According to a new report, published by KBV research, The Global Secure Multiparty Computation (SMPC) Market size is expected to reach $1.7 billion by 2031, rising at a market growth of 11.0% CAGR during the forecast period.
The Services segment is anticipating a CAGR of 12.4% during (2024 - 2031). Organizations require expert consulting, implementation, and training services to navigate the intricacies of SMPC deployment and integration. The demand for professional guidance is heightened by the advanced cryptographic principles underlying SMPC, necessitating specialized knowledge for effective setup and maintenance.
The Cloud market is leading the Global Secure Multiparty Computation (SMPC) Market by Deployment Mode in 2023; thereby, achieving a market value of $1.2 billion by 2031. The global shift towards remote work and digital transformation, accelerated by the COVID-19 pandemic, has increased the demand for cloud-based solutions, including SMPC, facilitating secure data processing and collaboration across dispersed teams. Additionally, cloud platform integration capabilities, advanced security features, and compliance certifications offered by cloud providers make cloud-based SMPC solutions an attractive and practical choice for modern enterprises.
The BESI market would register a CAGR of 10.1% during (2024 - 2031). The stringent regulatory environment, coupled with the increasing sophistication of cyber threats, has driven the BFSI sector to adopt advanced security technologies like SMPC. By enabling secure data processing and collaborative computations without exposing underlying data, SMPC helps BFSI organizations enhance fraud detection, risk assessment, and customer data protection.
Full Report: https://www.kbvresearch.com/secure-multiparty-computation-market/
The North America region dominated the Global Secure Multiparty Computation (SMPC) Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $617.3 million by 2031. The Europe region is exhibiting a CAGR of 10.8% during (2024 - 2031). Additionally, The Asia Pacific region would experience a CAGR of 11.9% during (2024 - 2031).
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