The homomorphic encryption market is also growing with the increasing number of investment strategies for building more privacy-centric and secure collaboration tools. To illustrate, in August 2021, Duality secured $30M for its privacy-focused data collaboration tools that are built using homomorphic encryption.
Though traditional encryption methods, like AES, are extremely fast and ensure convenient storage of data in encrypted form, they cannot perform simple analytics on encrypted data as cloud servers can lead to security concerns. Homomorphic encryption is therefore used for considerably simplifying this scenario, as it allows the cloud to directly operate on encrypted data and return the result to the data owners. It basically deals with the conversion of data into a ciphertext for analysis.
In a bid to establish higher standards of data security in organizations without affecting the processes and application functionality, the homomorphic encryption industry will witness lucrative expansion in the forthcoming years. Lately, businesses have been leveraging cloud computing and storage services securely for eliminating the tradeoff between usability and data security.
Request for a sample copy of this research report @ https://www.gminsights.com/request-sample/detail/5309
Rising demand in the BFSI sector
Considering the staggering time and cost savings of banks upon implementing cloud computing strategies, the widespread adoption of cloud has grown crucial for the security and protection of data. In this regard, fully homomorphic encryption (FHE) has garnered immense traction.
The thriving need for financial crime prevention, detection, and investigation has also led to the higher deployment of encryption methods. FHE further helps financial institutions in leveraging intelligent insights from data assets for delivering better products, and policies to offer services across credit card partners, mergers, loans, and acquisitions
without disclosing confidential information.
Thriving application scope in the IT & telecom industry
To preserve the privacy of sensitive data across multiple applications of cloud computing, homomorphic encryption is a popular technique used for data security and privacy in the IT space. On the other hand, the telecom sector deploys this technology for securing large volumes of privacy relevant as well as highly confidential data from hacking.
Browse report summary @ https://www.gminsights.com/industry-analysis/homomorphic-encryption-market
Increasing deployment in healthcare
Homomorphic encryption has emerged as a strong contender in medical imaging as it is designed for processing data that remains encrypted. With the increasing demand for handling electronic health records for improved data accessibility, and allowing e-messaging between providers, the efficient homomorphic medical image encryption algorithm is increasingly used for cloud storage security. The rising demand for supporting real-time learning in personalized cancer medicine will also play an ideal role in the homomorphic encryption market expansion.
In addition to their higher application scope, the demand for homomorphic encryption techniques is expected to expand with the rising instances of collaboration strategies led by some of the prominent industry contenders for scaled revenues. For instance, in December 2021, AppsFlyer, a well-known data analysis and marketing vendor, inked a long-term partnership with Intel for accelerating the commercial viability of homomorphic encryption.
Some of the key players profiled in the homomorphic encryption market report include Duality Technologies Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Thales Group, and Zaiku Group Ltd.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: [email protected]
Web: https://www.gminsights.com/