What Has Been the Progress and Growth of the Secure Multiparty Computation Market in Recent Years?
The secure multiparty computation market has seen considerable growth due to a variety of factors.
• In recent years, we've witnessed swift growth in the market size of secure multiparty computation. The market is predicted to expand from a $0.92 billion valuation in 2024 to one of $1.05 billion in 2025, propelled by a compound annual growth rate (CAGR) of 14.3%.
Factors contributing to this growth during the historical period include the rising adoption of privacy-maintaining technologies in finance, a surge in the incidence of data breaches, a greater demand for secure computation techniques, the creation of cryptographic protocols, the establishment of strict data protection regulations, and the development of secure cloud computing platforms.
How Does the Forecast Look for the Secure Multiparty Computation Market?
The secure multiparty computation market is expected to maintain its strong growth trajectory in upcoming years.
• In the next few years, the secure multiparty computation market, currently valued at $1.77 billion in 2029, is projected to experience swift expansion at a compound annual growth rate (CAGR) of 13.9%.
This upswing during the prediction period can be credited to a surging demand for decentralized financial applications (DeFi), advancements in quantum-resistant cryptographic hardware, growing utilization of SMPC within the healthcare sector for secure patient data analytics, a considerable increase in secure AI and machine learning models adoption, and widened privacy regulations in developing economies boosting SMPC adoption. The forecast period may witness significant trends such as the amalgamation of SMPC with blockchain to ensure secure smart contracts, the application of secure hardware accelerators like GPUs and FPGAs to augment SMPC efficiency, the broadening of SMPC applications in IoT for secure data-sharing policies, the proliferation of SMPC-enabled platforms in the digital advertisement sector, and the creation of intuitive SMPC frameworks to reduce adoption hindrances.
What Are The Leading Drivers Of Growth In The Secure Multiparty Computation Market?
The increasing utilization of cloud computing is slated to drive the expansion of the secure multiparty computation market in the future. Cloud computing involves a range of computer services, from servers and storage to databases, networking, software, and analytics, all delivered over the internet. The rise in cloud computing is fueled by the necessity for enhanced data security and privacy, adherence to strict data protection regulations, and a growing demand for scalable and efficient data processing methods. Secure multiparty computation augments cloud computing by allowing multiple entities to jointly process data while maintaining privacy. This ensures that confidential and sensitive information stays safe, even in not-so-trustworthy environments. As evidence of this, in February 2024, Thales Cloud Security, a US cloud company, reported that 71% of businesses adopted a formal cryptographic program, with 50% applying a uniform cryptographic policy across all their operations. Furthermore, 68% of businesses use data encryption to safeguard sensitive data stored in the cloud, underscoring the need for secure communications and data security. Thus, the increasing reliance on cloud computing will serve as a catalyst for the expansion of the secure multiparty computation market.
How Are The Segments Defined Within The Global Secure Multiparty Computation Market?
The secure multiparty computation market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment: Cloud, On-premises
3) By Vertical: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Information Technology Enabled Services (ITES), Government, Healthcare, Retail And Ecommerce, Other Verticals
Subsegments:
1) By Solutions: Privacy-Preserving Data Analytics, Secure Data Sharing Platforms, Cryptographic Protocol Implementations
2) By Services: Consulting Services, Integration And Deployment Services, Support And Maintenance Services
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What Trends Are Reshaping The Future Of The Secure Multiparty Computation Market?
Major companies operating in the secure multiparty computation market are focusing on developing innovative solutions, such as open-source innovations, to establish a new standard for data protection, including biometric data security. Open-source innovations help secure multiparty computation (SMPC) by providing accessible, transparent cryptographic protocols and frameworks that enable collaboration, enhance security, and allow organizations to customize and deploy privacy-preserving solutions tailored to their specific needs. For instance, in May 2024, The Worldcoin Foundation, a US-based cryptocurrency company, launched its open-source secure multiparty computation to help companies strengthen their biometric data security protections. It establishes a standard for biometric data security by utilizing advanced cryptographic techniques to ensure privacy and compliance. By making this technology available to companies worldwide, the Foundation hopes to boost trust in digital identity systems and promote responsible data management practices across various sectors.
Who Are the Key Players In The Secure Multiparty Computation Market?
Major companies operating in the secure multiparty computation market are:
• Google LLC
• Microsoft Corporation
• International Business Machines Corporation
• Binance Holdings Ltd.
• Sharemind
• Fireblocks
• Blockdaemon Inc.
• Qredo Ltd.
• Penta Security Inc.
• HyperBC
• Zengo
• Inpher Inc.
• Roseman Labs
• Cybavo Pte. Ltd.
• Atato
• Partisia Blockchain
• Orochi Network
• Pyte
• DuoKey SA
• Web3Auth
• MPCVault
• Linksight
• Silence Laboratories
• Liminal Custody
What Is The Most Dominant Region In The Secure Multiparty Computation Market?
North America was the largest region in the secure multiparty computation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the secure multiparty computation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
