The Europe Secure Multiparty Computation (SMPC) Market would witness market growth of 10.8% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Secure Multiparty Computation (SMPC) Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $113 million by 2031. The UK market is exhibiting a CAGR of 9.9% during (2024 - 2031). Additionally, The France market would experience a CAGR of 11.7% during (2024 - 2031).
The proliferation of data in the digital age has been accompanied by an equally significant increase in data breaches and cyber threats. Increasingly, organizations in a variety of sectors, such as finance, healthcare, and government, acknowledge the necessity of safeguarding their data during processing, in transit, and at rest.
Moreover, Traditional encryption methods have effectively safeguarded data when it is stored or transmitted, but they fall short when data needs to be actively used in computations. This gap in data security is where SMPC demonstrates its unparalleled value.
The Europe segment is a significant contributor to the market, driven by the region's stringent data protection regulations and a strong emphasis on privacy. The General Data Protection Regulation (GDPR), enacted in May 2018, is considered one of the most comprehensive data privacy laws. Non-compliance with GDPR can result in substantial fines of up to €20 million or 4% of the annual turnover, whichever is higher.
Free Valuable Insights: The Global Secure Multiparty Computation (SMPC) Market will Hit USD 1.7 Billion by 2031, at a CAGR of 11%
Based on Offering, the market is segmented into Solution, and Services. Based on Deployment Mode, the market is segmented into Cloud, and On-Premises. Based on Vertical, the market is segmented into BFSI, IT & ITeS, Government, Retail & eCommerce, Healthcare, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Offering
By Deployment Mode
By Vertical
By Country
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