Global Demand for Privacy Enhancing Technology is expected to Grow: FMI Predicts Market to reach US$ 25.8 billion by 2033

The privacy enhancing technology market is estimated to be worth US$ 2.4 billion in 2023 and US$ 25.8 billion by 2033. Over the projection period, sales of privacy-enhancing technology are expected to increase at a CAGR of 26.6%. A wide variety of unprecedented insights can be gained through the use of artificial intelligence and machine learning as personal data processing increases exponentially.

Individuals can be less identifiable with PETs which reduces data collection and minimization. A PET focuses on hiding and shielding data so that it can be accessed with a greater level of security. Data minimization and stronger security principles can both be met with PETs that split or limit access to personal information.

Data science and privacy engineering communities have devoted considerable attention to the PET space in the past years as it has exhibited rapid growth. Data minimization and data security are enhanced features of PETs, which are also getting the attention of government officials and legislators because of data minimization and data security.

In EUROPA, ENISA has identified several emerging pseudonymization techniques as new developments in information security. These techniques include MPC and zero-knowledge proofs. A supplementary technical measure for international personal data transfers has also been recognized by the European Data Protection Board. Research conducted by the Joint Research Centre of the European Commission has highlighted the benefits of synthetic data.

Key Takeaways from the Privacy Enhancing Technology Market:

• FMI research indicates the United States will account for almost 75.60 % of the global market in 2033, making it a significant player in the market.
• Among the leading players in the privacy enhancing technology market, South Korea holds a market share of 11.40% in 2023.
• According to estimates, China’s privacy-enhancing technology sector will hold a 42.30% market share in 2023.
• Over the projection period, Japan’s privacy-enhancing technology sector is predicted to grow at a CAGR of 26.5%.
• Cryptographic techniques are predicted to dominate the privacy enhancing technology industry, accounting for nearly 26.1% CAGR of the market by 2033.
• In the privacy enhancing technology industry, the software segment is forecast to dominate with a CAGR of roughly 26.4% by 2023.

How Key Players are Transforming the Manufacturing of Privacy Enhancing Technology?

The privacy enhancing technology industry faces fierce competition from a large number of global companies. Market leaders include

• IBM
• Microsoft
• Oracle
• SAP
• SAS Institute
• Thales eSecurity
• CipherTrust
• Socure
• TrustArc
• Veracod

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Businesses that strive to maintain market position focus on:

• Producing products that are innovative and distinctive.
• Geographically expanding their operations.
• Collaboration and strategic alliance formation.

Research and development projects are also funded by industry participants to improve their offerings and gain an edge over their competitors.

There are several challenges faced by the players in the industry, including rising raw material costs, the growing competitive environment, and a lack of awareness about the benefits of privacy enhancing technology.

Business organizations are developing privacy enhancing technology that is relatively inexpensive and effective while raising consumer awareness through marketing campaigns.

Increasing demand for AI and innovative technologies presents a tremendous opportunity for market growth. A growing need for efficient PET systems is also expected to boost sales due to increased government efforts to promote privacy enhancing technology. Privacy enhancing technology and the entry of new players into the market are also expected to boost the market growth.

Recent Developments

• In June 2023, The BIS Innovation Hub reported that key technologies can be used to detect money laundering networks more effectively. A behavioral-based approach is superior to the prevailing rules-based approach when it comes to identifying money laundering schemes through payment data, privacy-enhancing technologies, and artificial intelligence (AI).
• In June 2023, Hexa-X, Europe’s 6G flagship research project, will reach its conclusion after running since January 2021. Research efforts at Hexa-X have been guided by the vision and aspirations mentioned at the start, laying the groundwork for 6G development.