Hardware Security Module Market is Expanding Rapidly Due to COVID-19 Crisis Enabling Enterprise to Adopt this Module
Research Reports
Jan 12, 2022
Industry Insight
Market Research Future provides a short-term assessment of the impact of COVID-19 on the global hardware security module market 2020. It proposes a clear assessment of the projected market fluctuations during the forecast period (2016–2022) with USD 1115 million in valuation. Various factors are probable to impact the overall dynamics of the hardware security module market with a high ~13?GR in the same forecasted period.
Top Grossing Factors
As per a new market report published by MRFR, the global hardware security module market to witness towering growth in support of some of the influential factors studied during COVID 19 pandemic. Growth of the hardware security module market has occurred with concerns over data breaches as well as surged spending on cybersecurity. Demand for hardware security module solutions is likely to rush in the coming years with more small and medium scale organizations concerning in formulating encryption strategies.
The foremost factor leading to the growth of the hardware security module market is mounting data security concerns in all companies related to the data sensitive worldwide. Hardware security modules are responsible for powerfully storing and managing cryptographic keys. The hardware security module performs several vital security correlated functions, including encryption and message authentication. These factors have motivated the market’s growth the most during COVID 19 pandemic, which will foster in the future as well.
Expenditure on cybersecurity has augmented over the years. Organizations are strategically allocating a significant share of their budget in deploying cybersecurity solutions mainly when employees are working from home due to the deadly impact of coronavirus worldwide. As per a study conducted by SANS Institute on ‘IT Security Spending Trends’ in February 2019, more than 50% of the total cybersecurity budget of organizations is spent on tools supporting access and authentication, followed by advanced malware and endpoint security, and data protection technologies.
There is a considerable hardware cybersecurity market emerging around protecting cars from being hacked. The focus have now started to shift from the physical protection of vehicles, drivers and passengers to the security protection, as per market intelligence firm MRFR. A recent study forecasts that the global hardware security module (HSM) sales volume per vehicles, including both consumer and commercial, will accomplish 2.3 billion units by 2020.
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Leading Segments
The worldwide hardware security module market has been segmented on type, application, and end-users.
In terms of type segment, the market has included PCIE-based/embedded plugin HSM, LAN-based HSM /network-attached HSM, and USB-based/portable HSM.
In terms of application segment, the market has included code and document signing, payment processing, authentication, secure sockets layer (SSL) and transport layer security (TLS), database encryption, and application-level encryption.
In terms of end-user segment, the market has included government, banking and financial services, industrial and manufacturing industry, technology and communications, retail and consumer products, energy and utilities, entertainment & media, healthcare and life science, education and transportation.
Regional Outlook
Further, the global hardware security modules market has been studied into regions such as Europe, North America, Asia-Pacific and RoW.
From a geographical point of observation, North America is possible to embrace the foremost share in the hardware security module market. Growth in the region is accredited to sturdy adoption and penetration of security modules as well as the incidence of a large number of vendors across the region.
However, Europe is also approximate to contribute significant share in the overall HSM market, closely followed by the Asia Pacific. Such growth is supported by APAC countries, including Japan, China, and India. The global hardware security module revenue stood at US$ 2,775.4 Mn in 2019 and is predictable to swell during the foretell period. South America and Middle East & Africa are predictable to nurture at a relatively stable rate during the assessment period.
Top Industry Players
Top players profiled in the global hardware security module (HSM) market include Thales e-Security, Inc. (U.S.), International Business Machines Corporation (U.S.), Utimaco GmbH (Germany), Hewlett-Packard Enterprise Development LP (U.S.), FutureX (U.S.), Atos SE (France), SWIFT (Belgium), Yubico (U.S.) and Ultra-Electronics (U.K.).
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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