Secure Multiparty Computation (SMPC) Market

Secure Multiparty Computation Market Size, Share and Drivers

The secure multiparty computation (SMPC) market size is expected to rise at a Compound Annual Growth Rate (CAGR) of 11.4%, from USD 824 million in 2024 to USD 1,412 billion by 2029. The expansion of secure multiparty computation is propelled by the demand for private key security with SMPC and increased data privacy regulations compliance.

The Secure Multiparty Computation Market is poised for substantial growth in the coming years, driven by several key factors:

  • Increasing Data Privacy Concerns
  • Stringent Regulatory Requirements
  • Advancements in Cryptographic Techniques
  • Adoption in Financial Services
  • Growth in Collaborative Machine Learning and AI

These growth factors collectively indicate a strong upward trajectory for the SMPC market, driven by the need for enhanced data privacy, regulatory compliance, and secure collaborative computation across multiple sectors.

To know about the assumptions considered for the study download the pdf brochure

Increasing Data Privacy Concerns:

  • Growing awareness and concern about data privacy among consumers and businesses are driving the adoption of SMPC. As organizations seek to protect sensitive information while performing computations, SMPC offers a viable solution.

Stringent Regulatory Requirements:

  • Regulations such as GDPR in Europe, CCPA in California, and other data protection laws worldwide mandate stringent data privacy and security measures. SMPC helps organizations comply with these regulations by enabling secure data processing and sharing.

Advancements in Cryptographic Techniques:

  • Continuous improvements in cryptographic algorithms and protocols are making SMPC more efficient and practical. Enhanced performance and reduced computational overhead are contributing to its broader adoption.

Adoption in Financial Services:

  • The financial sector's need for secure data sharing and analysis, particularly for applications like fraud detection, secure multi-party transactions, and confidential data aggregation, is a significant growth driver for the SMPC market.

Growth in Collaborative Machine Learning and AI:

  • The rise of collaborative machine learning and AI, where multiple entities want to train models on combined data without compromising privacy, is boosting the demand for SMPC. This is particularly relevant in industries like healthcare and finance.

Secure Multiparty Computation Market Share - Global Industry Landscape

The Secure Multiparty Computation market is characterized by the presence of several key players competing for market share. Some of the leading companies in the Secure Multiparty Computation industry include:

  • Microsoft (US)
  • Google (US)
  • Penta Security (South Korea)
  • Zengo (Israel)
  • CYBAVO (Singapore)

These companies are leveraging SMPC to enhance data privacy, security, and regulatory compliance across various applications, driving the growth and adoption of SMPC technologies globally.

Microsoft (US)

Market Share: Microsoft holds a significant market share in the SMPC market due to its extensive reach and established presence in the tech industry. Its market share is bolstered by its comprehensive suite of cloud services and enterprise solutions.

Key Offerings:

  • Microsoft Azure Confidential Computing: A platform that ensures data security and privacy in the cloud, enabling secure multi-party computations.
  • Azure Machine Learning: Provides capabilities for secure collaborative machine learning leveraging SMPC techniques.
  • Enterprise Security Solutions: Integration of SMPC into broader security frameworks for enterprise applications.

Google (US)

Market Share: Google also commands a significant share in the SMPC market, driven by its advanced research in cryptography and data privacy, as well as its cloud computing services.

Key Offerings:

  • Google Cloud Confidential Computing: Secure computing environments that protect data during processing, supporting SMPC operations.
  • TensorFlow Privacy: An extension of TensorFlow for privacy-preserving machine learning, incorporating SMPC protocols.
  • Project Strobe: A comprehensive data protection initiative that includes SMPC components for secure data analysis and sharing.

Penta Security (South Korea)

Market Share: Penta Security has a niche but growing presence in the SMPC market, particularly in the Asia-Pacific region, focusing on data security solutions.

Key Offerings:

  • MyDiamo: A database encryption solution that supports secure computations on encrypted data.
  • WAPPLES: A web application firewall that integrates SMPC for secure data handling.
  • DSG: Data Security Gateway, incorporating SMPC techniques for secure data transfer and processing.

Zengo (Israel)

Market Share: Zengo is emerging in the SMPC market with a focus on blockchain and cryptocurrency applications, offering innovative secure wallet solutions.

Key Offerings:

  • Zengo Wallet: A keyless cryptocurrency wallet that uses advanced SMPC to manage and secure cryptographic keys.
  • Secure Multiparty Computation Framework: Underlying technology for secure key management and transaction authorization.

CYBAVO (Singapore)

Market Share: CYBAVO is making strides in the SMPC market within the APAC region, emphasizing secure digital asset management.

Key Offerings:

  • CYBAVO VAULT: A digital asset custody solution that employs SMPC to protect private keys and enable secure transactions.
  • CYBAVO Wallet SDK: Software development kit for integrating secure wallet functionalities using SMPC.
  • CYBAVO Enterprise Wallet: An enterprise-grade digital asset management platform that leverages SMPC for enhanced security.

Related Reports:

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

Secure Multiparty Computation (SMPC) Market Size,  Share & Growth Report
Report Code
TC 9038
RI Published ON
6/7/2024
Choose License Type
BUY NOW
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
GET A FREE SAMPLE

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

SEND ME A FREE SAMPLE
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status