Fully Segment to Dominate North America Homomorphic Encryption Market during 2019–2027

According to a new market research study on “North America Homomorphic Encryption Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 99.01 million by 2027 from US$ 49.98 million in 2019. The market is estimated to grow at a CAGR of 9.3 % from 2020 to 2027. The report provides trends prevailing in the North America homomorphic encryption market along with the drivers and restraints pertaining to the market growth. Growing need for data security and rise of data analytics are the major factor driving the growth of the North America homomorphic encryption market. However, problems and complexities of homomorphic encryption systems hinder the growth of North America homomorphic encryption market.

In case of COVID-19, North America is highly affected specially the US. Attributed to a surge in online shopping activity during the COVID-19 epidemic in the US and Canada, B2C E-Commerce sales in both countries are anticipated to witness exponential growth in 2020. North America is early adopter of advanced technologies as well as strong penetration of digital technologies. The COVID-19 has strong impact on the North America market as its enhanced importance of homomorphic encryption for business data transfer. During the pandemic, the digitization in North America region is witnessed significant growth in almost all business sector owing to demand for remote working and monitoring services which directly affected the North America homomorphic encryption market in a positive way. In addition, the technology has shown possibilities in the healthcare sector to secure critical healthcare data. Companies are also highlighted the importance and of the solution for the same. For instance, companies such as Duality Technologies across North America started to offer solution based on the homomorphic encryption for businesses and also stated the possibilities for the healthcare industry. Due to initiatives by companies during pandemic, the North America homomorphic encryption market is expected to grow during forecast period

The North America 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 North America homomorphic encryption market in 2019 and partially segment is expected to be fastest growing segment during forecast period. Based on application, the North America homomorphic encryption market is bifurcated into BFSI, healthcare, government, and others. The BFSI segment dominated the North America 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.; ShieldIO, Inc.; Thales Group are among the leading companies in the North America 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 2018, ShieldIO, Inc. raised US $ 800,000 in pre seed round and the funding was led by Frontier Angels.

The report segments the North America Homomorphic Encryption Market as follows:

North America Homomorphic Encryption Market – By Type

• Partially
• Somewhat
• Fully

North America Homomorphic Encryption Market – By Application

• BFSI
• Healthcare
• Government
• Other

North America Homomorphic Encryption Market – By Country

• US
• Canada
• Mexico