The Secure multi-party computing (SMPC) market is expected to grow from $824 million in 2024 to $1,412 million in 2029, with a compound annual growth rate of 11.4% due to the increasing demand for secure data processing solutions. SMPC allows data to be calculated together without exposing it to all parties involved, addressing concerns about data breaches and privacy issues. Key drivers include the need for private key security and compliance with data privacy regulations, while challenges include longer calculation times and high communication costs. Opportunities for growth include the adoption of AI and ML technologies and integration with cloud computing platforms. Major players in the market include Microsoft, IBM, Google, and others.
Cloud computing platforms play a crucial role in providing computing power and storage capabilities for secure data processing and analysis. Homomorphic encryption (HE) is a critical component used in SMPC to improve data privacy and security during collaborative computations, allowing calculations to be performed on encrypted data without decrypting it. SMPC solutions enable multiple parties to perform collaborative calculations on encrypted data securely, ensuring data confidentiality and integrity. The cloud deployment mode offers a compelling solution for secure collaboration on sensitive data tasks, allowing multiple parties to extract valuable insights without compromising data privacy.
The adoption of AI and ML technologies presents a lucrative opportunity for the SMPC market, as the need for privacy-preserving solutions continues to increase. A CRYPTEN software framework was presented at the 35th Conference on Neural Information Processing Systems (NeurIPS) in 2021, integrating SMPC into familiar abstractions used in modern machine learning frameworks. This integration will drive growth and innovation within the SMPC market as technologies like AI and ML become more widespread.
Overall, the SMPC market is dynamic, with drivers such as the need for data security and compliance, opportunities for growth through technology adoption, and challenges related to longer calculation times and communication costs. Cloud computing and homomorphic encryption play crucial roles in enhancing data security and privacy in collaborative computations, while SMPC solutions provide a robust framework for secure and private calculations. The market is expected to continue expanding as organizations prioritize secure data processing solutions in an increasingly digital world.
Article Source
https://www.globenewswire.com/news-release/2024/06/27/2905325/0/en/Secure-Multiparty-Computation-Market-A-1-412-million-Industry-Dominated-by-Tech-Giants-Microsoft-US-and-IBM-US-MarketsandMarkets.html
