation landscape
3.8 Regulatory Landscape
3.9 Patent Analysis
3.10 Investment Portfolio
3.11 Industry impact forces
3.11.1 Growth drivers
22.214.171.124 Rapidly increasing cyber attacks
126.96.36.199 Rising affinity of prominent technology players for homomorphic encryption
188.8.131.52 Increase in R&D activities in encryption technologies
184.108.40.206 Strict government regulations to enhance cybersecurity measures
220.127.116.11 Increasing digitization in industries that work with sensitive information
3.11.2 Industry pitfalls and challenges
18.104.22.168 Lack of qualified cybersecurity professionals
22.214.171.124 Need for large computing memory
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL Analysis
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