Hardware Security Modules Market – Overview
Hardware security modules (HSMs) is a device that safeguards and manages authentication, crypto processing and provides security for sensitive data. In businesses, HSMs protects transactions, identities and applications as it helps in securing crypto graphic keys, authentication and digital signing services for a wide range of applications. Moreover, it is used to secure trade secrets, ensuring that only authorized individuals can access the HSMs to complete a cryptography key transaction. Also, multiple HSMs can be used together to provide public key management without slowing down applications. HSMs can be integrated in any application that uses digital keys to secure the sensitive data. In enterprises, HSMs protects public key infrastructures (PKIs), virtual environments and cloud architectures. In public key infrastructure (PKI) environment, HSMs is used by registration authorities (RAs) and certification authorities (CAs) for securing applications and manufacturing the next generation of PKI. Also, it is used to protect identities, applications, transactions and data in new technologies. Additionally, in banking sector, HSM is used to perform tasks such as PIN calculations or payment protocols.
The global hardware security modules market is forecasted to grow at a CAGR of 13% until next year. The market is projected to be worth USD 1.8 billion in 2022.
According to MRFR, global Hardware Security Modules Market is expected to show significant growth during the forecast period. Growing security concern owing to increase in data breaches and cyberattacks is one of the major factors encouraging businesses to implement HSM in their operations. Moreover, proliferation of HSMs in small and medium enterprises for data security in the cloud environment is expected to fuel the growth of hardware security modules market in the coming years. Additionally, HSM can be stored in safe place and can be transported from one place to another when needed, thus the demand for USB-based or portable HSMs is increasing, thereby boosting the growth of this market. Also, the emergence of electronic payments, digital transactions and the growing need to protect highly sensitive financial data from potential security threats is driving the growth of this market. However, high cost associated with HSM hampering the growth of the market. Many key players such as Gemalto NV, Thales e-Security, Inc., Utimaco GmbH, International Business Machines Corporation, Hewlett-Packard Enterprise Development LP among others are following the strategy of collaborating with software solution providers to provider security solutions to their customers.
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The key players of global Hardware Security Modules Market report include Gemalto NV (Amsterdam), Thales e-Security, Inc. (U.S.), Utimaco GmbH (Germany), International Business Machines Corporation (U.S.), FutureX (U.S.), Hewlett-Packard Enterprise Development LP (U.S.) SWIFT (Belgium), Atos SE (France), Ultra-Electronics (U.K.), Yubico (U.S.) and others.
Hardware Security Modules Market Global Market – Segmentation
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.
Hardware Security Modules Market Global Market – Regional Analysis
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.
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