Guidelines and regulations around data governance are getting more and more stringent with every passing day. Yet, the need and importance of processing data, as well as extracting useful insights from this data cannot be ignored.
So, is there really a way around this, so that organizations in highly regulated industries can process data securely, while also meeting stringent regulatory compliances? Well, the answer to this issue comes in the form of confidential computing.
Confidential computing is the set of all the devices that will perform computations and other operations on sensitive data in hardware based trusted execution environments (TEE). This relatively new discipline is up for rapid growth in the near future.
According to the Confidential Computing Consortium, which is comprised of big tech names like Google, Red Hat, Microsoft, Intel, Huawei, Arm and Facebook, the size of the global confidential computing market could reach US $54 Billion by the year 2026.
This translates into a Compound Annual Growth Rate (CAGR) of over 90%, which is phenomenal. The Linux Foundation anticipates that confidential computing will exhibit a CAGR of over 40% till the year 2026, which is also a very encouraging projection.
Some of the top industries that will consume confidential computing are Banking, Public Sector, Healthcare and Finance etc. Each of these above industries has to contend with a lot of personally identifiable information and records, thus raising the stakes.
These trusted execution environments (TEE), a critical component of confidential computing, will prevent app level modifications, data tampering and unauthorized access. Confidential computing stands to deliver a very robust compliance posture.
The currently hostile cyber security environment is also necessitating the need for robust data management solutions like confidential computing. Down the line, some highly regulated industries might adopt this technology for their entire IT infrastructures.