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Hardware Security Module Market: Segmented by Type (LAN-Based HSM/Network-Attached HSM, PCIe-Based/Embedded Plugins HSM, USB-Based/Portable 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 by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
Hardware security module market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the hardware security module market.
Hardware Security Module Industry Outlook
The global hardware security module market size was valued at USD 1.23 billion in 2021 and reach USD 2.12 billion by 2027, with a CAGR of 12.5%, during the forecast period, 2021-2027. Owing to the increasing deployment of HSM, the development of the automotive and transportation segment is gaining momentum across the globe. Further, HSM’s data protection and cloud computing use is becoming a trend and will expand the global hardware security module market over the forecast period.
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Factors Affecting the Hardware Security Module Market over the Forecast Period:
The global hardware security module market is mainly driven by increasing cases of data breaches and cyber-attacks. The hardware security module (HSM) manufacturers have to comply with the internal and external privacy laws, and data protection regulations fuel market growth. The efficient control of cryptographic keys boosts market growth.
The rise in digital payments methods globally is pushing the market towards growth. By complying with PCI requirements, many companies and enterprises strive to achieve point-to-point encryption, providing new opportunities for the global market.
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High costs of implementation are restraining the global market
- The high cost associated with the implementation and up-gradations of hardware security modules is the restraints of the global market.
- Lack of understanding of the importance of protecting sensitive data by organizations is hampering market growth.
- Inability to control the key management from outside hardware security module physical protection boundary poses major challenges to the global hardware security module market.
Impact of COVID-19 on Hardware Security Module Market:
The COVID-19 pandemic has disrupted the global market for the hardware security module market. Several Companies and firms have been forced to reconstruct their policies and plans due to the COVID-19 pandemic. But because of production disparities and global economic issues, the companies are postponing their plans. The proliferation of COVID-19 across the globe has contributed to supply chain disturbances across ecosystems, including the hardware security module market.
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Scope of the Report
The report outlines the global hardware security module market study based on type, deployment type, application, and end-use industry.
Based on the type, the hardware security module market has been segmented into –
- LAN-Based HSM/Network-Attached HSM
- PCIE-Based/Embedded Plug-ins HSM
- USB-Based/Portable HSM
Based on the deployment type, the hardware security module market has been segmented into –
Based on the applications, the hardware security module 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
Based on the end-use industry, the hardware security module market has been segmented into –
- Banking and Financial Services
- Technology and Communications
- Industrial and Manufacturing Industry
- Energy and Utilities
- Retail and Consumer Products
- Healthcare and Life Science
- Others (Entertainment and Media, Education, and Transportation)
Hardware Security Module Market: Regional Outlook
The global hardware security module (HSM) market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, the Middle East, and Africa. In 2020, North America has the largest share in the global hardware security module market, followed by Europe and the Asia Pacific. The high acceptance and penetration of security modules and the involvement of a large number of companies across the region are responsible for the market growth in the region. Furthermore, Asia Pacific is the fastest-growing region and is projected to record the highest CAGR in the global market over the forecast period.
Key Global Hardware Security Module Market Competitors Includes –
The global Hardware security module market is highly fragmented, with a large number of players across the globe. The key players operating in the global hardware security module market include –
- Gemalto NV
- Thales e-Security Incorporated
- Utimaco GmbH
- International Business Machines (IBM) Corporation
- Hewlett-Packard Enterprise Development LP
- Atos SE
- Securosys SA
- CardContact Systems GmbH
- Ledger SAS
- West One Technical Limited.
The hardware security module market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
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