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The global homomorphic encryption market is anticipated to grow at a CAGR of 8.3% during the forecast period. The prominent factor that drives the market growth includes the expansion of the banking and finance sector, growing demand for data privacy and security in end-user verticals, and the significant increase in research and development of encryption technologies. Homomorphic Encryption offers opportunities for those in audit and assurance to develop advanced analytics, machine learning (ML), and artificial intelligence (AI) technologies by enabling more options for data management. The global homomorphic encryption market is segmented based on its component, type, application, and end user.