New York, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The global hardware security modules market is expected to reach a market size of USD 1,916.5 Million by 2027, and register a significantly high revenue CAGR over the next seven years, according to the latest report by Reports and Data. Growing deployment of hardware security modules can be attributed to growing demand for IoT and cloud-based solutions. Increasing adoption of IoT and cloud computing is boosting demand for hardware security modules to prevent cyber-attacks and provide data security. Considerably high demand for hardware security modules originates from banks and financial service providers for secure payment processing. Also, the growing use of digital payments has been driving market growth to a significant extent.
Get FREE Sample Copy with TOC of the Report to understand the structure of the complete report@ https://www.reportsanddata.com/sample-enquiry-form/3778
Some primary benefits offered by hardware security modules include physical access security, secure key generation, and a secure processing environment. Hardware security modules provide several protective mechanisms, such as resin-embedded chips, temperature and voltage sensors, and drill protection foil to prevent any physical tampering attempts and external attacks.
Further key findings in the report
- Portable hardware security modules are garnering significant traction in the market for their ease of usage, portability, compact size, and low cost. Portable hardware security modules support applications, including low volume root key generation.
- Rising incidence of cybercrimes across the globe is driving demand for hardware security modules. In February 2020 for instance, ForgePoint Capital announced provision of funds up to USD 450 Million to early-stage growth firms focused on providing solutions to combat cybercrimes.
- Hardware security modules are used for authentication purposes to offer a secure mechanism for improved identity management of an individual involved in a digital payment transaction and assure that the individual is authorized to make the payment. Implementation of hardware security modules enables cryptographic operations associated with the authentication process to be carried out inside a FIPS 140-2 Level 3 secure equipment, and hence delivers enhanced security from unauthorized access.
- Hardware security modules market revenue in Latin America is expected to register the fastest CAGR during the forecast period, owing to increasing investments in network connectivity infrastructure and increasing digital transformation initiatives in countries in the region. High incidence of cyber-attacks is another factor driving market growth in the region. In 2018, around 57.0% of enterprises in Latin America experienced ransomware attacks, and approximately 55.0% were victims of data breaches.
- Key companies include Hewlett Packard Enterprise Company, Ultimaco GmbH, Atos SE, SWIFT, Yubico, Futurex, Thales E-Security Inc., IBM Corporation, Ultra Electronics, and CardContact Systems GmbH.
Buy Your Copy Now (Customized Report Delivered as per Your Specific Requirement)@ https://www.reportsanddata.com/checkout-form/3778
For the purpose of this report, Reports and Data has segmented the global hardware security modules market on the basis of product type, application, industry vertical, and region:
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Network-based Hardware Security Modules
- Embedded Hardware Security Modules
- Portable Hardware Security Modules
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Payment Processing
- Secure Socket Layer
- Transport Layer Security
- Code and Document Signing
- Database Encryption
- Authentication
- Application Level Encryption
- Credential Management
- Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- BFSI
- IT & Telecommunications
- Manufacturing
- Government
- Energy & Utilities
- Healthcare
- Retail
- Others
Click on the link to read key highlights of the report and look at projected trends for years to come: https://www.reportsanddata.com/report-detail/hardware-security-modules-market
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
Take a Look at our Related Reports:
Transit Cards Market Size, Share & Analysis, By Type (Bus Card, Subway Card, Others) By Application (Traffic, Transportation, Others), And By Region, Forecast To 2027
Augmented Reality in Retail Market Information By Device Type (Head Mounted Display, Handheld Device, Smart Augmented Reality Mirror), By Technology (Marker-based Augmented Reality, Marker-less Augmented Reality), By Retail Product Type (Furniture, Clothing, Groceries, Shoes, Jewelry, Toys, Makeup), And Region Forecast To 2027
E-Learning Market Size, Share & Analysis, By Technology (Online Learning, Learning Management Systems, Mobile Learning, Microlearning, Virtual Classrooms), By Application (Academic, Corporate, Healthcare, Government, Others), By Region, Forecast To 2027
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Read Full Press Release@ https://www.reportsanddata.com/press-release/global-hardware-security-modules-market