The Business Research Company’s report on the Secure Multiparty Computation Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the secure multiparty computation market in recent years?
The growing adoption of cloud computation is expected to propel the growth of the secure multiparty computation market going forward. Cloud computation refers to computer services, including servers, storage, databases, networking, software, and analytics, which are delivered via the internet. The growing adoption of cloud computation is driven by the need for improved data security and privacy, compliance with severe data protection rules, and an increasing demand for scalable and efficient data processing solutions. Secure multiparty computation enhances cloud computing by enabling multiple parties to jointly process data while preserving privacy, ensuring that sensitive information remains confidential and secure even in untrusted environments. For instance, in February 2024, according to Thales Cloud Security, a US-based cloud company, 71% of companies implemented a formal cryptographic program, with 50% applying an established cryptographic policy throughout their operations. 68% of companies utilize data encryption to protect sensitive data stored in the cloud, emphasizing the need for secure communications and data security. Therefore, the growing adoption of cloud computation will drive the growth of the secure multiparty computation market.
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What is the projected market size of the secure multiparty computation industry, and how is it expected to grow?
The secure multiparty computation market size has grown rapidly in recent years. It will grow from $0.92 billion in 2024 to $1.05 billion in 2025 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increasing adoption of privacy-preserving technologies in financial services, rise in data breaches, demand for secure computation methods, development of cryptographic protocols, implementation of stringent data protection regulations, and growth of secure cloud computing platforms.
The secure multiparty computation market size is expected to see rapid growth in the next few years. It will grow to $1.77 billion in 2029 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to growing demand for decentralized financial applications (DeFi), advancements in quantum-resistant cryptographic hardware, increasing use of SMPC in healthcare for secure patient data analytics, rising adoption of secure AI and machine learning models, and expansion of privacy laws in emerging economies driving SMPC adoption. Major trends in the forecast period include the integration of SMPC with blockchain for secure smart contracts, the use of secure hardware accelerators like GPUs and FPGAs for SMPC efficiency, the expansion of SMPC applications in IoT for secure data-sharing protocols, the growth of SMPC-enabled platforms in the digital advertising industry, and the development of user-friendly SMPC frameworks to lower adoption barriers.
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Who are the key players driving competition 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 key trends are expected to drive the seaweed extracts market during the forecast period?
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.
Which key geographies are driving the growth of 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.
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What are the key segments driving growth in the 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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How is the secure multiparty computation market defined?
Secure multiparty computation refers to a cryptographic mechanism that enables multiple users to collaboratively compute a function using their private inputs while keeping them confidential. This technique assures no individual party has access to the other’s data, guaranteeing privacy throughout the calculation process.
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