Partially Segment is Expected to be Fastest Growing During Forecast Period for APAC Region.

According to a new market research study on “APAC Homomorphic Encryption Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 59.85 million by 2027 from US$ 26.17 million in 2019. The market is estimated to grow at a CAGR of 11.2 % from 2020 to 2027. The report provides trends prevailing in the APAC homomorphic encryption market along with the drivers and restraints pertaining to the market growth. Mounting deployment of cloud computing and amalgamation with advanced technologies are the major factor driving the growth of the APAC homomorphic encryption market. However, complications of homomorphic encryption systems hinder the growth of APAC homomorphic encryption market.

In case of COVID-19, APAC is highly affected specially the China and India. The strict lockdown initiated by the China and after that a whole APAC region has strong impact on the market. Offices, industries, schools and other are shut downed for certain period which hindered market growth. Although, market regained its momentum post lockdown as digitalization ratio increased in all region to perform business remotely which has affected the APAC homomorphic encryption market positively. APAC region have emerging countries such as China and India which are shifting their business models towards the digitalization. Countries such as Japan and South Korea have strong penetration of advanced technology such as AI, IoT and automation. Software industry is enchaining the market presence with solution such as block chains, cloud computing and others. Homomorphic encryption solution becomes the emerging trend in the digital market to enhance the security level for the businesses by securing the data transmission. China is holding the leading position in homomorphic encryption market as business are adopting the digital technologies. For instance, according to the Entrust Corporation Encryption Trends Study almost 60% are continuously adopting encryption strategy, while 72% stated that customer personal information protection is main objective behind encryption adoption strategy. Rising adoption of encryption techniques for more safety of data is expected to drive the APAC homomorphic encryption market even during the pandemic.

The APAC homomorphic encryption market is segmented into type, application, and country. Based on type, the market is further segmented into partially, somewhat, and fully homomorphic solutions. The fully segment dominated the APAC homomorphic encryption market in 2019 and partially segment is expected to be fastest growing segment during forecast period. Based on application, the APAC homomorphic encryption market is bifurcated into BFSI, healthcare, government, and others. The BFSI segment dominated the APAC homomorphic encryption market in 2019 and healthcare segment is expected to be fastest growing segment during forecast period.

Google LLC; IBM Corporation; Inpher, Inc.; Microsoft Corporation; Netskope, Inc.; Thales Group are among the leading companies in the APAC homomorphic encryption market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, IBM introduced Fully Homomorphic Encryption Toolkit for Linux. 

The report segments the APAC Homomorphic Encryption Market as follows:

APAC Homomorphic Encryption Market – By Type

• Partially
• Somewhat
• Fully

APAC Homomorphic Encryption Market – By Application

• BFSI
• Healthcare
• Government 
• Other    

APAC Homomorphic Encryption Market – By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC