Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
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"The market value for Homomorphic Encryption for 2019 was at USD 139.3 Million with a CAGR of 8.4% to reach market value at USD 312.06 Million by 2028."
Companies that are involved in information technology do have a significant role in Homomorphic Encryption. Technological amelioration among various industrial verticals is having an important role in the homomorphic encryption market. The market for security technology for organizations as well as individuals is surging up consistently. Companies are looking for secured transmissions of their information, and investments are increasing on cloud-based, e-governance platforms are consecutively at a rise. Facing challenges of cyber-attacks and malicious activities on information are very well increasing requirements the encryption technology that could secure one's data. Encryption can strongly secure the data irrespective of the content and industry thus, demand has been increasing subsequently. Authentication of information is assured by the homomorphic encryption of the data and hence it could not lose its original content.
This sort of advantage to the companies is making them rely on this technology. Advancements in the technology is a potential factor for cloud computing that is increasing the market demand of on-premise and phone-based storage system. As homomorphic encryption is ensuring computing power in a secured environment becoming crucial for companies. Such technological advancements are facilitating the organizations in cost-cutting. The barriers to advancement in technology have significantly reduced either it could be policies or cultural factors. Thus, the market for homomorphic encryption is growing day by day because of such opportunities. Opportunities are proliferating dramatically because of increased technological applications. The technology ciphers the content in a value chain since it transmission, computation and output of this information. Companies are demanding encrypted technology that could compute calculations in a very secure because all their operations are confidential and important to a specific firm.
Global homomorphic encryption market for fully has high market share:
The encryption of data by the homomorphic market is tremendous for fully encrypted data. The market for fully homomorphic encryption is accounted to be 8.50% CAGR for the forecast period. Because most of the organizations operate on the data that is needed to be computed hence require fully homomorphic encryption. The market size has been increasing for fully homomorphic encryption where the market growth for this is observed to be stabilized over a while in recent times with slight fluctuations. Thus companies that are willing to enter into the homomorphic encryption market there is a good amount of chances for grabbing the market opportunity. There are also considerable investments taking place in the field of homomorphic encryption for a full product which could boost the market in the future.
Homomorphic encryption for the additive type of product is estimated to be having a normal market share. Hence it could act as the means for implementing it when required by the organizations to perform import task encryption. This is an encryption form which utilized at tasks where E-voting is under implementation. In the case of elections, additive homomorphic encryption is established which secures the voting data given by the prospective respondents. Thus there are some means due to which the data could be changed without many efforts before this data gets decrypt. Such instances could cause damage to the information that is being extracted. Subjecting to the malware is a threat to the encryption that might be major damage to the organizations especially such financial institutions and health-care.
North America playing a dominant role in homomorphic encryption market:
Companies located in North America are dominating in the use of homomorphic encryption to secure their transmissions across business functions. This is evident because the companies are advanced in the case of technology adoption and delivering key elements to the organization. These are large organizations that are mostly in the banking and media which are utilizing the offerings of homomorphic encryption. Due to the complex organizational operations and communication by these companies, it is highly essential to comply with the security protocol of firms enabling them to safeguard. Such demand by these organizations located in this region is making market size growth.
The fastest-growing market for homomorphic encryption market in APAC:
APAC region becoming the epicenter of information technology across the globe. There is a substantial increase in this technology demand, hence the demand for this market is continuing to increase in the APAC region. There is also the introduction of various establishments that are involved in the sensitive data capturing that required to be encrypted for safeguarding the interests of shareholders. The data breach has become a common threat for such organizations that requires authenticity and encryption. Population growth in this region is also one of the causes to enable organizations to capture information and compile it safely.
Other regions such as Europe, Australia, MEA are also other major players in the market of homomorphic encryption offerings. These regions are stabilized in the application of this technology due to economic stabilization and other factors such as industrialization and political changes.
Gemalto, N.V., is one of the key players in the market of homomorphic encryption. It has the largest share in this kind of offerings as it majorly focused on security system developments. The organization secures its competitive edge because of having R&D investments considerably. Revenue generated by the company is approximately 3 billion Euros.
Competitors that are competing in homomorphic encryption technology have a vital role in the data encryption market. Thus, competing organizations are listed as follows: Oracle Corporation, Microsoft Corporation, IBM corporation, Galois incorporation, Crypto experts, Netskope, Enveil, Allegis Cyber, among others are key players in this market.
Segmentation of Homomorphic encryption market:
- Financial institutions
- Health care
- North America
- Latin America