Secure Multiparty Computation Market Size Is Projected To Reach USD 1.72 Billion By 2030

 San Francisco, 18 Sep 2024: The Report Secure Multiparty Computation Market Size, Share & Trends Analysis Report By Offering (Solution, Services), By Vertical (Healthcare, Government), By Deployment, By Region, And Segment Forecasts, 2024 - 2030

The global secure multiparty computation market size is expected to reach USD 1.72 billion in 2023 and is projected to grow at a CAGR of 11.8% from 2024 to 2030. This expansion is driven by the increasing need for data privacy and security across industries, especially in sectors such as finance, healthcare, and government, where sensitive information is routinely handled. SMPC allows multiple parties to compute functions over their data while keeping it private collaboratively, making it an attractive solution for organizations aiming to protect confidential information while enabling collaborative data processing.

The rise of cyber threats, stringent regulatory frameworks, and the growing adoption of blockchain technology further fuel the demand for Secure Multiparty Computation (SMPC) solutions. In addition, advancements in cryptographic techniques and the increasing awareness of privacy-preserving technologies are contributing to the market’s rapid expansion.

 

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As businesses across the globe undergo digital transformation, the volume of data generated, shared, and processed is surging, heightening concerns around data breaches and unauthorized access. SMPC addresses these concerns by enabling secure data collaboration without exposing sensitive information, making it an essential tool in data-intensive industries. The rise of cloud computing and the Internet of Things (IoT) has further amplified the demand for secure data processing methods, as these technologies involve vast amounts of data exchange across multiple platforms.

Moreover, the regulatory landscape is becoming more stringent, with laws such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S. enforcing stricter data protection standards. Compliance with these regulations is driving organizations to adopt SMPC to ensure that they meet legal requirements while maintaining operational efficiency. The competitive landscape is also intensifying, with key players investing heavily in research and development to enhance the scalability and efficiency of SMPC solutions. This innovation, combined with increasing awareness of the benefits of privacy-preserving computation, is expected to sustain the market’s robust growth trajectory.

Recent Developments

• In July 2024, MPC Holding, Inc., a foremost provider of cryptographic storage solutions for securing enterprises' most exposed digital assets, joined the Canton Network. As a founding participant in the Canton Network's decentralized interoperability backbone, MPCH will actively contribute to the network's governance, operations, and the delivery of infrastructure and applications through its Global Synchronizer, which was launched today.
• In June 2024, Pyte, a secure computation platform for data-driven global enterprises, announced an additional USD 5 million in funding, bringing its total capital to over USD 12 million. The company's patented SMPC technology enables enterprises to securely utilize, collaborate on, and perform computations with sensitive data, ensuring both privacy and security.
• In August 2022, Acompanyannounced the open-source release of QuickMPC, a practical engine for SMPC as part of privacy-enhancing computation (PEC). QuickMPC allows for computations on personal data in basic static calculations and light machine learning while maintaining confidentiality. This release enables businesses and developers worldwide to use JavaScript (TypeScript) and Python client libraries to easily create SaaS products that incorporate SMPC functions without requiring specialized SMPC expertise.

Key Secure Multiparty Computation Company Insights

Key SMPC companies include IBM Corporation, Google LLC, Fireblocks, and Microsoft Companies active in the market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in May 2024, Worldcoin introduced a secure method for processing biometrics and other data, which it believes is robust enough for other companies to adopt to safeguard themselves and their customers. As part of this initiative, Worldcoin has announced the launch and open-sourcing of a novel SMPC system. According to a company release, this system is now open in a GitHub repository for any enterprise or organization to utilize and it is aiming to establish a new benchmark for biometric data protection.

Key Secure Multiparty Computation Companies:

The following are the leading companies in the secure multiparty computation market. These companies collectively hold the largest market share and dictate industry trends.

• Microsoft
• IBM Corporation
• Google LLC
• Fireblocks
• Blockdaemon
• Penta Security Inc.
• Qredo Services Ltd.
• Zengo Ltd.
• Inpher
• CYBAVO Pte. Ltd.

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

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