Hardware Security Modules Market: Segmented by Type (LAN-Based HSM/Network Attached HSM, PCIe-Based HSM/Integrated Plugins, USB-Based/Laptop HSM), By Deployment Type (On Premise, Cloud), By Application (payment processing, code and document signing, SSL/TLS, authentication, database encryption, PKI or credential management, application level encryption), by industry and region – Scaling, growing Global Industry Trend, Opportunity and Forecast (2021-2027)
The Hardware Security Module Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by major market players operating in the market global. It involves in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will offer one of the most comprehensive analyzes of the market, capturing all aspects of the Hardware Security Modules market.
Hardware Security Module Industry Outlook
The global Hardware Security Modules Market size was valued at USD 1.23 Billion in 2021 and will reach USD 2.12 Billion by 2027, growing at a CAGR of 12.5%, during the forecast period 2021- 2027. Due to the increasing deployment of HSM, the development of automotive and transportation segment is accelerating worldwide. Also, data protection and cloud computing usage by HSM is becoming a trend and will expand the global hardware security module market during the forecast period.
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Factors affecting the hardware security module market during the forecast period:
The global hardware security module market is mainly driven by the rise in data breach and cyber attack cases. Manufacturers of hardware security modules (HSMs) must comply with internal and external privacy laws, and data protection regulations are fueling market growth. Effective cryptographic key control is driving the growth of the market.
The rise of digital payment methods around the world is pushing the market towards growth. By complying with PCI requirements, many companies and enterprises are striving to achieve point-to-point encryption, providing new opportunities for the global market.
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High implementation costs are holding back the global market
- The high cost associated with the implementation and upgrades of hardware security modules is the restraints of the global market.
- Lack of understanding of the importance of sensitive data protection by organizations is hampering the growth of the market.
- The inability to control key management from outside the physical protection boundary of the hardware security module poses major challenges to the global hardware security module market.
Impact of COVID-19 on Hardware Security Module Market:
COVID-19 pandemic has disrupted the global market for Hardware Security Modules Market. Several companies and businesses have been forced to rebuild their policies and plans due to the COVID-19 pandemic. But due to production disparities and global economic problems, companies are postponing their plans. The proliferation of COVID-19 across the globe has contributed to supply chain disruptions in ecosystems, including the hardware security module market.
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The report depicts the global Hardware Security Modules market study based on type, deployment type, application, and end-use industry.
Based on Type, the Hardware Security Modules Market has been segmented into –
- LAN-based HSM/Network-connected HSM
- PCIE-Based/Embedded HSMs
- Portable/USB-based HSM
Based on Deployment Type, the Hardware Security Modules Market has been segmented into –
Based on Application, the Hardware Security Modules Market has been segmented into –
- Payment processing
- Code and document signing
- Secure Sockets Layer (SSL)
- Transport Layer Security (TLS)
- Database encryption
- PKI or credential management
- Application level encryption
On the basis of end-use industry, the hardware security modules market has been segmented into –
- Banking and financial services
- Technology and communication
- Industrial and manufacturing industry
- Energy and Utilities
- Retail and Consumer Products
- Health and life sciences
- Others (entertainment and media, education and transportation)
Hardware Security Modules Market: Regional Outlook
The global Hardware Security Modules (HSM) market has been segmented into five geographical regions: North America, Asia-Pacific, South America, Europe, Middle East & Africa. In 2020, North America holds the largest global hardware security module market share, followed by Europe and Asia-Pacific. The high acceptance and penetration of security modules and the involvement of a large number of companies in the region are responsible for the growth of the market in the region. Also, Asia-Pacific is the fastest growing region and is expected to register the highest CAGR in the global market during the forecast period.
Leading Competitors in the Global Hardware Security Modules Market include-
The global hardware security module market is highly fragmented, with a large number of players across the globe. Key players operating in the global hardware security modules market include-
- Gemalto AG
- Thales e-Security Incorporated
- Utimaco GmbH
- International Business Machines (IBM) Corporation
- Hewlett-Packard Enterprise Development LP
- Atos SE
- Securosys SA
- CardContact Systems GmbH
- SAS General Ledger
- West One technical limited.
The Hardware Security Modules Market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of industry/regional outlook with market players in the respective segment and region/country. The information concluded in the report includes the entries.
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