Secure Multiparty Computation Market Size, Share & Trends Analysis Report By Offering (Solution, Services), By Vertical (Healthcare, Government), By Deployment, By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global secure multiparty computation market size was estimated at USD 794.1 million in 2023 and is projected to grow at a CAGR of 11.8% from 2024 to 2030. This expansion is driven by the increasing need for data privacy and security across industries, especially in sectors such as finance, healthcare, and government, where sensitive information is routinely handled. SMPC allows multiple parties to compute functions over their data while keeping it private collaboratively, making it an attractive solution for organizations aiming to protect confidential information while enabling collaborative data processing.

The rise of cyber threats, stringent regulatory frameworks, and the growing adoption of blockchain technology further fuel the demand for Secure Multiparty Computation (SMPC) solutions. In addition, advancements in cryptographic techniques and the increasing awareness of privacy-preserving technologies are contributing to the market’s rapid expansion.

As businesses across the globe undergo digital transformation, the volume of data generated, shared, and processed is surging, heightening concerns around data breaches and unauthorized access. SMPC addresses these concerns by enabling secure data collaboration without exposing sensitive information, making it an essential tool in data-intensive industries. The rise of cloud computing and the Internet of Things (IoT) has further amplified the demand for secure data processing methods, as these technologies involve vast amounts of data exchange across multiple platforms.

Moreover, the regulatory landscape is becoming more stringent, with laws such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S. enforcing stricter data protection standards. Compliance with these regulations is driving organizations to adopt SMPC to ensure that they meet legal requirements while maintaining operational efficiency. The competitive landscape is also intensifying, with key players investing heavily in research and development to enhance the scalability and efficiency of SMPC solutions. This innovation, combined with increasing awareness of the benefits of privacy-preserving computation, is expected to sustain the market’s robust growth trajectory.

Offering Insights

The solution segment led the market in 2023, accounting for over 65.0% share of the global revenue, driven by the increasing demand for advanced data privacy and security solutions across various industries. Organizations are prioritizing the implementation of robust SMPC solutions to protect sensitive data while enabling secure collaboration and data processing. The growing complexity of cyber threats and the need for compliance with stringent data protection regulations have further fueled the adoption of Secure Multiparty Computation (SMPC) solutions. In addition, advancements in cryptographic techniques and the integration of SMPC with emerging technologies like blockchain and AI have enhanced the appeal of these solutions, making them the preferred choice for businesses seeking to safeguard their data assets effectively.

The services segment is predicted to foresee significant growth in the coming years. As organizations adopt SMPC technologies, they require tailored services for integration, customization, and ongoing support to ensure seamless operation and optimal performance. The growing complexity of SMPC deployments, coupled with the need for regular updates and compliance with evolving regulatory standards, has amplified the demand for professional services. In addition, the rise of managed services, where companies outsource the management of their SMPC infrastructure, further boosts this segment as businesses seek to reduce operational burdens while maintaining high levels of data security.

Deployment Insights

The cloud segment accounted for the largest market revenue share in 2023. Organizations are increasingly leveraging the cloud for its scalability, flexibility, and cost-effectiveness, making it an ideal platform for deploying SMPC technologies. The cloud's ability to facilitate secure, real-time data processing and collaboration among multiple parties without compromising privacy has made it a preferred choice for businesses. In addition, the integration of SMPC with cloud services allows organizations to manage large-scale data operations securely while benefiting from the cloud’s on-demand resources and advanced security features.

The on-premises segment is anticipated to witness significant growth in the coming years. Organizations with stringent data protection requirements, such as those in finance, healthcare, and government, prefer on-premises solutions to maintain full control over their infrastructure and data. This setup minimizes reliance on third-party providers, reducing the risk of data breaches and ensuring compliance with internal and regulatory standards. In addition, on-premises SMPC solutions offer greater customization and integration capabilities, allowing businesses to tailor the technology to their specific needs.

Vertical Insights

The healthcare segment held the largest market revenue share in 2023. As healthcare organizations increasingly rely on data-driven insights for diagnostics, treatment planning, and medical research, the ability to securely process and analyze confidential information without compromising privacy is paramount. Secure Multiparty Computation (SMPC) allows multiple healthcare entities to share and compute patient data securely, ensuring compliance with stringent data protection regulations like the Health Insurance Portability and Accountability Act (HIPAA). In addition, the rise of telemedicine, electronic health records (EHRs), and personalized medicine have further driven the adoption of SMPC technologies in healthcare, as these applications require robust data security and privacy-preserving solutions.

The BFSI segment is anticipated to exhibit the fastest CAGR over the forecast period. Financial institutions handle vast amounts of sensitive customer data and are prime targets for cyberattacks, making data privacy a top priority. SMPC allows these institutions to perform secure computations on encrypted data, such as fraud detection, risk analysis, and secure transactions, without exposing confidential information. The growing adoption of blockchain and decentralized finance (DeFi) solutions within the BFSI sector further fuels the demand for SMPC, as these technologies require robust privacy-preserving mechanisms to ensure trust and security in financial operations.

Regional Insights

North America Secure Multiparty Computation (SMPC) market dominated globally in 2023 with a revenue share of over 37.0%, driven by the strong presence of technology giants, advanced cybersecurity infrastructure, and the rapid adoption of privacy-enhancing technologies. The region's robust regulatory framework, including stringent data protection laws, has compelled organizations to prioritize data security and compliance, boosting the adoption of SMPC solutions. In addition, North America's leadership in sectors such as finance, healthcare, and cloud computing, where data privacy is critical, has further propelled the demand for SMPC. The ongoing investments in research and development by U.S.-based companies, coupled with government initiatives to enhance cybersecurity, have reinforced North America's dominant position in the global SMPC market.

U.S. Secure Multiparty Computation Market Trends

The secure multiparty computation market in the U.S. is expected to grow at a significant CAGR from 2024 to 2030. The U.S. government's focus on enhancing national cybersecurity infrastructure and fostering public-private partnerships has also contributed to the widespread implementation of SMPC technologies, solidifying the country’s high share in this market.

Europe Secure Multiparty Computation Market Trends

The secure multiparty computation market in Europe is expected to witness significant growth over the forecast period. European organizations are increasingly adopting SMPC to ensure compliance with these regulations while maintaining data security during cross-border collaborations and data-sharing activities. Additionally, the region’s strong emphasis on digital sovereignty and data localization is driving the demand for privacy-preserving technologies like SMPC.

Asia Pacific Secure Multiparty Computation Market Trends

The secure multiparty computation market in the Asia Pacific region is anticipated to register rapid growth over the forecast period due to the rapid digitalization across emerging economies, increasing cyber threats, and a growing focus on data privacy. Countries like China, India, and Japan are experiencing significant advancements in technology and infrastructure, leading to higher adoption rates of SMPC solutions, particularly in sectors such as finance, healthcare, and telecommunications. In addition, governments in the region are implementing stricter data protection regulations, which is driving the need for secure data processing technologies.

Key Secure Multiparty Computation Company Insights

Key SMPC companies include IBM Corporation, Google LLC, Fireblocks, and Microsoft Companies active in the market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in May 2024, Worldcoin introduced a secure method for processing biometrics and other data, which it believes is robust enough for other companies to adopt to safeguard themselves and their customers. As part of this initiative, Worldcoin has announced the launch and open-sourcing of a novel SMPC system. According to a company release, this system is now open in a GitHub repository for any enterprise or organization to utilize and it is aiming to establish a new benchmark for biometric data protection.

Recent Developments

• In July 2024, MPC Holding, Inc., a foremost provider of cryptographic storage solutions for securing enterprises' most exposed digital assets, joined the Canton Network. As a founding participant in the Canton Network's decentralized interoperability backbone, MPCH will actively contribute to the network's governance, operations, and the delivery of infrastructure and applications through its Global Synchronizer, which was launched today.

• In June 2024, Pyte, a secure computation platform for data-driven global enterprises, announced an additional USD 5 million in funding, bringing its total capital to over USD 12 million. The company's patented SMPC technology enables enterprises to securely utilize, collaborate on, and perform computations with sensitive data, ensuring both privacy and security.

• In August 2022, Acompany announced the open-source release of QuickMPC, a practical engine for SMPC as part of privacy-enhancing computation (PEC). QuickMPC allows for computations on personal data in basic static calculations and light machine learning while maintaining confidentiality. This release enables businesses and developers worldwide to use JavaScript (TypeScript) and Python client libraries to easily create SaaS products that incorporate SMPC functions without requiring specialized SMPC expertise.

Secure Multiparty Computation Market Report Scope

Global Secure Multiparty Computation Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global secure multiparty computation market report based on offering, deployment, vertical, and region:

• Offering Outlook (Revenue, USD Billion, 2017 - 2030)

  • Solution

  • Services

• Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

  • Cloud

  • On-premises

• Vertical Outlook (Revenue, USD Billion, 2017 - 2030)

  • BFSI

  • IT & ITes

  • Government

  • Healthcare

  • Retail & e-Commerce

  • Others

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • MEA

    • UAE

    • South Africa

    • KSA