According to a new report by UnivDatos, the Privacy Enhancing Technologies Market is expected to reach USD Billion in 2032 by growing at a CAGR of 25%.

Key Highlights of the Report:

Ø Growing regulators and cybersecurity demand – The law like GDPR, CCPA, and PIPL with a rapidly growing number of cyber threats augmenting PET usage across the world.

Ø Introducing New Technologies for AI & Confidential Computing – Companies are using federated learning, secure enclaves, and differential privacy to develop privacy-preserving AI as well as secure cloud processing.

Ø Market Expansion in BFSI & Healthcare – As the banking and health sectors expand globally, the demand for privacy-preserving technologies is rising on the digital markets that are aimed at improving financial services reliability and security as well as personal health data processing.

The demand for PETs is increasing in today’s world because of increasing data risks and mandatory rules and regulations to protect and handle data security. These techniques include homomorphic encryption, SMPC (Secure Multi-Party Computation), and differential privacy to address this problem of safe use of data in a business environment. It is further supported by the increasing trend towards AI for analytics and privacy-conscious digital advertisement resulting in the need for privacy-preserving computation.

For example, in July 2022, Duality Technologies, the leader in privacy-preserving data collaboration announced the launch of their highly advanced open-source fully homomorphic encryption (FHE) library in cooperation with a who’s who in cryptography. Intel, Samsung, the University of California - San Diego, and MIT join Duality in bringing to market this significant milestone in FHE.

Segments that transform the industry

·      Cryptographic technologies held a significant share of the market in 2023. The PET market expands due to being supported by cryptographic technologies for computation, encryption, and zero-knowledge proofs of privacy. To conduct computations on encrypted data while preserving the privacy of the said data, there is homomorphic encryption while securing MPC. Blockchain adoption is growing exponentially in blockchain, healthcare, and finance industries because of the importance of confidentiality in regulation. On October 13, 2022, Vaultree announced the release of its Data-in-Use Encryption for Google’s AlloyDB. As a launch partner with Google’s AlloyDB, the offering pairs the world's first fully functional Encryption-in-use solution powered by Vaultree with Google’s AlloyDB for PostgreSQL. Users will now be able to trial running Vaultree’s fully homomorphic and searchable encryption technology in the cloud, representing a breakthrough in encryption standards to enable next-generation encryption and data protection.

Access sample report (including graphs, charts, and figures) - https://univdatos.com/reports/privacy-enhancing-technologies-market?popup=report-enquiry

According to the report, the impact of Privacy Enhancing Technologies has been identified to be high for the Asia-Pacific area. Some of how this impact has been felt include:

Asia-Pacific is expected to grow with a significant CAGR during the forecast period (2024-2032). The Asia-Pacific market for PET technology is growing rapidly because data protection legislation keeps rising across regions particularly in China through the Personal Information Protection Law (PIPL)and India through the Digital Personal Data Protection (DPDP) Act. The demand for PETs in the finance and telecom sectors has grown because of privacy-oriented AI and digital banking solutions. Business organizations are expanding their investments toward blockchain-based identity solutions as well as secure AI training systems to boost data privacy. Public entities along with businesses implement secure multi-party computation (MPC) together with confidential computing solutions to safeguard their sensitive information.

DPDPA 2023:

·      India enacted the DPDPA in August 2023, which heralded a new era for Data Principals to be in control of what data is being collected and processed by entities. The SPDI Rules are set to be replaced by the DPDPA, which expands the scope of regulating data processing activities.

·      To elaborate, while the SPDI Rules’ scope is limited to governing sensitive personal data, the DPDPA governs the processing of all kinds of personal data. Further, the SPDI Rules were critiqued for being a well-intentioned yet toothless regulation, as they lacked a robust enforcement mechanism. On the other hand, violating DPDPA compliance requirements attracts hefty penalties.

Japan:

·      The Personal Information Protection Commission Secretariat (PIPCS) of Japan has released a report to assist accredited organisations in setting policies and standards while handling and creating anonymously processed data. In terms of sectoral guidance, the Bank of Japan’s 2023 report explores the benefits of utilising PETs in digital currencies.

·      The report proposes PETs including k-anonymity, Differential Privacy and Trusted Execution Environment (TEE) for securing digital payments. It also suggests using homomorphic encryption in combination with secret computation to add layers of safeguards while handling bank customers’ data.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2024−2032.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis By Component, By Typology, By Application, By End User, By Region/Country

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Contact Us:

UnivDatos

Email - contact@univdatos.com

Website - www.univdatos.com