Hardware Security Modules Market Size and Ovevriew
Hardware security modules are components used in management and safeguarding of digital keys. It can protect the cryptographic infrastructure of major organizations by performing encryption and decryption of digital signatures and authentication passwords. The global hardware security modules market report by Market Research Future (MRFR) has been segmented by analysts according to type, application, and end-users for perusal of industry experts and business leaders. It projects revenue and growth patterns for the market for the forecast period (2020-2027). The COVID-19 pandemic and its implications on the industry are also explored in depth.
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Hardware Security Modules Market Scope
The global hardware security modules market size can balloon to USD 1,115 million by 2022 by exhibiting 13% CAGR over the forecast period. It can expand by securing financial transactions and securing digital signatures and cryptographic keys for various applications. Rise in data breaches, new mandates for hardware security module manufacturers, and management of private and public encryption keys are major drivers of the market.
The COVID-19 pandemic is likely to shrink the global market demand significantly owing to restrictions on production and curtailment of customer spending. But adoption of advanced security solutions while combating online threats can sustain the hardware security modules market growth. Data authentication and encryption solutions can be lucrative for the market in the coming years.
But high costs of the equipment can encumber market growth.
Hardware Security Modules Segmentation
By type, the market has been segmented into PCIe-based/embedded plugins HSM, LAN-based hsm/network-attached HSM, and USB-based/portable HSM. The USB-based/portable HSM segment is bound to expected to perform superbly over the forecast period owing to its low cost.
On the basis of application, the market can be segmented as application-level encryption, PKI or credential management, payment processing, code and document signing, secure sockets layer (SSL) and transport layer security (TLS), authentication, and database encryption. Authentication is expected to gain speed in the hardware security modules market owing to huge need for securing information. Authentication and privileges allocated to certain users for performing administrative work and making transactions can drive the segment growth.
On the basis of end-users the market can be segmented into banking and financial services, government, retail and consumer products, transportation, technology and communications, industrial and manufacturing industry, energy and utilities, healthcare and life science, entertainment media, and education. The transportation segment is bound to capture a large market share owing to huge production of connected cars in the coming years.
Hardware Security Modules Market Regional Analysis
North America, Asia Pacific (APAC), Latin America, Europe, and the Middle East Africa (MEA) are major regions analyzed for measuring the growth of the global hardware security modules market.
Latin America accounted for a large share of the hardware security modules market owing to adoption of cloud and IoT coupled with new regulatory compliances. Focus on payments and tokenization encryption can drive the market demand in the region. Need for tamper resistance in hardware interfaces and automated management of keys can bode well for the market.
On the other hand, APAC can showcase a robust growth rate owing to investments in hardware security by China and India. This is attributed to use of hardware security modules by large enterprises to combat challenges of data sovereignty and data governance.
Hardware Security Modules Market Competitive Scope
FutureX, Hewlett-Packard Enterprise Development LP, Utimaco GmbH, Yubico, International Business Machines Corporation, Atos SE, SWIFT, Thales e-Security, Inc., Gemalto NV, and Ultra-Electronics are notable players of the global hardware security modules market.
Development of encryption key management strategies for large organizations can be the prime play of major vendors in the market. Protection of single and multiple keys in an organization for authorizing access to data can be lucrative for the market leaders.
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Industry News
WISeKey International Holding has partnered with Cortus SAS to develop digital security solutions for the automotive industry in 2021. It can prevent hacking attempts on connected vehicles and self-driving cars by deploying firewalls between application and secure modules as well utilize various cryptographic algorithms for improving authentication.
