Secure Multiparty Computation (SMPC) Market Anticipated to Grow from USD 968 Million in 2024 to USD 1.74 Billion by 2031 | Persistence Market Research

The global secure multiparty computation (SMPC) market is gaining significant traction as enterprises and governments increasingly prioritize data privacy in collaborative environments. Valued at US$ 967.8 million in 2024, the market is projected to expand at a CAGR of 9%, reaching US$ 1,738 million by 2031.

SMPC is transitioning from its early adoption phase to a broader growth stage, driven by regulatory requirements and the demand for secure, decentralized data analysis. By allowing multiple parties to perform computations on shared datasets without exposing individual inputs, SMPC has become a critical enabler for industries such as healthcare, finance, and supply chain management. The technology is also expected to play a key role in the broader US$ 60 billion privacy-preserving computation market, which includes federated learning and homomorphic encryption.

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Key Highlights of the Industry

• Investments in privacy-preserving technologies are accelerating SMPC adoption across sectors.
• Healthcare leads the vertical segment with a 25.3% share in 2024, driven by secure patient data collaboration.
• Integration with post-quantum cryptography is helping future-proof SMPC against quantum computing risks.
• Adoption in IoT ecosystems is ensuring privacy in edge-based data processing.
• New SMPC protocols are reducing computational and communication overhead, improving scalability.
• Specialized hardware like GPUs and TPUs is accelerating SMPC computations and lowering latency.

Market Segmentation

The SMPC market is segmented by offering, deployment, and industry vertical. By offering, the solutions segment dominates with a 66% share in 2024, reflecting the growing demand for scalable and flexible platforms that integrate seamlessly into enterprise data ecosystems. Services, including consulting and managed support, are also expected to expand as more enterprises adopt SMPC for compliance-driven use cases.

In terms of deployment, the cloud segment is projected to account for 46% market share in 2024, as organizations reduce dependency on costly on-premises systems. The shift toward cloud-based SMPC solutions highlights the demand for accessibility, reduced IT overhead, and enhanced collaboration across distributed teams.

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Regional Insights

North America is expected to hold a dominant 40% market share in 2024, attributed to the presence of leading technology players, a mature IT ecosystem, and strong adoption in regulated sectors such as banking and healthcare. The U.S. in particular continues to lead in investments and deployment of SMPC for secure enterprise collaboration.

Europe, on the other hand, is projected to witness a steady CAGR of 8.7% through 2031, with growth fueled by GDPR and other stringent privacy regulations. Enterprises in the region are increasingly adopting SMPC to align with compliance mandates while enabling cross-border data collaborations.

Market Drivers

The primary growth driver for the SMPC market is the rising enforcement of global data protection regulations such as GDPR and CCPA, which mandate secure data handling practices. Additionally, industries like healthcare and finance are embracing SMPC to safeguard sensitive data during multi-stakeholder collaborations. Advances in AI, IoT, and blockchain further drive SMPC integration, enabling real-time, privacy-preserving computations.

Market Restraints

Despite its promise, the adoption of SMPC is hindered by high computational costs, scalability challenges, and technical complexity. Smaller organizations often face barriers due to resource constraints, while the lack of standardized protocols slows interoperability across platforms. Awareness gaps and limited expertise in deploying advanced cryptographic methods also restrain broader adoption.

Market Opportunities

Significant opportunities exist in developing lightweight, scalable SMPC protocols, integrating SMPC into cloud-native and edge-based architectures, and expanding its role in cross-border data governance frameworks. With the increasing threat of quantum computing, solutions combining SMPC with post-quantum cryptography represent a major growth avenue. Furthermore, the integration of SMPC into AI-driven applications and IoT ecosystems is expected to create new commercial opportunities.

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Reasons to Buy the Report

✔ Detailed analysis of SMPC market growth drivers, restraints, and opportunities.
✔ Insights into deployment models, offerings, and vertical adoption trends.
✔ Regional analysis highlighting North America and Europe's dominance.
✔ Competitive landscape with focus on emerging privacy-preserving computation technologies.
✔ Forecast insights into SMPC's contribution to the US$ 60 billion privacy-preserving market.

Frequently Asked Questions (FAQs)

How big is the global secure multiparty computation (SMPC) market in 2024?
Who are the key players in the global SMPC market?
What is the projected CAGR of the SMPC market through 2031?
What is the market forecast for SMPC by 2031?
Which region is expected to dominate the SMPC industry during the forecast period?

Company Insights

Key players in the secure multiparty computation (SMPC) market include:
• IBM Corporation
• Microsoft Corporation
• Google LLC
• Intel Corporation
• Partisia
• Unbound Security (acquired by Coinbase)
• Galois, Inc.
• Inpher, Inc.

Recent Developments:

1. In 2024, Intel announced integration of SMPC with its confidential computing frameworks to enhance secure data sharing across enterprises.

2. Inpher, Inc. partnered with global financial institutions to deploy SMPC-powered collaborative analytics platforms, supporting privacy-preserving compliance in banking.

Conclusion

The secure multiparty computation market is evolving rapidly, with strong demand across industries where data privacy and compliance are paramount. As enterprises embrace cloud, IoT, and AI-powered ecosystems, SMPC will play an increasingly central role in enabling collaborative, secure, and scalable computations. With North America at the forefront and Europe driven by regulation, the global market is set to expand steadily, contributing significantly to the broader privacy-preserving computation industry.

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