Global Secure Multiparty Computation (SMPC) Market Size, Share & Trends Analysis Report By Offering (Solution, and Services), By Deployment Mode (Cloud, and On-Premises), By Vertical, By Regional Outlook and Forecast, 2024 - 2031
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.
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.
Offering Outlook
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.
Vertical Outlook
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.
Deployment Mode Outlook
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.
Regional Outlook
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.
List of Key Companies Profiled
Microsoft Corporation
IBM Corporation
Google LLC (Alphabet Inc.)
Fireblocks Inc.
Blockdaemon
Qredo Services Ltd.
Penta Security Inc.
Zengo Ltd.
Inpher
CYBAVO Pte. Ltd.
Global Secure Multiparty Computation (SMPC) Market Report Segmentation
By Offering
Solution
Services
By Deployment Mode
Cloud
On-Premises
By Vertical
BFSI
IT & ITeS
Government
Retail & eCommerce
Healthcare
Others
By Geography
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Secure Multiparty Computation (SMPC) Market, by Offering
1.4.2 Global Secure Multiparty Computation (SMPC) Market, by Deployment Mode
1.4.3 Global Secure Multiparty Computation (SMPC) Market, by Vertical
1.4.4 Global Secure Multiparty Computation (SMPC) Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis
4.1 Market Share Analysis, 2023
4.2 Porter Five Forces Analysis
Chapter 5. Global Secure Multiparty Computation (SMPC) Market by Offering
5.1 Global Solution Market by Region
5.2 Global Services Market by Region
Chapter 6. Global Secure Multiparty Computation (SMPC) Market by Deployment Mode
6.1 Global Cloud Market by Region
6.2 Global On-Premises Market by Region
Chapter 7. Global Secure Multiparty Computation (SMPC) Market by Vertical
7.1 Global BFSI Market by Region
7.2 Global IT & ITeS Market by Region
7.3 Global Government Market by Region
7.4 Global Retail & eCommerce Market by Region
7.5 Global Healthcare Market by Region
7.6 Global Others Market by Region
Chapter 8. Global Secure Multiparty Computation (SMPC) Market by Region
8.1 North America Secure Multiparty Computation (SMPC) Market
8.1.1 North America Secure Multiparty Computation (SMPC) Market by Offering
8.1.1.1 North America Solution Market by Region
8.1.1.2 North America Services Market by Region
8.1.2 North America Secure Multiparty Computation (SMPC) Market by Deployment Mode
8.1.2.1 North America Cloud Market by Country
8.1.2.2 North America On-Premises Market by Country
8.1.3 North America Secure Multiparty Computation (SMPC) Market by Vertical
8.1.3.1 North America BFSI Market by Country
8.1.3.2 North America IT & ITeS Market by Country
8.1.3.3 North America Government Market by Country
8.1.3.4 North America Retail & eCommerce Market by Country
8.1.3.5 North America Healthcare Market by Country
8.1.3.6 North America Others Market by Country
8.1.4 North America Secure Multiparty Computation (SMPC) Market by Country
8.1.4.1 US Secure Multiparty Computation (SMPC) Market
8.1.4.1.1 US Secure Multiparty Computation (SMPC) Market by Offering
8.1.4.1.2 US Secure Multiparty Computation (SMPC) Market by Deployment Mode
8.1.4.1.3 US Secure Multiparty Computation (SMPC) Market by Vertical