CHICAGO, June 27, 2024 (GLOBE NEWSWIRE) — global Secure Multiparty Computing (SMPC) Market The scale is Projected to grow from US$824 million in 2024 to US$1.412 billion by 2029, at a compound annual growth rate (CAGR) of 11.4% During the forecast period.
As data breaches and privacy issues become more prevalent, organizations are looking for ways to securely process and share sensitive information. SMPC provides a solution by enabling collaborative computations without exposing the data to all parties involved. As organizations prioritize secure computations, the demand for SMPC solutions will continue, fueling the expansion of the market.
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Secure Multiparty Computing Market dynamics:
driver:
Restraints:
opportunity:
List of major players Secure Multiparty Computing Market:
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Microsoft (US)
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IBM (US)
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Google (USA)
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Fireblock (USA)
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BlockDemon (USA)
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Credo Island (British Virgin Islands)
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Penta Security (Korea)
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Zengo (Israel)
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Infar (USA)
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CYBAVO (Singapore)
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Interim Custody (Singapore)
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Trend: Cloud Computing
Cloud platforms provide the computing power and storage capabilities essential for processing and analyzing data, while ensuring security and privacy through encryption and access control mechanisms. Cloud Computing Organizations can perform complex calculations on encrypted data without compromising confidentiality, enabling secure collaboration and data analytics across distributed environments. This integration improves scalability, reliability, and performance, allowing organizations to access computing resources on demand and scale their operations efficiently.
tendency: Homomorphic Encryption (HE)
Homomorphic encryption (HE) is a key component used in secure multiparty computing (SMPC) to enhance data privacy and security during collaborative computations. Secure homomorphic encryption serves as the foundation for SMC, allowing computation on encrypted data without decrypting it and protecting sensitive information during collaboration. HE allows multiple parties with encrypted datasets to perform collaborative analysis without revealing the underlying data. MPC protocols leverage HE properties such as addition and multiplication. This extension allows functions to be evaluated without decrypting the encrypted data, enhancing privacy in scenarios such as cloud computation.
The Solutions segment is It has a larger market share.
Secure Multiparty Computing (SMPC) solutions are designed to allow multiple parties to collaboratively perform computations on data while their individual inputs remain private. These solutions are particularly beneficial in the context of key management and computation. SMPC eliminates single points of failure and enhances security by distributing encryption keys among the parties involved. Each party shares the key and computations can be performed without reconstructing the entire key, reducing the risk of leakage. Additionally, SMPC ensures that computations are performed securely by each party providing inputs in encrypted form. This approach not only protects data during processing, but also maintains the confidentiality and integrity of the results. Overall, SMPC solutions are extremely useful in scenarios requiring high levels of data security and privacy, as they provide a robust framework for secure and private computations.
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Based on deployment mode, the cloud segment will account for the highest CAGR during the forecast period.
Leveraging the cloud for SMPC can provide a compelling solution for data analytics in today's privacy-conscious world. Cloud platforms provide the processing power to perform complex calculations on encrypted data, addressing concerns about sharing sensitive information. SMPC in the cloud allows multiple parties to collaborate on tasks involving sensitive data, without any party seeing the raw information of the other parties. This allows valuable data insights to be extracted from the combined datasets of different organizations, such as healthcare organizations analyzing disease patterns or financial institutions collaborating to detect fraud. Cloud-based SMPCs facilitate secure collaboration while complying with data privacy regulations and keeping sensitive information under each party's control.
Opportunity: Adoption of advanced technologies such as AI/ML
The growing adoption of artificial intelligence (AI) and machine learning (ML) technologies represents a huge opportunity for the Secure Multi-Party Computing (SMPC) market. SMPC's ability to perform calculations on encrypted data ensures that sensitive information is protected throughout the collaborative learning process. ML As privacy-preserving technologies continue to make inroads across various sectors, the need for privacy-preserving solutions like SMPC will increase, driving growth and innovation in the SMPC market. A paper presented at the 35th Conference on Neural Information Processing Systems (NeurIPS) in 2021 by Brian Knott, Shobha Venkatraman et al. describes CRYPTEN, a software framework that integrates SMPC into familiar abstractions commonly used in modern machine learning frameworks.
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