Hardware Security Modules Market Analysis, Insights, Trends, Demand and Industry Size will reach USD 3.2 Billion by 2030
Research Reports
Mar 13, 2023
According to MRFR analysis, the global Hardware Security Modules Market is expected to register a CAGR of ~ 14.4% from 2022 to 2030 and hold a value of over ~USD 3.2 billion by 2030.
A hardware security module is a physical computing system that safeguards and administers digital keys, executes digital signature encryption and decryption functions, fast authentication, and other cryptographic functions. Usually, such modules come in the form of a plug-in card or an outside unit that is directly connected to a computer or network server. Organizations need hardware security modules to maintain customer trust in the digital world. They will confirm complete cyber-attack-proof security. The massive demand for hardware security modules started with the banking and financial institutions to protect the payment procedure through credit and debit cards from major companies including Mastercard and Visa. The Covid-19 pandemic has pointedly impacted the market for hardware security modules. The suspension of novel construction schemes all over the world has reduced the demand for analog semiconductors. As a consequence of the government’s implementation of strict rules, which disturbed supply chains, manufacturers throughout the world have failed to incorporate new hardware security modules because workers have remained at home owing to lockdowns that were imposed by the government to regulate the diffusion of the infection. The virus had an important effect on the market since production and the supply chain were stopped.
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Hardware Security Modules Market Key Players
Some of the key market players are International Business Machines Corporation (U.S.), FutureX (U.S.), and Hewlett-Packard Enterprise Development LP (U.S.) SWIFT (Belgium), Atos SE (France), Ultra-Electronics (U.K.), Gemalto NV (Amsterdam), Thales e-Security, Inc. (U.S.), Utimaco GmbH (Germany), and Yubico (U.S.)
Regional Analysis
Europe held the major revenue in the hardware security module market. The upsurge in the growth of the market is projected to be pushed by the highly competitive landscape of the regional market. The considerable existence of key firms delivering cloud-based services across the hardware security modules market in Europe for various verticals, such as healthcare and IT & telecom, also contributes to the growth of the market in this region.
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Hardware Security Modules Market Segmentation
The global Hardware Security Modules Market has been segmented into type, application, and End-user
Based on Type, The global Hardware Security Modules Market has been segmented into LAN-based HSM network attached, HSM, PCEI based/embedded plugins HSM, and USB Based portable HSM. The LAN-based HSM is expected to have the highest market share during the estimated period. USB-based HSM is anticipated to have the highest CAGR. It is also projected to have a relatively high market share.
Based on application, The global Hardware Security Modules Market has been segmented into SSL, TSL, Authentication, Payment processing, Code and document signing, Application-level encryption, Database encryption, PKI, and Credential management. The authentication sub-segment is expected to have the highest market share until 2022. It will also have the maximum CAGR. There are many reasons for this. One is the fact that different pieces of data and information online need different levels of authentication to be measured securely.
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Based on End-User, The global Hardware Security Modules Market has been segmented into Banking and financial services, Energy and utility, Retail and consumer products, Government technology and communication, Industrial and manufacturing, Healthcare, and Life sciences
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