Middle East and Africa Homomorphic Encryption Market

Market Introduction

Homomorphic encryption solutions save financial and personally identifiable information (PII) data. The main feature of technology is it offers security for the data by keeping it encrypted at the time of processing and manipulation. In the era of digitalization data plays significant role, it not only requires analytics tools but also require security tools. The homomorphic encryption is one of the privacy-enhancing technologies (PETs). The key factor attributed to the growth of the MEA homomorphic encryption market is the growing data security concerns in all the data-sensitive organizations across the MEA. The MEA homomorphic encryption market is anticipated to witness a noteworthy growth owing to a huge number of financial& data processing firms choosing solution to secure the data transit or storing in cloud platform. Also, with rising adoption of cloud platform in businesses models, there is an increase in the demand for fully homomorphic encryption to secure cloud data. Also, the growing IT & telecom sector, particularly in developing economies of the MEA region, is likely to boost the MEA homomorphic encryption market. Additionally, in the MEA region, the growing trend of digital transformation is expected to boost the adoption of homomorphic encryption solutions by retailers. 

Furthermore, in case of COVID-19, MEA is highly affected specially the Iran. In MEA the adoption of digital technologies has comparatively low owing which the market has low penetration in the region. Countries such South Africa, UAE and Saudi Arabia are focusing towards the industrialization as well as digitalization which creates opportunity for the market. The COVID-19 has somehow positive impact in the region as awareness about the such encryption method and digital technologies is increased which has escalated the MEA homomorphic encryption market. The businesses, hospitals and other government services across MEA region started to adopt digital platforms having assured security features. Nevertheless, the financial industry services in MEA region are adopting advanced encryption technologies to offer customer secured e-services. The digitalization projects across MEA region witnessed declined growth at the start of pandemic owing to financial restriction, but after lockdown the importance has been increased with significant rate. The COVID-19 just reaped the benefits of long-term initiatives formed for digitalization. For instance, in 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 initiative has been evolved due to COVID-19 situation as impotence for digital technologies is increased the region, which is expected to drive the MEA homomorphic encryption market.

Middle East and Africa Homomorphic Encryption Strategic Insights

Strategic insights for the Middle East and Africa Homomorphic Encryption provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Middle East and Africa Homomorphic Encryption Report Scope

Middle East and Africa Homomorphic Encryption Regional Insights

The geographic scope of the Middle East and Africa Homomorphic Encryption refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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.  Escalation in the use of data analytics is expected to accelerate the MEA homomorphic encryption market. As the economy is moving from manufacturing-based economy to knowledge and technology based economy, analytics is projected to play a vital role. Owing to rising advancements in technology in last two decades, the amount of data generated is enormous. Thus, in order to improve the overall product offerings, companies are strongly relaying on data-driven decisions. Organizations across the MEA region from different industrial verticals are collaborating and partnering by exchanging resources to strong-arm one and another. However, in order to abide by the privacy and data regulations, organizations are obliged not to disclose sensitive data. Further, in some scenarios, organizations do not intend to share certain vital details from data while collaborating with other organization. Homomorphic encryption enables organizations to share and compute data by keeping the vital and sensitive details encrypted. Therefore, mounting importance of data analytics and increasing collaborations and partnerships by organizations for product development and research across the MEA region are projected to drive the MEA homomorphic encryption market. 

Key Market Segments

In terms of type, the fully segment accounted for the largest share of the MEA homomorphic encryption market in 2019. In terms of application, the BFSI segment held a larger market share of the MEA homomorphic encryption market in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the MEA homomorphic encryption market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Google LLC; IBM Corporation; Inpher, Inc.; Microsoft Corporation; Netskope, Inc.; Thales Group. 

Reasons to buy report

• To understand the MEA homomorphic encryption market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA homomorphic encryption market
• Efficiently plan M&A and partnership deals in MEA homomorphic encryption market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA homomorphic encryption market
• Obtain market revenue forecast for market by various segments from 2020-2027 in MEA region.

MEA Homomorphic Encryption Market Segmentation

MEA Homomorphic Encryption Market – By Type

• Partially
• Somewhat
• Fully

MEA Homomorphic Encryption Market - By

Application

• BFSI
• Healthcare
• Government
• Other

MEA Homomorphic Encryption Market - By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA   

MEA Homomorphic Encryption Market - Company Profiles

• Google LLC
• IBM Corporation
• Inpher, Inc.
• Microsoft Corporation
• Netskope, Inc.
• Thales Group