Homomorphic Encryption Market Trends

Homomorphic Encryption Market Trends

The rapid advancements in computing power and technology have significantly impacted the feasibility of implementing complex cryptographic solutions like homomorphic encryption. Previously, homomorphic encryption was considered too resource-intensive and slow for practical use, but developments in both hardware and software have made it more viable. There have been significant improvements in the algorithms used for homomorphic encryption. Researchers have developed more efficient encryption schemes that reduce the computational overhead, enabling homomorphic encryption to handle larger datasets and more complex operations.
 

As computing power and technology continue to evolve, the ability to implement homomorphic encryption efficiently is expanding its potential applications across various industries. Companies across various industries are using homomorphic encryption technology to ensure high level data privacy.
 

For instance, in April 2024, CryptoLab, a major provider of fully homomorphic encryption (FHE) technology signed a three-year supply contract with Macrogen, a Korea based genetic data analysis company. Under this contract, Cryptolab will integrate its FHE technology into Macrogen’s personalized genomic analysis services to enhance data privacy for customers. This technology allows data to be processed and analyzed while still encrypted, improving the protection of personal information, especially in healthcare.