The Privacy Enhancing Technologies Market was valued at approximately USD 2.45 billion in 2023 and is expected to grow at a substantial CAGR of around 25% during the forecast period (2024-2032),
With the increased focus on privacy in today’s society especially in the era of the Fourth Industrial Revolution, PETs are being developed and adopted at an increased rate. Homomorphic encryption, ZKP, secure MPC, and differential privacy are some of these technologies that are gradually crucial for businesses to have secure data processing and legally acceptable data processing by the various stringent data protection laws across the world. Going by these future trends, governments are putting in place strict measures on the use of personal data, containing and fighting cyber threats together with ethically using AI in organizations are calling into forcing organizations to factor the use of PETs into their security standards. This paper aims to identify and discuss some of the major legal systems affecting the PETs market and their effects on related industries and companies around the world.
PET Trends in Europe
The European Union – General Data Protection Regulation (GDPR)
The GDPR which was adopted in 2018 is one of the most stringent global legislation protecting the privacy of personal data. GDPR demands the user’s consent, proper data encryption, and erasure rights that force organizations to leverage PETs to work with sensitive data safely.
Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/privacy-enhancing-technologies-market?popup=report-enquiry
United States – CCPA, CPRA & Federal Regulations
It is legal due to the rules triggered by the California Consumer Privacy Act (CCPA) since 2020 with the further advancement of the California Privacy Rights Act (CPRA) in 2023. These laws offer consumers additional powers of data access, deletion, and the right to opt-out as far as their records are concerned.
At the federal level, one of the institutes that have focused on the development of privacy-preserving cryptography is the National Institute of Standards and Technology (NIST). Also, there are proposed legislations such as the American Data Privacy and Protection Act (ADPPA) which is an effort to ensure that other federal laws are put in place and in sync with the international initiatives that support PET adoption.
Japan – Act on the Protection of Personal Information (APPI)
The Personal Information Protection Commission Secretariat (PIPCS) of Japan has released a report to assist accredited organizations in setting policies and standards while handling and creating anonymously processed data.
Japan’s Act on the Protection of Personal Information or APPI has undergone an amendment in 2022 that broadens the users’ rights and tightens the breach notification rules. The legislation enables the free flow of data across national borders but at the same time challenges organizations to ensure they use PETs in handling data securely. To address APPI and gain consumers’ trust, companies in Japan are implementing privacy-preserving AI and blockchain-based security models.
Click here to view the Report Description & TOC: https://univdatos.com/reports/privacy-enhancing-technologies-market
Conclusion
With the growing legalization of data privacy all over the world, Privacy Enhancing Technologies or PETs are now considered indispensable to business organizations that deal with the data of consumers. Regulations require that organizations that gather this information should follow regional and international data protection laws; organizations must embrace a privacy-first approach and adopt cryptographic technologies. In the future, more changes in the regulations will affect the PETs market and help boost development in the proven AI privacy-preserving technology, confidential computing technology, and secure data-sharing infrastructure. The firms that adopt PETs will not only be on the right side of the law but also the right side of the firm, there is a shift to the privacy-first economy. According to the UnivDatos, rising data privacy regulations, growing cybersecurity threats, expansion of AI & machine learning, increasing demand for secure data sharing, growth in cloud computing & edge computing, adoption of homomorphic encryption & secure computation, surging investment in fintech & healthcare drive the privacy enhancing technologies market.
Contact Us:
UnivDatos
Email: contact@univdatos.com
Contact no: +1 978 7330253
Website: www.univdatos.com
