A recent report published by Infinium Global Research on the hardware security module market provides in-depth analysis of segments and sub-segments in the global as well as regional hardware security module market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional hardware security module market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global hardware security module market. According to the report, the global hardware security module market is projected to grow at a CAGR of 12.20% over the forecast period of 2021-2027.

Market Insight

The global hardware security module market was sized near USD 1076 million in 2021 which is expected to grow to USD 2147 million in 2027. The global hardware security module market is projected to grow with a CAGR of 12.20% during 2021-2027. A physical computing system that safeguards and administers digital keys, performs digital signature encryption and decryption functions, fast authentication, and other cryptographic functions is known as a hardware security module (HSM). Furthermore, such modules come in the form of a plug-in card or an external unit that is directly connected to a computer or network server and organizations need it. Moreover, organizations also require hardware security modules to maintain customer trust in the digital world to ensure complete cyber-attack-proof security. Hence there is a huge demand for hardware security modules, which started with the banking and financial institutions. Additionally, banking and financial institutions need hardware security module to protect the payment process through credit and debit cards and major companies including Mastercard and Visa highly demands hardware security module (HSM).

The primary factors which are driving the growth of the Hardware Security Module (HSM) Market are the rising requirement for effective management of cryptographic keys, increasing concerns about data protection in all data-sensitive companies, and the growing popularity of the Internet of Things (IoT). Furthermore, rising demand for devices and technologies that can stop cyber-attacks, data breaches, online banking, digital payments (like PayPal), communications, healthcare, life sciences, cloud-based services, and cryptocurrency has skyrocketed in recent years and growing data security concerns in all the data-sensitive companies worldwide are another factors which are propelling the growth of Hardware Security Module (HSM) Market over the forecast period. On the other hand, higher costs associated with hardware security modules and no standardization in the industry are major factors that are restraining the growth of the market over the forecast period. Nevertheless, rising demand for data security in cloud environments and companies investing millions to develop a new generation of modules are projected to provide lucrative opportunities to the Hardware Security Module (HSM) Market.

North America, is expected to dominate the Hardware Security Module (HSM) Market by holding the largest share of the market owing to better-developed Internet infrastructure and a higher prevalence of digital companies that need to use various hardware security module services in the region. Furthermore, the European market for hardware security modules is also expected to reach new heights owing to the growth of 4G LTE technology in the region and ongoing developments and smaller deployments of 5G infrastructure in the European region. Moreover, Asia Pacific is projected to witness exponential growth in Hardware Security Module (HSM) Market Hardware Security Module (HSM) Market during the forecast period owing to growing internet penetrations in developing countries like India and China.

Segment Covered

The report on the global hardware security module market covers segments such as type, deployment mode, application, and end use. On the basis of type, the sub-markets include LAN-based HSM, PCIe-based, and USB-based. On the basis of deployment mode, the sub-markets include on premise, and cloud. On the basis of application, the sub-markets include payment processing, code and document signing, and authentication. On the basis of end use, the sub-markets include government, energy and utilities, and healthcare.

Companies Profiled:

The report provides profiles of the companies in the market such as Gemalto NV, Thales e-Security, Inc., Utimaco GmbH, International Business Machines Corporation, FutureX, Hewlett-Packard Enterprise Development LP, Atos SE, Ultra Electronics, and Yubico.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the hardware security module market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.