“Global Secure Multiparty Computation (SMPC) Market to reach a market value of USD 1.7 Billion by 2031 growing at a CAGR of 11%”
The Global Secure Multiparty Computation (SMPC) Market size is expected to reach $1.7 billion by 2031, rising at a market growth of 11% CAGR during the forecast period.
As online shopping continues to grow, retail and e-commerce companies are handling increasing volumes of consumer data, including payment information, purchase histories, and personal details. Protecting this sensitive data from breaches and misuse has become paramount. SMPC provides a solution by enabling secure data analytics and personalized marketing efforts without compromising customer privacy. For instance, retailers can use SMPC to analyze consumer behavior patterns and optimize supply chain operations while ensuring that individual customer data remains confidential. Thus, the retail & eCommerce segment acquired 10% revenue share in the market 2023.
The frequency and sophistication of data breaches and cyber threats are rising in the current digital landscape, making data privacy a paramount concern for organizations across all sectors. Every year, millions of individuals and companies fall victim to data breaches, leading to significant financial losses, reputational damage, and legal repercussions.
Additionally, Cloud computing, parallel processing capabilities, and potent processors have significantly enhanced the capacity to perform intricate cryptographic computations. This increased computational power has mitigated the performance bottlenecks that once hindered the adoption of SMPC, making it possible to execute secure multiparty computations at previously unattainable scales.
However, SMPC protocols demand robust computational resources to handle their intensive cryptographic operations. This often necessitates the purchase of high-performance servers, advanced processors, and potentially even custom hardware designed specifically to accelerate cryptographic computations. The high implementation costs will continue to be a significant barrier to widespread adoption.
Based on offering, the market is bifurcated into solution and services. The solution segment garnered the 66% revenue share in the secure multiparty computation (SMPC) market in 2023. The primary factor driving the solutions segment is the growing necessity for robust data security and privacy measures in response to the proliferation of cyber threats and data breaches.
By vertical, the market is divided into BFSI, IT & ITeS, government, healthcare, retail & e-commerce, and others. The IT & ITeS segment garnered 17% revenue share in the market in 2023. As IT & ITeS companies handle vast amounts of data across various platforms and geographical locations, the demand for secure data processing solutions like SMPC has surged.
On the basis of deployment mode, the market is classified into cloud and on-premises. The on-premises segment recorded 28% revenue share in the market in 2023. The demand for improved data control, security, and compliance, particularly in industries that are highly regulated, such as finance, healthcare, and government, is the primary driver of the on-premises segment.
Free Valuable Insights: Global Secure Multiparty Computation (SMPC) Market size to reach USD 1.7 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment recorded 25% revenue share in the market in 2023. Several factors contribute to this growth, including the rapid digital transformation across emerging economies, increasing internet penetration, and a surge in cyber threats.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 731 Million |
| Market size forecast in 2031 | USD 1.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 11% from 2024 to 2031 |
| Number of Pages | 232 |
| Number of Tables | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, Deployment Mode, Vertical, Region |
| Country scope |
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| Companies Included | Microsoft Corporation, IBM Corporation, Google LLC (Alphabet Inc.), Fireblocks Inc., Blockdaemon, Qredo Services Ltd., Penta Security Inc., Zengo Ltd., Inpher and CYBAVO Pte. Ltd. |
By Offering
By Deployment Mode
By Vertical
By Geography
This Market size is expected to reach $1.7 billion by 2031.
Increasing data privacy concerns are driving the Market in coming years, however, Inherent complexity and computational intensity of the technology restraints the growth of the Market.
Microsoft Corporation, IBM Corporation, Google LLC (Alphabet Inc.), Fireblocks Inc., Blockdaemon, Qredo Services Ltd., Penta Security Inc., Zengo Ltd., Inpher and CYBAVO Pte. Ltd.
The expected CAGR of this Market is 11% from 2024 to 2031.
The Cloud market is leading the Market by Deployment Mode in 2023; thereby, achieving a market value of $1.2 billion by 2031.
The North America region dominated the 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.
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