North America 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 North America homomorphic encryption market is the growing data security concerns in all the data-sensitive organizations across the North America. The North America 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. Moreover, other factors propelling the North America homomorphic encryption market include growth of data analytics across North America and rise in the number of cyberattacks and data breaches. Furthermore, the demand for security solutions in SMEs has increased significantly across North America region, which is expected to drive the North America homomorphic encryption market.

Furthermore, 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. 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, Duality Technologies 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.

Market Overview and Dynamics

The North America homomorphic encryption market is expected to grow from US$ 49.98 million in 2019 to US$ 99.01 million by 2027; it is estimated to grow at a CAGR of 9.3 % from 2020 to 2027. Increasing deployment of cloud computing is expected to accelerate the North America homomorphic encryption market. With to the emergence of cloud computing, the on-premises networking is phasing out. Owing to numerous benefits of cloud computing—such as cost, flexibility, scalability, mobility, disaster recovery & loss prevention—coupled with decreasing cost of cloud computing, organizations across North America are rapidly adopting cloud computing. However, mitigating database over the cloud has been always been a matter of concern. Although, encrypting data is considered a viable option but still exposed to risk while computing, as the data has to be decrypted first. Homomorphic encryption enables organizations to compute the data while always keeping the data encrypted. It allows users to run complex and large calculations without compromising the data security. Owing to increase in deployment of cloud computation across the North America, the demand of homomorphic encryption will also increase for more safety and security of data, which will drive the North America homomorphic encryption market.

Key Market Segments

In terms of type, the fully segment accounted for the largest share of the North America homomorphic encryption market in 2019. In terms of application, the BFSI segment held a larger market share of the North America 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 North America 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 Google LLC; IBM Corporation; Inpher, Inc.; Microsoft Corporation; Netskope, Inc.; ShieldIO, Inc.; Thales Group.

Reasons to buy report

• To understand the North America homomorphic encryption market landscape and identify market segments that are most likely to guarantee a strong return
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• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America homomorphic encryption market
• Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.

North America Homomorphic Encryption Market Segmentation

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

North America Homomorphic Encryption Market - Company Profiles

• Google LLC
• IBM Corporation
• Inpher, Inc.
• Microsoft Corporation
• Netskope, Inc.
• ShieldIO, Inc.
• Thales Group     

North America Homomorphic Encryption Market Strategic Insights

North America Homomorphic Encryption Market Segmentation Analysis

North America Homomorphic Encryption Market Report Highlights

North America Homomorphic Encryption Report Scope

North America Homomorphic Encryption Market Country and Regional Insights