Cloud Hosting

The global homomorphic encryption market is anticipated to grow at a CAGR of 8.3% during the forecast period. The increasing amount of data and the growing complexity of problems has resulted in an ever-growing reliance on cloud computing, which is projected to lead to the increasing use of homomorphic encryption. Homomorphic encryption elevates the bar of solutions by adding confidentiality of data during processing and allows computation of fully encrypted data without the need for decryption, thus fully preserving privacy. For instance, in 2021, nearly 847,376 complaints of data breaches were reported, which was a 7% increase from 2020. Among the 2021 complaints received, ransomware, business e-mail compromise (BEC) schemes, and the criminal use of cryptocurrency is among the top incidents reported, according to the Federal Bureau of Investigation.

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Furthermore, funding, investment, and collaborative strategies adopted by key players such as IBM Corp, Intel Inc., Microsoft, and others drive the market growth. For instance, in April 2021, Nasdaq developed new extensions of the 3rd generation Intel Xeon Scalable processor's instruction architecture to significantly accelerate the homomorphic encryption applications. Nasdaq expects to achieve 100x performance gains in 2021 based on a joint research and innovation initiative with Intel. The proofs of concept carried out by Nasdaq are testing the fully homomorphic encryption in the fight against financial crimes, particularly money laundering and fraud detection, using proprietary data while complying with privacy laws. Moreover, in October 2021, Cornami completed an early close to its currently over-subscribed $50M Series C financing led by SoftBank Vision Fund 2 to bring Fully Homomorphic Encryption (FHE) to market. With the advent of FHE in cloud-computing security it allows for extracting valuable data analytics without ever decrypting the data to expose the underlying plaintext data, whether it is sensitive intellectual property (IP), financial information, personally identifiable information (PII), intelligence insight, or beyond. FHE is a significant and critical technology to enable security across the enterprise, industry, fintech, healthcare, academia, and government markets.

Global Homomorphic Encryption Market Report Segment

By Component

Solution Services

By Type

Partially Homomorphic Encryption Somewhat Homomorphic Encryption Fully Homomorphic Encryption

By Application

Secure Data Computation Data Privacy Data Monetization Regulatory Compliance

By End User

BFSI IT and Telecom Health Care Government Educational Institutes Others (Manufacturing, Energy and Utilities)

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Homomorphic Encryption Market Report Segment by Region

North America

United States Canada

Europe

Germany United Kingdom France Spain Italy Rest of Europe

Asia-Pacific

China Japan India Rest of Asia-Pacific

Rest of the World

Middle East & Africa Latin America

Company Profiles

Apple Inc. Cornami, Inc. Cosmian Tech CryptoExperts SAS Desilo Duality Technologies Inc. Enveil, Inc. Inpher Netskope Inc. Nvidia Corp. ShieldIO

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This release was published on openPR.

Excerpt from:
Homomorphic Encryption Market Will Exhibit an Impressive Expansion by 2024-2031 - openPR