Hardware Security Module (HSM) Market to Witness Huge Growth by 2027

Hardware Security Module (HSM) Market: Overview

According to a new market report published by Transparency Market Research the global hardware security module market is expected to reach a value of US$ 6,592.5 Mn by 2027 on account of rising security concerns across a number of industries. The market is projected to expand at a CAGR of 11.4% during the forecast period from 2020 to 2027. Growth of the hardware security module market is due to concerns over data breaches as well as increased spending on cyber security. Demand for HSM solutions is expected to surge in the coming years with more small and medium scale organizations involving in formulating encryption strategies.

Increased spending on cyber security driving the global hardware security module (HSM) market

Spending on cyber security has increased over the years. Organizations are strategically allocating a significant share of their budget in deploying cyber security solutions. According to a study conducted by SANS Institute on 'IT Security Spending Trends' in February 2016, more than 50% of the total cyber security budget of organizations is spent on tools supporting access and authentication, followed by advanced malware and endpoint security, and data protection technologies.

Request A Sample Copy Of The Report https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=27299

Hardware Security Module (HSM) Market: Scope of the Report

The hardware security module (HSM) market is segmented based on type, application, and industry vertical. According to the research study, remote interface HSM held the significant share in 2019 in the global hardware security module market. However, smart cards and USB tokens are expected to show strong growth during the forecast period. This is largely due to the embedded features that these HSMs have. Since USB tokens and smart cards are lightweight, portable, and cost-efficient HSM types, they are heavily being deployed among medium and small enterprises around the world. Moreover, these HSMs do not require additional hardware, that makes them simple to install and operate, thereby making them popular among various organizations. The use cases of hardware security modules are plentiful, ranging from authentication to application level encryption. However, the most prominent application for which HSMs are largely being deployed is for authentication followed by Secure Sockets Layer (SSL) and document signing. Moreover, use of HSM devices for applications such as database encryption and credential management are expected to witness growth in the coming years.

North America led the global hardware security module market with a substantial share in 2019, primarily due to rising deployment of HSM devices for various applications across organizations operating in North America, particularly in the U.S. which has given impetus to the HSM market. Furthermore, many new vendors are entering the HSM market in North America, thereby adding to the growth of HSM devices. Additionally, attempts made by developed economies to improve their security infrastructure and protect data from malicious attacks are also supporting the growth in the North America region. The growth in the HSM market is also witnessing the formulation of stringent regulatory standards in North America and around the world, specifically for the vendors. The Federal Information Processing Standards (FIPS) (FIPS PUB 140-2) are the set of quality standards that approves cryptographic modules. FIPS 140-2 defines several levels of security, namely level 1, level 2, level 3, and level 4. The standard helps end-users to efficiently select the HSM device based on their requirement for data security.

The global hardware security module market in Europe is expected to contribute significant share in 2019 which is closely followed by the Asia Pacific region. In Europe, Germany and the U.K. are anticipated to drive the growth of the hardware security module (HSM) market. The strong deployment of HSM devices in European countries are largely due to frequent cyber-attacks in various institutions such as governments, and banking and financial enterprises.

Asia Pacific is anticipated to observe highest growth in terms of adoption of HSMs during the forecast period. Across Asia Pacific, Japan, China, and India are anticipated to drive the growth of the hardware security module market. Japan dominated the market in 2019 and is expected to continue its dominance over the forecast period from 2020 to 2027. The pace of deployment of HSM devices is expected to grow with the growing need to efficiently protect cryptographic keys from any kind of malicious attacks. The global hardware security module (HSM) market in South America and Middle East & Africa are anticipated to witness relatively stable growth.

Global Hardware Security Module (HSM) Market: Competitive Dynamics

Vendors of HSM devices are continuously improving their products in terms of the function and other features. Vendors are developing advanced HSM solutions that are in accordance with regulatory standards. Moreover, some of the major players in the HSM market are collaborating with integrators and other small vendors to provide advanced HSMs that are feasible, scalable, and can be customized as per the security requirement of end-users. Some of the players are investing in research and development to offer innovative HSM devices.

Key players profiled in the global hardware security module (HSM) market include Gemalto NV, IBM Corporation, Ultra Electronics Group, Utimaco GmbH, Futurex, Thales e-Security, Inc., Hewlett Packard Enterprise Development L.P., SWIFT, and Yubico.

Request For Covid19 Impact Analysis https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=27299

The global hardware security module (HSM) market is segmented as below:

Global Hardware Security Module (HSM) Market, by Type

Local Interface
Remote Interface
USB Token
Smart Cards

Global Hardware Security Module (HSM) Market, by Application

Authentication
Database Encryption
Document Signing
Secure Sockets Layer (SSL)
Code Signing
PKI/Credential Management
Payments Processing
Application Level Encryption

Global Hardware Security Module (HSM) Market, by Industry Verticals

BFSI
Government
Technology and Communication
Industrial and Manufacturing
Energy and Utility
Retail and Consumer Products
Healthcare & Life sciences
Others (Automotive, Transportation and Hospitality)

Global Hardware Security Module (HSM) Market, by Geography

North America

The U.S.
Canada
Rest of North America

Europe

The U.K
Germany
France
Rest of Europe

Asia Pacific (APAC)

India
China
Rest of APAC

Middle East & Africa (MEA)

GCC
South Africa
Rest of MEA

South America

Brazil
Argentina
Rest of South America

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports thrive to provide clients to serve their overall research requirement.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com