Global data privacy creating multi-billion business

Author Moonshot.news

Published on: 30/09/2021

Worldwide privacy-driven spending on data protection and compliance technology will exceed $15 billion annually by 2024, research and marketing firm Gartner says in a forecast.

Organizations are moving to secure personal data, and governments are implementing strict legislation to enforce it. Gartner predicts that by the end of 2023, more than 80% of companies worldwide will be facing at least one privacy-focused data protection regulation.

“Proactive and mature organizations are moving away from reactive compliance towards proactive privacy by design. When they do, they start to invest in innovations such as homomorphic encryption, a set of algorithms that enable computation on encrypted data; and differential privacy, a system for using or sharing a dataset while withholding or distorting certain information about individual records in it.”

Gartner expects cloud access security brokers (CASBs) and dynamic data masking to reach widescale adoption within the next two years.

New innovations added to a Hype Cycle for Privacy according to Gartner:

• Influence engineering, the production of algorithms designed to automate elements of digital experience that guide user choices at scale by learning and applying techniques of behavioural science. Though still largely theoretical, breakthroughs in areas such as emotion detection and language generation show clear potential to automate influential aspects of communication.
• Federated machine learning (ML), (re)training ML algorithms in a decentralized environment without disclosing sensitive information.
• Sovereign cloud, the provision of cloud services within a single geography meeting data residency and other legislative requirements.