PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364684
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364684
Healthcare Confidential Computing Market size was valued at USD 1,508.9 Million in 2022, expanding at a CAGR of 58.9% from 2023 to 2030.
A technique called confidential computing aids in data encryption and storage for both a business and a person, protecting their sensitive data. Furthermore, it is receiving a ton of support from cloud, software, and hardware companies. In addition, confidential computing ensures data security and confidentiality in a variety of computing contexts, enabling businesses to safely process sensitive data, abide by rules, and positively impact cloud computing operations.
Global developments in private computing will be influenced by the growing need to comply with legislation like the General Data Protection Regulation and the California Consumer Privacy Act. In addition, confidential computing provides a secure environment and safeguards end-users sensitive information, which can assist businesses and end-users in protecting data privacy and adhering to legal requirements. This element will accelerate the growth of the worldwide market. According to reports, private computing gives businesses a safe environment in which to store their sensitive data, helping them to comply with HIPAA. Strict compliance guidelines for a variety of sectors, including government, healthcare, and finance, will direct the growth of the global market in the future years. Every firm has benefited from new releases, and the confidential computer industry is one of them. As an example, Microsoft Corporation announced the growth of its classified VM family in the first half of 2023 by releasing the ECesv5-series and DCesv5-series. Such actions will accelerate the growth of the worldwide market.
The Global Healthcare Confidential Computing Market is segmented based on component, deployment, organization size, application, and Region.
Based on deployment, the market is bifurcated into cloud and on-premises. The cloud segment is expected to grow at the fastest rate over the forecast period. Healthcare businesses may process sensitive patient data in safe enclaves due to confidential computing technology, which guarantees that data is protected and secure even when handled in cloud settings. By doing this, data breaches and unwanted access are prevented. Additionally, severe data privacy laws like HIPAA in the US and GDPR in the EU apply to healthcare providers. By ensuring that patient data is safeguarded throughout its lifespan, cloud-based confidential computing solutions assist enterprises in adhering to these standards. Thereby, driving the segment growth.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period. The market growth in the region is attributed to the presence of major market players such as Google, IBM and others. These players continuously launch their innovative products in the market, which is expected to propel the industry growth in the region. For instance, in April 2023, Intel Trust Domain Extensions (Intel TDX), Intel's new Confidential Computing technology, may have security flaws, thus Google and Intel worked together on a new research initiative to find them. Intel TDX enables the entire VM to compute models without requiring any code modifications, in addition to a larger feature set. Therefore, this is expected to boost the market growth in the region.
Leading companies in the worldwide Healthcare Confidential Computing market are stepping up their R&D efforts to diversify their product offerings. Additionally, these market participants use strategic alliances and partnerships that promote growth. The key players operating in the market include Google LLC, Amazon Web Services Inc., Fortanix, Ovh SAS, Advanced Micro Devices Inc., Intel Corporation, Microsoft Corporation, International Business Machines Corporation, Alibaba Cloud and Cyxtera Technologies Inc. among others.
In June 2023, the industry's first high-performance solution that supports highly scalable searches in encrypted databases with sensitive data was released by Fortanix, the innovative multi-cloud data security company and the pioneer of confidential computing. This solution does not compromise data security or privacy laws.
The scope of this report covers the market by its major segments, which include as follows: