Secure Multiparty Computation (SMPC) Market by Offering (Solutions and Services), Deployment Mode (Cloud and On-premises), Vertical (BFSI, IT & ITeS, Government, Healthcare, and Retail & E-commerce) and Region - Global Forecast to 2029
[154 Pages Report] The global secure multiparty computation market size is projected to grow from USD 824 million in 2024 to USD 1,412 million by 2029 at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. Demand for private key security with SMPC and data privacy regulations compliance are driving significant growth in the SMPC market.
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Secure Multiparty Computation Market Dynamics
Driver: Demand for private key security with SMPC
SMPC breaks down private keys into shares, encrypts them, and distributes them across multiple parties and eliminates the risk of unauthorized access. These parties can then compute their portion of the key without ever revealing the full key or the encryption to each other. This decentralized approach of the key makes it more difficult for attackers to steal the private key. Even if an attacker hacks one party, they wouldn't have access to the entire key and would need to compromise multiple parties simultaneously, significantly increasing the difficulty of a successful attack. This enhanced security through distributed key storage allows secure online storage of digital assets, eliminating the need for tiresome cold storage solutions and enabling smoother transfers. Additionally, it also enables multiple individuals to access a wallet without the concern of any one of them acting maliciously and absconding with the digital assets it holds.
Restraint: increased computation time
Opportunity: Increased adoption of AI and ML
The growing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies presents a lucrative opportunity for the Secure Multiparty Computation (SMPC) market. With organizations increasingly relying on AI and ML algorithms to derive insights from vast datasets, safeguarding the privacy and security of sensitive information becomes essential. AI models can be trained on sensitive data from multiple parties without exposing the data itself. SMPC ensures that data remains encrypted during the training process, preserving privacy and confidentiality. These technologies can be beneficial in various industries like financial institutions can use AI and SMPC to integrate and analyze data from different sources securely. This helps in identifying fraud patterns and developing comprehensive risk mitigation strategies.
Challenge: Lack of skilled professionals in SMPC technology
SMPC involves complex cryptographic protocols and secure computation techniques, demanding specialized knowledge and expertise for effective implementation. However, there is a shortage in professionals possessing the required skillset and experience in SMPC technology, making it challenging for organizations to find qualified staff to develop, deploy, and manage SMPC solutions.
The lack of proficient professionals acts as a barrier for the adoption of SMPC across various industries and sectors. Without access to skilled talent, organizations may find it difficult to address the technical complexities associated with implementing SMPC solutions, resulting in delays in implementation and decreased innovation within the market.
Secure Multiparty Computation Market Ecosystem
By vertical, BFSI is expected to grow at the highest CAGR during the forecast period.
The activities of fraudsters are becoming increasingly sophisticated and pervasive. However, technological advancements are keeping pace to counter these threats. While greater collaboration among stakeholders is essential, it often poses significant challenges. This is where SMPC, a technology that preserves privacy, becomes crucial. SMPC enables companies and financial institutions to engage with targeted individuals without jeopardizing their confidential information, thereby fostering trust and paving the way for advanced solutions that provide peace of mind to all involved parties. In the realm of fraud detection and prevention, MPC allows the secure utilization of confidential data across banks, regulators, and jurisdictions. This ensures regulatory compliance and maintains competitive integrity, all while upholding individuals' privacy rights.
By deployment mode, cloud segment is expected to grow at the highest CAGR during the forecast period.
Leveraging the cloud for SMPC offers a compelling solution for data analysis in today's privacy-conscious world. With SMPC in the cloud, multiple parties can collaborate on tasks involving confidential data without any party ever seeing the raw information of others. This enables valuable data insights to be extracted from combined datasets across different organizations, such as healthcare institutions analyzing disease patterns or financial institutions jointly detecting fraud. Cloud-based SMPC fosters secure collaboration while adhering to data privacy regulations and keeping sensitive information within each party's control.
By region, North America accounts for the highest market size during the forecast period.
North America is expected to hold the largest market share in the SMPC market due to its heightened security concerns and technological advancements. With rising data security threats and incidents, there's a pressing need for sophisticated and integrated data security solutions, which SMPC addresses by offering a comprehensive approach. Additionally, the growing adoption of cloud computation in the region, with their scalability, affordability, and easier deployment, further contributes to the market growth. Moreover, collaborations between leading SMPC providers and technology partners have introduced innovative integrations, enhancing SMPC capabilities and making them more appealing to North American organizations. Furthermore, companies are focusing on advancing SMPC technology in critical sectors such as government, and healthcare, driving the adoption of secure computation solutions in the region. These factors collectively position North America at the forefront of SMPC market growth and adoption.
Key players
The key players in the SMPC market are Microsoft (US), IBM (US), Google (US), Fireblocks (US), Blockdaemon (US), Qredo (British Virgin Islands), Penta Security (South Korea), Zengo (Israel), Inpher (US), CYBAVO (Singapore), Liminal Custody (Singapore), Spatium (Singapore), Silence Laboratories (Singapore), Sharemind (Estonia), Atato (Singapore), Web3Auth (Singapore), Partisia Blockchain (Switzerland), Orochi Network (Singapore), Binance (Malta), Pyte (US), Roseman Labs (Netherlands), MPCVault (US), DuoKey (Switzerland), Linksight (Netherlands), HyperBC (Dubai), and others.
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Secure Multiparty Computation (SMPC) Market Highlights
This research report categorizes the Secure Multiparty Computation (SMPC) Market to forecast revenues and analyze trends in each of the following submarkets:
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Recent Developments
- In October 2022, an enterprise-ready privacy-enhanced data collaboration platform has been 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 on 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.
- In October 2022, Google Cloud launches Confidential Space to enhance joint data analysis and ML model training. Verifiable attestation provided by Confidential Space can assist in guaranteeing that all partners safely approve while never disclosing their secret signing keys to outside parties, such as the platform operator. An auditable signing procedure can involve dispersed collaborators that rely on multiparty computation (MPC).
- In February 2021, The pioneer in cryptographic key management and security solutions, Unbound Security, announced the opening of Unbound MPC Labs, a research project to enhance multiparty computation research (MPC) and its commercial applications.
Frequently Asked Questions (FAQ):
What are the opportunities in the global secure multiparty computation market?
The demand for private key security and increase data privacy regulation compliances fosters growth and opportunities for the SMPC market.
What is the definition of the secure multiparty computation market?
Secure Multi-Party Computation (SMPC) is a cryptographic technique that allows several parties to jointly perform a computation using their private inputs. SMPC allows several parties, each with their own confidential data, to jointly perform a computation in such a way that none of them disclose their private data or any other related confidential information.
Which region is expected to show the highest market share in the secure multiparty computation market?
North America is expected to account for the largest market share during the forecast period.
What are the major market players covered in the report?
Major vendors, namely, include Microsoft (US), IBM (US), Google (US), Fireblocks (US), Blockdaemon (US), Qredo (British Virgin Islands), Penta Security (South Korea), Zengo (Israel), Inpher (US), CYBAVO (Singapore), and Liminal Custody (Singapore).
What is the current size of the global secure multiparty computation market?
The global secure multiparty computation market size is projected to grow from USD 824 million in 2024 to USD 1,412 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. .
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The study involved major activities in estimating the current market size for the secure multiparty computation market. Exhaustive secondary research was done to collect information on the secure multiparty computation industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the secure multiparty computation market.
Secondary Research
The market for the companies offering secure multiparty computation solutions and services is arrived at by secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.
In the secondary research process, various secondary sources were referred to for identifying and collecting information related to the study. Secondary sources included annual reports, press releases, and investor presentations of secure multiparty computation vendors, forums, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry’s value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the secure multiparty computation market.
After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also conducted to identify the segmentation types, industry trends, competitive landscape of secure multiparty computation solutions offered by various market players, and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key player strategies.
In the complete market engineering process, the top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.
Following is the breakup of the primary study:
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Market Size Estimation
Top-down and bottom-up approaches were used to estimate and validate the size of the global secure multiparty computation market and estimate the size of various other dependent sub-segments in the overall secure multiparty computation market. The research methodology used to estimate the market size includes the following details: key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players, and extensive interviews were conducted for key insights from the industry leaders, such as CEOs, VPs, directors, and marketing executives.
All percentage splits and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added to detailed inputs and analysis from MarketsandMarkets.
Infographic Depicting Market Size Estimation Methodology - Approaches
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Data Triangulation
After arriving at the overall market size using the market size estimation processes explained above, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Secure Multi-Party Computation (SMPC) is a cryptographic technique that allows several parties to jointly perform a computation using their private inputs. SMPC allows several parties, each with their own confidential data, to jointly perform a computation in such a way that none of them disclose their private data or any other related confidential information.
Key Stakeholders
- Government agencies
- SMPC vendors
- Independent solution vendors
- Consulting firms
- System integrators
- Value-Added Resellers (VARs)
- Information Technology (IT) security agencies
- Managed Security Service Providers (MSSPs)
- Raw material/component suppliers
- Research organizations and consulting companies
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists and private equity firms
Report Objectives
- To define, describe, and forecast the secure multiparty computation market based on - offering, deployment mode, vertical, and region.
- To define, describe, and forecast the SMPC market by offering, deployment mode, vertical, and region
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To analyze the opportunities for stakeholders by identifying the high-growth segments of the SMPC market
- To forecast the market size of the segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), and Rest of World
- To analyze subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
- To profile the key players of the SMPC market and comprehensively analyze their market size and core competencies
- To track and analyze the competitive developments, such as product enhancements and new product launches, acquisitions, and partnerships and collaborations in the SMPC market globally
Customization Options
With the given market data, MarketsandMarkets offers customizations based on company-specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Secure Multiparty Computation (SMPC) Market