The MEA homomorphic encryption market is expected to grow from US$ 8.24 million in 2019 to US$ 14.78 million by 2027; it is estimated to grow at a CAGR of 7.9 % from 2020 to 2027.
Burgeoning deployment of cloud computing in the MEA is expected to propel the growth of the MEA homomorphic encryption market during the forecast period. 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, and loss prevention—coupled with decreasing cost of cloud computing, organizations are rapidly adopting cloud computing. However, mitigating database over the cloud has 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 the increase in deployment of cloud computation across the MEA and need for secure cloud computing, the MEA homomorphic encryption market is projected to witness significant growth during forecast period.
Countries in MEA are adversely affected by the OVID-19 pandemic, especially Iran. In MEA, the adoption of digital technologies is comparatively low; therefore, the MEA homomorphic encryption market has low penetration in the region. Countries such South Africa, the UAE, and Saudi Arabia are focusing toward the industrialization and digitalization, which creates opportunities for the market. The COVID-19 outbreak has somehow positive impact in the region as awareness about such encryption method and digital technologies is increased, which has escalated the MEA homomorphic encryption market. Businesses, hospitals, and other government services across MEA started to adopt digital platforms having assured security features. Nevertheless, the financial industry services in MEA are adopting advanced encryption technologies to offer customer secured e-services. The digitalization projects across the region witnessed declined growth at the start of pandemic owing to financial restriction, but after lockdown the importance is increased with significant rate. The COVID-19 outbreak just reaped the benefits of long-term initiatives formed for digitalization. For instance, the UAE strengthen their long-term strategies such as Artificial Intelligence Strategy 2031, Block chain Strategy 2021, and National Innovation Strategy by initiating groundwork for COVID-19 digital response. Such kind of initiatives has been evolved due to COVID-19 crisis as impotence for digital technologies is increased the region, which is driving the growth of the MEA homomorphic encryption market.
Based on application, the MEA homomorphic encryption market for healthcare segment is expected to grow highest during the forecast period. The healthcare industry across the region is highly adopting digitization. Modernizing the industry has led to a new age of digital health and wellness, where healthcare data is gathered from disparate sources. Since healthcare clouds have become a leading feature in the industry, there is a huge requirement for safely sharing patient data across disparate healthcare clouds. Due to increasing digitization in the healthcare industry, the huge volume generated is stored in the cloud. However, because of privacy and security concerns, sharing crucial data across organizations is presently difficult. In addition, due to increase in data breaches, there is a major public pressure on clinical sites to not to share data stored in their repositories to ensure that patients’ data is secure. Thus, privacy risks related to healthcare data sharing signify a barrier to medical advancement if efficient privacy-preserving technologies are not adopted. To overcome such challenges, the industry across MEA is highly adopting homomorphic encryption solutions, which can perform computations on the data while the data remains encrypted. It allows performing analytics in an untrusted environment while ensuring the confidentiality of the data processed. Advantages of homomorphic encryption such as better data computation and analytics and high security of data are increasing its demand from healthcare industry in coming years, which is driving the growth of the MEA homomorphic encryption market.
The overall MEA homomorphic encryption market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the MEA homomorphic encryption market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, homomorphic encryption market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the MEA homomorphic encryption market. Google LLC; IBM Corporation; Inpher, Inc.; Microsoft Corporation; Netskope, Inc.; and Thales Group are among the players operating in the market.