Secure Multiparty Computation (SMPC) Market

[154 Pages Report] The global secure multiparty computation market size is projected to grow from USD 824 million in 2024 to USD 1,412 million by 2029 at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. Demand for private key security with SMPC and data privacy regulations compliance are driving significant growth in the SMPC market.

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Secure Multiparty Computation Market Dynamics

Driver: Demand for private key security with SMPC

SMPC breaks down private keys into shares, encrypts them, and distributes them across multiple parties and eliminates the risk of unauthorized access. These parties can then compute their portion of the key without ever revealing the full key or the encryption to each other. This decentralized approach of the key makes it more difficult for attackers to steal the private key. Even if an attacker hacks one party, they wouldn't have access to the entire key and would need to compromise multiple parties simultaneously, significantly increasing the difficulty of a successful attack. This enhanced security through distributed key storage allows secure online storage of digital assets, eliminating the need for tiresome cold storage solutions and enabling smoother transfers. Additionally, it also enables multiple individuals to access a wallet without the concern of any one of them acting maliciously and absconding with the digital assets it holds.

Restraint: increased computation time

Opportunity: Increased adoption of AI and ML

The growing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies presents a lucrative opportunity for the Secure Multiparty Computation (SMPC) market. With organizations increasingly relying on AI and ML algorithms to derive insights from vast datasets, safeguarding the privacy and security of sensitive information becomes essential. AI models can be trained on sensitive data from multiple parties without exposing the data itself. SMPC ensures that data remains encrypted during the training process, preserving privacy and confidentiality. These technologies can be beneficial in various industries like financial institutions can use AI and SMPC to integrate and analyze data from different sources securely. This helps in identifying fraud patterns and developing comprehensive risk mitigation strategies.

Challenge: Lack of skilled professionals in SMPC technology

SMPC involves complex cryptographic protocols and secure computation techniques, demanding specialized knowledge and expertise for effective implementation. However, there is a shortage in professionals possessing the required skillset and experience in SMPC technology, making it challenging for organizations to find qualified staff to develop, deploy, and manage SMPC solutions.

The lack of proficient professionals acts as a barrier for the adoption of SMPC across various industries and sectors. Without access to skilled talent, organizations may find it difficult to address the technical complexities associated with implementing SMPC solutions, resulting in delays in implementation and decreased innovation within the market.

Secure Multiparty Computation Market Ecosystem

By vertical, BFSI is expected to grow at the highest CAGR during the forecast period.

The activities of fraudsters are becoming increasingly sophisticated and pervasive. However, technological advancements are keeping pace to counter these threats. While greater collaboration among stakeholders is essential, it often poses significant challenges. This is where SMPC, a technology that preserves privacy, becomes crucial. SMPC enables companies and financial institutions to engage with targeted individuals without jeopardizing their confidential information, thereby fostering trust and paving the way for advanced solutions that provide peace of mind to all involved parties. In the realm of fraud detection and prevention, MPC allows the secure utilization of confidential data across banks, regulators, and jurisdictions. This ensures regulatory compliance and maintains competitive integrity, all while upholding individuals' privacy rights.

By deployment mode, cloud segment is expected to grow at the highest CAGR during the forecast period.

Leveraging the cloud for SMPC offers a compelling solution for data analysis in today's privacy-conscious world. With SMPC in the cloud, multiple parties can collaborate on tasks involving confidential data without any party ever seeing the raw information of others. This enables valuable data insights to be extracted from combined datasets across different organizations, such as healthcare institutions analyzing disease patterns or financial institutions jointly detecting fraud. Cloud-based SMPC fosters secure collaboration while adhering to data privacy regulations and keeping sensitive information within each party's control.

By region, North America accounts for the highest market size during the forecast period.

North America is expected to hold the largest market share in the SMPC market due to its heightened security concerns and technological advancements. With rising data security threats and incidents, there's a pressing need for sophisticated and integrated data security solutions, which SMPC addresses by offering a comprehensive approach. Additionally, the growing adoption of cloud computation in the region, with their scalability, affordability, and easier deployment, further contributes to the market growth. Moreover, collaborations between leading SMPC providers and technology partners have introduced innovative integrations, enhancing SMPC capabilities and making them more appealing to North American organizations. Furthermore, companies are focusing on advancing SMPC technology in critical sectors such as government, and healthcare, driving the adoption of secure computation solutions in the region. These factors collectively position North America at the forefront of SMPC market growth and adoption.

Key players

The key players in the SMPC market are Microsoft (US), IBM (US), Google (US), Fireblocks (US), Blockdaemon (US), Qredo (British Virgin Islands), Penta Security (South Korea), Zengo (Israel), Inpher (US), CYBAVO (Singapore), Liminal Custody (Singapore), Spatium (Singapore), Silence Laboratories (Singapore), Sharemind (Estonia), Atato (Singapore), Web3Auth (Singapore), Partisia Blockchain (Switzerland), Orochi Network (Singapore), Binance (Malta), Pyte (US), Roseman Labs (Netherlands), MPCVault (US), DuoKey (Switzerland), Linksight (Netherlands), HyperBC (Dubai), and others.

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Scope of the Report

Secure Multiparty Computation (SMPC) Market Highlights

This research report categorizes the Secure Multiparty Computation (SMPC) Market to forecast revenues and analyze trends in each of the following submarkets:

Recent Developments

• In October 2022, an enterprise-ready privacy-enhanced data collaboration platform has been released by Duality Technologies, the industry leader in secure data collaboration for businesses. It allows businesses to exchange and collaboratively analyze sensitive data while maintaining privacy and regulatory compliance. To calculate on data without revealing it, Duality easily interacts with OpenFHE, the top open-source fully homomorphic encryption library. These consist of differential privacy, federated learning, multiparty computation, completely homomorphic encryption, and more.
• In October 2022, Google Cloud launches Confidential Space to enhance joint data analysis and ML model training. Verifiable attestation provided by Confidential Space can assist in guaranteeing that all partners safely approve while never disclosing their secret signing keys to outside parties, such as the platform operator. An auditable signing procedure can involve dispersed collaborators that rely on multiparty computation (MPC).
• In February 2021, The pioneer in cryptographic key management and security solutions, Unbound Security, announced the opening of Unbound MPC Labs, a research project to enhance multiparty computation research (MPC) and its commercial applications.

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