Europe Homomorphic Encryption Market is expected to reach US$ 66.50 Mn by 2027

BFSI Segment to Dominate Europe Homomorphic Encryption Market during 2019–2027

According to a new market research study on “Europe Homomorphic Encryption Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 66.50 million by 2027 from US$ 31.99 million in 2019. The market is estimated to grow at a CAGR of 9.9 % from 2020 to 2027. The report provides trends prevailing in the Europe homomorphic encryption market along with the drivers and restraints pertaining to the market growth. Growth of data analytics and increase in need for data security are the major factor driving the growth of the Europe homomorphic encryption market. However, issues related to homomorphic encryption systems hinder the growth of Europe homomorphic encryption market.

In case of COVID-19, Europe is highly affected specially the UK and Russia. Also, in other European countries such as Germany, France, and Spain, good number of COVID-19 cases are observed which had major impact the region’s economy and financial structure. Though several geographies are gradually ending lockdowns which highlighted the importance of digitalization. The businesses, hospitals and other government services across Europe have started to adopt digital platforms having assured security features. Nevertheless, the financial industry services across Europe are adopting advanced encryption technologies to offer customer secured e-services. The adoption of homomorphic encryption in different industries is expected to escalate the Europe homomorphic encryption market. The way of business operations changed and diverted towards cloud platform which resulted demand for advanced security solutions which is anticipated to drive the Europe homomorphic encryption market. The companies as well as government agencies also adopted the digital solutions which resulted in growth of homomorphic encryption solution. For instance, in May, 2020, The National Health Service (NHS) introduced Bluetooth-enabled COVID-19 contact-tracing smartphone app. The app is developed using homomorphic encryption techniques used for the contact tracing application. Such development in the solution offering is creating lucrative opportunity for the Europe homomorphic encryption market.   

The Europe 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 Europe homomorphic encryption market in 2019 and partially segment is expected to be fastest growing segment during forecast period. Based on application, the Europe homomorphic encryption market is bifurcated into BFSI, healthcare, government, and others. The BFSI segment dominated the Europe homomorphic encryption market in 2019 and healthcare segment is expected to be fastest growing segment during forecast period.

Cosmian; CryptoExperts SAS; Google LLC; IBM Corporation; Inpher, Inc.; Microsoft Corporation; Netskope, Inc.; Thales Group; ZAMA are among the leading companies in the Europe 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 2019, Cosmian raised €1.4 million in its seed round which was led by as elaia, Acequie Capital, and Fibla.

The report segments the Europe Homomorphic Encryption Market as follows:

Europe Homomorphic Encryption Market – By Type

• Partially
• Somewhat
• Fully

Europe Homomorphic Encryption Market – By Application

• BFSI
• Healthcare
• Government 
• Other    

Europe Homomorphic Encryption Market – By Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe