The global Hardware Security Modules (HSMs) market size reached USD 1.22 Billion in 2021 and is expected to register a revenue CAGR of 11.8% during the forecast period, according to latest analysis by Emergen Research. Increasing focus on data security in cloud is a key factor driving market revenue growth.
Data security has been a major concern in information technology. It becomes especially crucial in cloud computing environment because data is stored in multiple locations, even across the globe. The biggest concern for users regarding cloud technology is data security and privacy protection, which creates high demand for hardware security modules. Cloud HSM is a Hardware Security Module (HSM) service hosted in cloud that allows users to store encryption keys and execute cryptographic operations in a cluster.
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Various companies are offering Cloud HMS services, for example, Amazon Web Services (AWS) Cloud HSM is a cloud-based Hardware Security Module (HSM) that allows users to quickly produce and use their own encryption keys on Amazon Web Services Cloud. Increasing concerns for data security in cloud is expected to drive revenue growth of the market during the forecast period.
Rising cyber-attacks and data breaches across the globe create high demand for hardware security modules among organizations. Advancement of new technologies, such as Internet of Things (IoT), and Artificial Intelligence (AI), makes most businesses vulnerable to cyber-attacks. According to a study, between June 2020 to June 2021, the transportation industry has faced 186% increase in weekly ransomware attacks.
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Competitive Outlook:
Because there are so many businesses in this sector, the market for Hardware Security Modules is very competitive. These businesses are renowned for making significant investments in R&D initiatives. Additionally, they own a sizeable amount of the market share overall, which restricts the entry of new companies into the industry. The study on the worldwide Hardware Security Modules market examines the clever strategies used by the top market players, including joint ventures, partnerships, mergers, and acquisitions.
Some major companies operating in the global market include
IBM Corporation,
Thales Group,
Utimaco Safeware.,
Atos SE,
STMicroelectronics,
Microchip Technology Inc.,
Hewlett Packard Enterprise,
Gemalto NV,
QLogic Corporation, and
Futurex LP.
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Some Key Highlights from the Report
The database encryption segment is expected to register a steady revenue growth rate over the forecast period due to stringent data privacy regulations and increasing risk of data breaches among organizations. HSMs protect from hackers stealing content from a sensitive database.
The retail and e-commerce segment is expected to register a steady revenue growth rate over the forecast period due to growing adoption of hardware security modules among retail and e-commerce industries to secure network points for employees, third-party vendors, and e-commerce websites.
The North America market is expected to register a steady revenue growth rate during the forecast period due to rising investments by governments in cyber securities. In addition, growing adoption of advanced technologies, especially in the U.S. creates ample opportunities for the market in this region.
Emergen Research has segmented global hardware security modules market on the basis of type, deployment type, application, end-use, and region:
Type Outlook (Revenue, USD Million; 2019-2030)
LAN Based
USB Based
PCI Based
Smart Cards
Others
Deployment Type Outlook (Revenue, USD Million; 2019-2030)
Cloud Based
On-Premises
Application Outlook (Revenue, USD Million; 2019-2030)
Payment Processing
Code and Document Signing
Application-level encryption
Database Encryption
Authentication
Document Signing
PKI and Credential Management
Others
End-Use Outlook (Revenue, USD Million; 2019-2030)
Banking, Financial Services and Insurance (BFSI)
IT and Telecommunication
Government
Industrial Manufacturing
Healthcare
Retail and E-commerce
Transportation
Others
Global Hardware Security Modules Market Geographical Landscape – Synopsis:
The report closely studies the growth trajectory of the global Hardware Security Modules market. It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The study elaborates on the crucial information pertaining to the regional market share. It simultaneously focuses on the significant details about the growth patterns of each regional market.
Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.
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