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Secure Multiparty Computation (SMPC) Market Size is valued at USD 766.9 Mn in 2023 and is predicted to reach USD 1,642.8 Mn by the year 2031 at a 10.26% CAGR during the forecast period for 2024-2031.
The secure multiparty computation (SMPC) market revolves around technologies enabling multiple parties to compute a function collaboratively without revealing their private inputs. The growing demand for privacy-preserving computations in sectors like finance, healthcare, and government propels this market. SMPC solutions offer a way to balance data utility with privacy, addressing concerns in an era of increasing data breaches and privacy regulations.
However, the market faces challenges such as performance optimization, user adoption, and the need for standardized protocols. Hence the market factors globally are expected to boost the market expansion in the next coming years.
The COVID-19 pandemic accelerated the adoption of secure multiparty computation (SMPC) as remote work and digital collaboration surged, heightening the need for secure data sharing. Organizations sought robust solutions to protect sensitive information amid increased cyber threats and data breaches. However, the pandemic also strained budgets and delayed some technology investments, creating a mixed impact. While awareness and demand for SMPC grew, economic uncertainties and shifting priorities temporarily slowed market expansion. Overall, COVID-19 underscored the importance of advanced data security, positioning SMPC for significant future growth as part of resilient cybersecurity strategies.
Competitive Landscape
Some Major Key Players In The Secure Multiparty Computation (SMPC) Market:
- Microsoft
- IBM
- Fireblocks
- Blockdaemon
- Qredo
- Penta Security
- Zengo
- CYBAVO
- Liminal Custody
- Spatium
- Silence Laboratories
- Sharemind
- Atato
- Web3Auth
- Patricia Blockchain
- Orochi Network
- Binance
- Pyte
- Roseman Labs
- MPCVault
- DuoKey
- Linksight
- HyperBC
- Other Market Players
Market Segmentation:
The secure multiparty computation (SMPC) market is segmented on the basis of offering, deployment mode, and vertical. By Offering, this market is segmented into Solution, Services. The Deployment Mode segment consists of Cloud and On-Premises. As per the Vertical segment, the market is divided, Banking, Financial Services, and Insurance (BFSI), IT & ITeS, Government, Healthcare, Retail and eCommerce.
By Vertical, BFSI Is Expected To Grow At The Highest CAGR During The Forecast Period.
Fraudsters' operations are growing more advanced and widespread. Nevertheless, technological progress is continuously matching the speed of these dangers. Although it is crucial to have more cooperation among stakeholders, it frequently presents considerable difficulties. SMPC allows enterprises and financial institutions to interact with specific persons without compromising their sensitive information, thus building confidence and facilitating the implementation of sophisticated solutions that offer reassurance to all parties concerned.
By Deployment Mode, Cloud Segment Is Estimated To Grow Rapidly During The Forecast Period.
Utilizing cloud computing for secure multi-party computation (SMPC) provides an appealing resolution for data analysis in the present day where privacy is a significant concern. By utilizing Secure Multi-Party Computation (SMPC) in the cloud, numerous entities can engage in collaborative operations that involve sensitive data, while ensuring that no participant has access to the unprocessed information of others. This allows for the extraction of useful data insights from merged datasets across several companies, such as healthcare institutions studying illness patterns or banking institutions together identifying fraud. Cloud-based Secure Multi-Party Computation (SMPC) enables secure cooperation by ensuring compliance with data privacy standards and maintaining control over sensitive information for each party involved.
In The Region, The Asia-Pacific Secure Multiparty Computation (SMPC) Market Holds Significant Revenue.
The APAC (Asia Pacific) geographical region is growing at the fastest rate in the SMPC market due to several key factors driving the demand for secure computation. Rapid economic growth and technological advancements, particularly in blockchain technology and digital wallets, necessitate efficient computation of data, prompting the adoption of SMPC. Asia Pacific’s diverse and interconnected markets require secure methods for cross-border data collaboration. SMPC facilitates secure data sharing and joint computations between organizations in different countries, supporting regional economic integration. These factors collectively contribute to the rapid growth of the SMPC market in the Asia Pacific region, positioning it as a frontrunner in the adoption of integrated security solutions.
Recent Developments:
- In Apr 2024, Fireblocks added two new security features to its DeFi suite: dApp Protection and Transaction Simulation. Given the remarkable expansion of the DeFi industry, it has become increasingly crucial to implement proactive security measures. Fireblocks introduced new security enhancements in response to attackers leveraging the technical and opaque properties of DeFi. These features enhance the capabilities of institutional firms by offering real-time identification of threats, providing clear understanding of contract calls, and implementing preventive actions against hostile activity.
- In Oct 2022, an enterprise-ready privacy-enhanced data collaboration platform was released by Duality Technologies, the industry leader in secure data collaboration for businesses. It allows businesses to exchange and collaboratively analyze sensitive data while maintaining privacy and regulatory compliance. To calculate data without revealing it, Duality easily interacts with OpenFHE, the top open-source fully homomorphic encryption library. These consist of differential privacy, federated learning, multiparty computation, completely homomorphic encryption, and more.
Secure Multiparty Computation (SMPC) Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 766.9 Mn |
|
Revenue Forecast In 2031 |
USD 1,642.8 Mn |
|
Growth Rate CAGR |
CAGR of 10.26% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Offering, Deployment Mode, And Vertical |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Microsoft, IBM, Google, Fireblocks, Blockdaemon, Qredo, Penta Security, Zengo, CYBAVO, Liminal Custody, Spatium, Silence Laboratories, Sharemind, Atato, Web3Auth, Patricia Blockchain, Orochi Network, Binance, Pyte, Roseman Labs, MPCVault, DuoKey, Linksight, HyperBC. and Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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