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Homomorphic Encryption Market Share

Report ID: GMI5309
Published Date: Sep 2024
Report Format: PDF

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Homomorphic Encryption Market Share

Microsoft Corporation and Google LLC hold a market share of around 15% in the homomorphic encryption industry in 2023. Microsoft through its Microsoft Research division has been working on improving the efficiency and scalability of homomorphic encryption algorithms, such as SEAL (Simple Encrypted Arithmetic Library). This focus on innovation helps the company stay at the forefront of encryption technology, making its solutions more attractive to enterprises that require high levels of data security.

Google LLC is embedding homomorphic encryption capabilities into its Google Cloud Platform (GCP). By offering these advanced encryption options, the company attracts customers who need to perform secure computations on sensitive data stored in the cloud. This strategy aligns with the company’s broader focus on security and privacy, differentiating GCP in the competitive cloud market.

Homomorphic Encryption Market Companies

Major companies operating in the homomorphic encryption industry are:

CryptoExperts SAS
Enveil
Galois, Inc.
Google LLC
IBM Corporation
Inpher, Inc.
Intel Corporation
Microsoft Corporation
Thales Group
zama.ai

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market was of homomorphic encryption reached USD 178.4 million in 2023 and is set to grow at a CAGR of over 8% from 2024 to 2032, owing to the increase in cyber-attacks, including data breaches and ransomware.

The solution segment held over 65% market share in 2023 and is expected to cross USD 200 million by 2032, attributed to the presence of stringent data protection regulations that encourage organizations to adopt advanced encryption technologies to ensure compliance.

North America held around 45% market share in 2023, due to the presence of many leading technology companies and cybersecurity firms.

CryptoExperts SAS, Enveil, Galois, Inc., Google LLC, IBM Corporation, Inpher, Inc., Intel Corporation, Microsoft Corporation, Thales Group, and zama.ai among others.