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Homomorphic Encryption Market Research Report Information By Type (Fully, Additive, Partial and Multiplicative), By Application (Banking and Finance, Healthcare, Government, Industrial and others), By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2032.


ID: MRFR/ICT/0638-CR | 140 Pages | Author: Aarti Dhapte| March 2023

Homomorphic Encryption Market Overview


Homomorphic Encryption Market size was valued at USD 194.0 Million in 2023 and is projected to grow from USD 204.0 Million in 2024 to USD 310.0 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2024 - 2032). Homomorphic encryption is a form of encryption process which helps to carry out computations through cipher text to generate an encrypted result. It helps to delegate the data without giving away access of the data. Homomorphic encryption is widely used for effective data security. Data encryption translates data into a form or a code so that it is accessible to people who have the password.


The Homomorphic Encryption Market is a very dynamic market and is expected to witness stable growth over the forecast period. The growth of the homomorphic encryption market is influenced by the growing demand for secured data transmission, ascending investment in cloud-based industries and growing e-governance initiatives across the globe. Furthermore, implementation of homomorphic encryption in the banking and finance sector is expected to boost demand during forecast period. However, the complexity of systems and lack of upgradation are the factors hindering the growth of the homomorphic encryption market.  


FIGURE 1: HOMOMORPHIC ENCRYPTION MARKET 2018-2032


Homomorphic Encryption Market Overview1


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Covid-19 Analysis


The COVID-19 pandemic has impacted businesses across the globe due to restrictions and lockdowns. This lockdown has also resulted in higher rate of adoption for work from home culture, which has eventually raised demand for secured transmission of data. This has facilitated the growth of homomorphic encryption market during recent past. Furthermore, emergence of web 3.0 has seen rising demand for aforementioned products from IT companies worldwide, and the demand is likely to keep rising during 2022-2030. 


Homomorphic Encryption Market Driver




  • Growing demand for secured data transmission technology




Homomorphic encryption enhances privacy along with secured transmission of data. It is a form of encryption which helps to carry out computations through ciphertext to generate an encrypted result. Encryption of data is required for effective data security. For instance, if we consider the applications in the banking sector. Suppose a customer of a bank has the total value encrypted using a private key and the data can be decrypted only by using the password. This privacy of data can also be applied in the voting system. Therefore, homomorphic encryption is widely implemented in various sectors for secured transmission of data.


For instance, in banking industry a user can store its encrypted data on the cloud. The cloud can perform computations and return the encrypted result to the user and the user can also decrypt this cyphertext by using various methods and keeping this data hidden from the host. The use of cloud computing brings a lot of advantages including low cost, easy maintenance and re-provisioning of resources. Also, industries such as banking & finance, healthcare, manufacturing among others are investing heavily to secure their data on cloud. Therefore, the growing investment in cloud-based industries backed by highly secured information transmission structure is boosting the homomorphic market at global level. Aforementioned factors to facilitate higher growth rate for homomorphic encryption market during forecast period (2022-2030).


Growing usage of mobility solutions


The growing usage of smartphones and other mobility solution is driving the homomorphic encryption market as mobile cloud computing can be described as an infrastructure where both data storage and data computing happens outside the device. Mobile cloud applications move the computing power and data storage away from mobile phones and into the cloud. Nowadays, due to digital transmission people use smartphones in their daily life for bill payments, shopping and mobile banking among others. Due to this people share their personal information with a third-party forum which raises the concern over privacy of an individual’s personal information. Internet users are sharing lot of information with each other through a third-party forum. Hence, security of data becomes an important factor which is boosting the growth of homomorphic encryption market.


Homomorphic Encryption Market Segment Insights




  • Homomorphic encryption Market, Type Insights




On the basic of type homomorphic encryption market is segmented as fully, additive, multiplicative and partial. Fully homomorphic encryptions provide security and privacy applications in various sectors such as banking and finance, healthcare among others. Fully homomorphic encryption exhibits both additive and multiplicative homomorphism. The segment is expected to grow at a stable rate over the forecast period. On the other hand, partial homomorphic encryption is a combination of key generation, encryption and decryption algorithms, each component is multiplied by number of ciphertexts and is transmitted over the channel. This is also seen as one of the high levels of encryption technology with respect to homomorphic encryption market.


FIGURE 2: HOMOMORPHIC ENCRYPTION MARKET SIZE (US$ MN) BY TYPE 2021 VS 2030HOMOMORPHIC ENCRYPTION MARKET SIZE (US$ MN) BY TYPESource: Secondary Research, Primary Research, MRFR Database and Analyst Review


Homomorphic Encryption Market, Application Areas Insights


The homomorphic encryption market based on application areas is further segmented as healthcare, banking & finance, industrial, government and others. Banking & finance segment accounts for the largest market share in the Homomorphic Encryption Market due to increased use of data security and mobility solutions. Over the last few years due to digital transmission the online banking system has been growing drastically. The various government initiatives such as e-governance schemes and transparency in the payment system majority of the population are motivated to have their own bank accounts. This has forced financial institutions to procure and maintain private infrastructure and other factors is leading the existing bankers to switch to cloud computing model for their businesses.  This has eventually resulted in mounting demand for high level of data encryption technology with ISO certification and globally recognized standard in recent past.


On the other hand, e-governance has become an important tool for the government to provide the services to the citizens in more proficient and transparent manner. World Bank Defined E-Governance as a tool which is used by the government to transform information with the citizens, businesses among others. The usage of homomorphic encryption in the government sector provides better delivery of government services, improved interactions with business and industry, citizen empowerment and more efficient government management.


Furthermore, digitalization in healthcare sector has resulted in patients all over the world choosing the right availability of online medical consultation. Therefore, consumers tend to seek valuable information for the required consultation through digital medical information systems. Due to this they share their personal health information with a third-party forum which raises the concern over privacy of an individual’s health. Hence, security of data becomes an important factor which is leading to the growing adoption of homomorphic encryption solutions with respect to healthcare sector.


Homomorphic Encryption Market, Regional Insights


Geographically homomorphic encryption market is divided into north America, Europe, Asia Pacific And Rest Of World. North America region accounted for the largest market share majorly from the countries U.S. and Canada. Homomorphic encryption market is expected to grow at a fast pace in U.S. The reason is attributed to stable growth rate, better medical facilities, increasing digitalization as well as increasing private sector investments, high exports and mounting number of small and medium scale enterprises.


However, Asia based homomorphic encryption market presents huge growth opportunities for the industrial sector. The market is expected to grow over the forecast period majorly due to China being a manufacturing hub, rapid industrialization, and emerging economies. Countries such as China, India, Australia, and Japan contribute largely to the market because of huge consumer base and the region has high potentiality to grow. However, complexity of the method hinders the homomorphic encryption market to grow.  


FIGURE 3: HOMOMORPHIC ENCRYPTION MARKET SHARE BY REGION 2021 (%)HOMOMORPHIC ENCRYPTION MARKET SHARE BY REGIONSource: Secondary Research, Primary Research, MRFR Database and Analyst Review


Homomorphic Encryption Markey, Key Players & Competitive Insights


The worldwide market is distinguished by the presence of a high number of market participants. The major strategy adopted in recent years by the market's prominent players has been the launch of new platforms and services.


The homomorphic encryption market will witness robust growth during the forecast period due to growing government initiatives for secured data transmission, the rising use of advanced technologies such as blockchain, and the increasing demand for decentralized applications and services across the globe.


The homomorphic encryption market is highly fragmented, owing to a large number of local players, especially in developed countries such as the US, the UK, and Germany. Furthermore, investment from the top venture capital firms globally in the infrastructure and talent driving the ecosystem. It is expected that the established players in the technology sector will invest heavily in the market in the near future.


March 2021: Intel and Microsoft have partnered together as part of a DARPA program to concentrate on minimizing the cost of utilizing homomorphic encryption. It's crucial that this technology is both available and reasonably priced for client to benefit from it. The fact that both Intel and Microsoft have spent time and resources on homomorphic encryption shows how important both businesses consider the technology's potential to alter the workplace. It might not take long before organizations of all sizes can use homomorphic encryption as these big businesses continue their study and testing.


Key Companies in the Homomorphic Encryption market include




  • IBM (US),

  • Microsoft (US)

  • SAP (Germany)

  • Oracle (US)

  • Intel (US)

  • Google LLC (US)

  • Cosmian Tech (France)

  • CryptoExperts SAS (US)

  • Duality Technologies Inc. (US)

  • Enveil Inc. (US)

  • Inpher, Inc. (US)

  • Netskope, Inc. (US)


  • Thales Group (France)

  • Zaiku Group Ltd. (UK)


Homomorphic Encryption Market Recent Developments


January 2023: The vast majority (80%) of public sector organizations surveyed globally have started implementing collaborative data ecosystems initiatives, recognizing the need for a joined-up, data-driven approach to address the complex challenges they are facing, according to a new report from the Capgemini Research Institute titled "Connecting the Dots: Data Sharing in the Public Sector". Few have, however, adopted data ecosystems at scale; the majority are still in the early stages of deployment. This deployment is especially associated with homomorphic encrypting methodology.


January 2023: Researchers from Tokyo University of Science in Japan have developed a faster and cheaper method for handling encrypted data with enhanced security. This technique has been developed by Keiichi Iwamura and Ahmad Aminuddin from Tokyo University of Science. It has been created by a computation method that allows all computations to be completed on a single server without consuming a lot of compute resources. They combined the finest aspects of homomorphic encryption and secret sharing technology.


Homomorphic Encryption Market Segmentation


Homomorphic Encryption Type Outlook



  • Fully

  • Additive

  • Partial

  • Multiplicative


Homomorphic Encryption Application Area Outlook



  • Banking and Finance

  • Healthcare

  • Government

  • Industrial

  • Others


Homomorphic Encryption Regional Outlook



  • North America

    • US

    • Canada



  • Mexico

    • Europe

    • Germany

    • France

    • UK

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Rest of Asia-Pacific



  • Middle East & Africa

    • South America



Report Attribute/Metric Details
Market Size 2023 USD 194.0 Million
Market Size 2024 USD 204.0 Million
Market Size 2032 USD 310.0 Million
Compound Annual Growth Rate (CAGR) 6.10% (2024-2032)
Base Year 2021
Forecast Period 2024-2032
Historical Data 2018-2020
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type and Application Area
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, and South America
Countries Covered The U.S, Canada, Mexico, Germany, France, UK, China, Japan, India, Australia, South Korea, UAE, and Brazil
Key Companies Profiled IBM (US), Microsoft (US), SAP (Germany), Oracle (US), Intel (US), Google LLC (US), Cosmian Tech (France), CryptoExperts SAS (US), Duality Technologies Inc. (US), Enveil Inc. (US), Inpher, Inc. (US), Netskope, Inc. (US), Thales Group (France) and  Zaiku Group Ltd. (UK)
Key Market Opportunities Rise in ICT expenditure across the world for equipment, technology, applications, technological advances, and telecommunications, among other things
Key Market Dynamics Growing demand for secured data transmission High investment in cloud-based industries Growing e-governance initiative Growing usage of mobility solutions


Frequently Asked Questions (FAQ) :

Homomorphic Encryption Market is expected to be valued at USD 310.0 Million in 2032 end.

Homomorphic encryption market is expected to grow with CAGR of 6.10%.

From 2024 to 2032, North America has the potential to achieve the top position in the global market.

IBM (US), Microsoft (US), SAP (Germany), Oracle (US), Intel (US), Google LLC (US), Cosmian Tech (France), CryptoExperts SAS (US), Duality Technologies Inc. (US), Enveil Inc. (US), Inpher, Inc. (US), Netskope, Inc. (US), Thales Group (France) and  Zaiku Group Ltd. (UK) are seen as prominent players in homomorphic encryption market.

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