New York, US, Feb. 16, 2023 (GLOBE NEWSWIRE) -- HSM Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Hardware Security Modules Market” information by Type, by End-users, by Application and Region – Forecast to 2030” market size to reach USD 3.2 billion, growing at a compound annual growth rate of 14.4% by 2030.
HSM Market Scope:
Due to widespread benefits like flexibility, ease of working, scalability, and interoperability, the cloud deployment model is rapidly gaining favour across numerous industries. Manufacturing, professional services, and financial industries all have high need for cloud systems. As a result, hardware security models (HSMs) have become an unavoidable component of any organization's cyber-security strategy. This in turn will boost market growth over the forecast period.
Dominant Key Players on Hardware Security Modules Market Covered are:
- Gemalto NV (Amsterdam)
- Thales e-Security Inc. (US)
- Utimaco GmbH (Germany)
- International Business Machines Corporation (US)
- FutureX (US)
- Hewlett-Packard Enterprise Development LP (US)
- SWIFT (Belgium)
- Atos SE (France)
- Ultra-Electronics (UK)
- Yubico (U.S.)
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| Report Metric | Details |
| Market Size | USD 3.2 billion in 2030 |
| CAGR | 14.4% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Geographies Covered | North America, The European Union, Asia-Pacific, The rest of the world |
| Key Vendors | Banking and financial services, Energy and utility, Retail and consumer products, Government technology and communication, Industrial and manufacturing, Healthcare, Life sciences |
Market USP Exclusively Encompassed:
Hardware Security Modules Market Drivers
Growing Need for Cyber Security Services to offer Robust Opportunities
With the rise in data security theft events, HSM use is increasing across all industries. Digital transactions, user personal information, and an organization's important digital assets are all protected with HSM. Yubico, a leading provider of encryption hardware devices and authentication for the modern web, announced the release of YubiHSM 2, a new cost-effective Hardware Security Module (HSM) for servers and IoT gateways that is designed to provide the utmost levels of security both for storage & management, generation of cryptographic digital key, and support for a wide range of enterprise environments and applications. This will offer robust opportunities for the market over the forecast period.
Furthermore, banking & financial institutions that process payments on secure platforms such as Mastercard & Visa have a high demand for hardware security modules. The use of various digital payment methods is boosting the HSM industry significantly. Furthermore, the global importance of bit coins encourages enterprises to embrace digital transaction procedures, which in turn enhances demand for HSM's data & information security solutions.
High Implementation and Upgrade Cost to act as Market Restraint
The high implementation and upgrade cost of hardware security modules may act as market restraints over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak possessed a substantial impact on the hardware security module business. New projects have halted around the world, resulting in a decrease in demand for analogue semiconductors. As workers remained at home, global manufacturing struggled to integrate novel hardware security modules, disrupting global supply chains. COVID-19 had a temporary effect on this market because only the production & supply chain are halted. Supply chains, production, and need for hardware security modules will steadily improve as the situation improves. The lockdown would encourage businesses to consider more complex hardware security modules in order to improve efficiency.
Segmentation of Market Covered in the Research:
The global hardware security modules market is bifurcated based on type, application, and end user.
By type, LAN-based will lead the market over the forecast period.
By application, authentication will dominate the market over the forecast period.
By end user, life sciences will spearhead the market over the forecast period.
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Regional Analysis
North America to Dominate Hardware Security Modules Market
The global hardware security modules market is dominated by the North American area. In the North American region, cyber-security legislation has broadened the reach of both hardware security modules & cyber-security IoT. A hardware security module is a physical device which manages digital keys and ensures that they are stored and generated safely. It protects these materials both physically and logically from unauthorized usage and prospective attackers. Because of its cost-effectiveness and feasibility among small & medium-sized firms in this region, hardware security modules are increasingly being adopted by large countries such as the United States. In North America, laws governing cyber security concerns have expanded the scope of hardware security modules & security IoT. A hardware security module is a physical system that controls digital keys while also storing and producing them securely. It safeguards this information physically and logically against unwanted access and potential competitors, which are fueling the growth of the North American hardware security modules market. The significant acceptance & penetration of security modules, as well as the presence of a large number of vendors across the globe, are driving growth in this market.
APAC to Have Favorable Growth in Hardware Security Modules Market
The APAC region will have favorable growth in the hardware security modules market over the forecast period. The increased focus on payment system digitalization might be ascribed to the high anticipated development in the market. Demand is expected to rise during the projection period because of many benefits such as lower prices compared to LAN-based and USB-based HSMs, profitability functionality, and compactness. Utimaco released the latest edition of HSM, Utimaco security server 4.10, in February 2017 with a high security boost that is required for cloud applications. It offers unequalled security and flexibility for cloud-based HSM services. The increased emphasis on the digitization of the transaction systems can be ascribed to the high predicted growth in the Asia-Pacific HSM industry. Due to many features such as cheaper cost over LAN-based HSMs & embedded plugin HSMs, portability feature, and compact size, the demand for USB-based or portable plugin HSMs is predicted to expand throughout the forecast period.
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With the predicted incorporation of a large number of IoT devices by 2020, there is a need to protect the IoT ecosystem's components. Hardware and software are two components of the IoT ecosystem that will need to be secured through information security solutions. This, in turn, is a primary driving force behind the HSM market's expansion over the forecast period.
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