Europe Homomorphic Encryption Market

Market Introduction

Homomorphic encryption solutions save financial and personally identifiable information (PII) data. The main feature of technology is it offers security for the data by keeping it encrypted at the time of processing and manipulation. In the era of digitalization data plays significant role, it not only requires analytics tools but also require security tools. The homomorphic encryption is one of the privacy-enhancing technologies (PETs). The key factor attributed to the growth of the Europe homomorphic encryption market is the growing data security concerns in all the data-sensitive organizations across the Europe. The Europe homomorphic encryption market is anticipated to witness a noteworthy growth owing to a huge number of financial & data processing firms choosing solution to secure the data transit or storing in cloud platform. Also, with rising adoption of cloud platform in businesses models, there is an increase in the demand for fully homomorphic encryption to secure cloud data. Also, the growing IT & telecom sector, particularly in Europe, is likely to boost the Europe homomorphic encryption market. Additionally, the growing trend of digital transformation is expected to boost the adoption of homomorphic encryption solutions by retailers across Europe region.

Furthermore, 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.

Market Overview and Dynamics

The Europe homomorphic encryption market is expected to grow from US$ 31.99 million in 2019 to US$ 66.50 million by 2027; it is estimated to grow at a CAGR of 9.9 % from 2020 to 2027. Unification of homomorphic encryption with advanced technologies is expected to escalate the Europe homomorphic encryption market. Increasing computing capabilities of systems and ever increasing amount of data generation are anticipated to flourish the adoption of artificial intelligence and machine learning over the coming years. Artificial intelligence and machine learning require tremendous amount of data to thrive on in order to formulate results and conclusion. The data required by AI and ML needs to be decrypted first in order to process it. With the rising concerns over data privacy and data breach and increasing government initiatives across Europe for securing consumer data, the homomorphic encryption technology is anticipated to play a vital role. Integration of homomorphic encryption in artificial intelligence and machine learning is anticipated to address the issue of data privacy. Thus, in order to churn resourceful insights while keeping privacy concern in check, the integration of homomorphic encryption technology and artificial intelligence & machine learning is anticipated to pave a way in future for Europe region.

Key Market Segments

In terms of type, the fully segment accounted for the largest share of the Europe homomorphic encryption market in 2019. In terms of application, the BFSI segment held a larger market share of the Europe homomorphic encryption market in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the Europe homomorphic encryption market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Cosmian; CryptoExperts SAS; Google LLC; IBM Corporation; Inpher, Inc.; Microsoft Corporation; Netskope, Inc.; Thales Group; ZAMA.

Reasons to buy report

• To understand the Europe homomorphic encryption market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for Europe homomorphic encryption market
• Efficiently plan M&A and partnership deals in Europe homomorphic encryption market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe homomorphic encryption market
• Obtain market revenue forecast for market by various segments from 2020-2027 in Europe region.

 Europe Homomorphic Encryption Market Segmentation

 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  

Europe Homomorphic Encryption Market - Company Profiles

• Cosmian
• CryptoExperts SAS
• Google LLC
• IBM Corporation
• Inpher, Inc.
• Microsoft Corporation
• Netskope, Inc.
• Thales Group
• ZAMA            

Europe Homomorphic Encryption Market Strategic Insights

Europe Homomorphic Encryption Market Segmentation Analysis

Europe Homomorphic Encryption Market Report Highlights

Europe Homomorphic Encryption Report Scope

Europe Homomorphic Encryption Market Country and Regional Insights