Global Secure Multiparty Computation (SMPC) Market valued at approximately USD 739.28 million in 2023, is expected to experience a robust Compound Annual Growth Rate (CAGR) of 11.46% during the forecast period from 2024 to 2032. Secure Multiparty Computation (SMPC) technology represents a groundbreaking approach to safeguarding digital assets by decentralizing the encryption key storage process. This innovative methodology involves breaking down private keys into encrypted shares and distributing them across multiple parties, thereby significantly reducing the risk of unauthorized access.
The Global Secure Multiparty Computation (SMPC) Market is driven by growing demand for SMPC lies in its ability to address the critical need for enhanced security in digital transactions. By ensuring that no single party ever possesses the complete key, SMPC makes it exponentially harder for attackers to gain unauthorized access to sensitive information. This capability not only enhances the security of digital assets but also facilitates smoother and more secure transactions without relying on traditional cold storage solutions. The market growth is further fueled by the increasing adoption of SMPC in various sectors such as banking, financial services, insurance (BFSI), healthcare, and government, where the need for secure data management and processing is paramount. However, increased computation time is going to impede the overall demand for the market during forecast period 2024-2032.
The key regions considered for the market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America is poised to dominate the SMPC market during the forecast period, owing to its advanced technological infrastructure and heightened awareness of data security issues. The region's strong focus on research and development, coupled with significant investments in cybersecurity, positions it as a leader in the adoption of SMPC solutions. Moreover, the collaboration between SMPC providers and technology companies in North America has led to the development of more sophisticated and integrated solutions, further driving market growth. Furthermore, the Asia Pacific region is expected to witness the fastest growth, supported by the increasing prevalence of cyber threats and the rising adoption of cloud computing technologies.
Major market players included in this report are:
Microsoft
IBM
Google
Fireblocks
Blockdaemon
Qredo
Penta Security
Zengo
Inpher
CYBAVO
Liminal Custody
Spatium
Silence Laboratories
Sharemind
Atato
The detailed segments and sub-segment of the market are explained below:
By Offering:
Solution
Services
By Deployment Mode:
Cloud
On-Premises
By Vertical:
Banking, Financial Services, and Insurance (BFSI)
IT & ITeS
Government
Healthcare
Retail and eCommerce
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market
