Homomorphic Encryption Market by Trends, Opportunities And Industry Forecast To 2030

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

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• 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.

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• 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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