Europe Secure Multiparty Computation (SMPC) Market Size, Share & Trends Analysis Report By Offering (Solution, and Services), By Deployment Mode (Cloud, and On-Premises), By Vertical, By Country and Growth Forecast, 2024 - 2031
Europe Secure Multiparty Computation (SMPC) Market Size, Share & Trends Analysis Report By Offering (Solution, and Services), By Deployment Mode (Cloud, and On-Premises), By Vertical, By Country and Growth Forecast, 2024 - 2031
The Europe Secure Multiparty Computation (SMPC) Market would witness market growth of 10.8% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Secure Multiparty Computation (SMPC) Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $113 million by 2031. The UK market is exhibiting a CAGR of 9.9% during (2024 - 2031). Additionally, The France market would experience a CAGR of 11.7% during (2024 - 2031).
The proliferation of data in the digital age has been accompanied by an equally significant increase in data breaches and cyber threats. Increasingly, organizations in a variety of sectors, such as finance, healthcare, and government, acknowledge the necessity of safeguarding their data during processing, in transit, and at rest.
Moreover, Traditional encryption methods have effectively safeguarded data when it is stored or transmitted, but they fall short when data needs to be actively used in computations. This gap in data security is where SMPC demonstrates its unparalleled value.
The Europe segment is a significant contributor to the market, driven by the region's stringent data protection regulations and a strong emphasis on privacy. The General Data Protection Regulation (GDPR), enacted in May 2018, is considered one of the most comprehensive data privacy laws. Non-compliance with GDPR can result in substantial fines of up to €20 million or 4% of the annual turnover, whichever is higher.
Based on Offering, the market is segmented into Solution, and Services. Based on Deployment Mode, the market is segmented into Cloud, and On-Premises. Based on Vertical, the market is segmented into BFSI, IT & ITeS, Government, Retail & eCommerce, Healthcare, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
List of Key Companies Profiled
Microsoft Corporation
IBM Corporation
Google LLC (Alphabet Inc.)
Fireblocks Inc.
Blockdaemon
Qredo Services Ltd.
Penta Security Inc.
Zengo Ltd.
Inpher
CYBAVO Pte. Ltd.
Europe Secure Multiparty Computation (SMPC) Market Report Segmentation
By Offering
Solution
Services
By Deployment Mode
Cloud
On-Premises
By Vertical
BFSI
IT & ITeS
Government
Retail & eCommerce
Healthcare
Others
By Country
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Europe Secure Multiparty Computation (SMPC) Market, by Offering
1.4.2 Europe Secure Multiparty Computation (SMPC) Market, by Deployment Mode
1.4.3 Europe Secure Multiparty Computation (SMPC) Market, by Vertical
1.4.4 Europe Secure Multiparty Computation (SMPC) Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis
4.1 Market Share Analysis, 2023
4.2 Porter Five Forces Analysis
Chapter 5. Europe Secure Multiparty Computation (SMPC) Market by Offering
5.1 Europe Solution Market by Country
5.2 Europe Services Market by Country
Chapter 6. Europe Secure Multiparty Computation (SMPC) Market by Deployment Mode
6.1 Europe Cloud Market by Country
6.2 Europe On-Premises Market by Country
Chapter 7. Europe Secure Multiparty Computation (SMPC) Market by Vertical
7.1 Europe BFSI Market by Country
7.2 Europe IT & ITeS Market by Country
7.3 Europe Government Market by Country
7.4 Europe Retail & eCommerce Market by Country
7.5 Europe Healthcare Market by Country
7.6 Europe Others Market by Country
Chapter 8. Europe Secure Multiparty Computation (SMPC) Market by Country