PUBLISHER: Grand View Research | PRODUCT CODE: 1574888
PUBLISHER: Grand View Research | PRODUCT CODE: 1574888
The global privacy enhancing technologies market size was valued at USD 2.60 billion in 2023 and is anticipated to grow at a CAGR of 25.3% from 2024 to 2030. The growth can be attributed to the increasing demand for data protection and compliance with stringent regulations such as GDPR and CCPA, pushing organizations to adopt Privacy Enhancing Technologies (PET) solutions that ensure secure data usage while maintaining privacy. Additionally, the rise of digital transformation, along with growing concerns over cybersecurity threats and data breaches, has heightened the need for advanced privacy-preserving techniques such as homomorphic encryption and differential privacy to protect sensitive information without compromising functionality.
The market is also driven by the expanding use of big data and artificial intelligence (AI) in industries such as finance, healthcare, and marketing. As these sectors rely heavily on large-scale data analytics to deliver personalized services and improve decision-making, there is an increasing need to process sensitive data without compromising privacy. PET solutions, such as secure multi-party computation and federated learning, are emerging as essential tools for enabling companies to perform advanced data analytics while adhering to privacy regulations and minimizing the risk of data breaches.
Moreover, the growing adoption of cloud computing and the rise of the Internet of Things (IoT) are contributing significantly to the demand for PET solutions. With vast amounts of data being generated and stored on cloud platforms and IoT devices, concerns over data ownership, confidentiality, and unauthorized access have become more prominent. Privacy-enhancing technologies like encryption, anonymization, and tokenization are crucial in ensuring that data remains secure and private across distributed networks, enabling organizations to leverage the benefits of cloud and IoT while addressing privacy challenges. The 2024 IBM Cost of a Data Breach Report shows that the global average data breach cost has reached USD 4.88 million, representing a 10% increase from the previous year. This significant rise underscores the increasing financial challenges businesses face from cyberattacks. Factors such as the growing complexity of threats, understaffed security teams, and the widespread use of AI by cybercriminals contribute to this surge in costs.
In addition, increasing consumer awareness about data privacy is exerting pressure on companies to prioritize privacy measures in their digital services and products. Consumers are becoming more selective about how their personal information is shared and managed, prompting businesses to invest in PET solutions that can enhance trust, foster customer loyalty, and offer a competitive edge in privacy-conscious markets. This heightened focus on privacy protection is influencing market trends and driving growth in the PET sector.
Global Privacy Enhancing Technologies Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global privacy enhancing technologies market report based on component, type, application, end-use, and region: