New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global hardware security modules market size is slated to expand at ~13% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 8 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The data privacy regulations are driving the need for more secure storage of data and growing demand for hardware security modules. Strict[R1] data protection regulations[R2] such as GDPR in Europe and CCPA in California require organizations to implement stringent security measures. HSMs help companies achieve compliance by offering a secure environment for managing encryption keys and securing sensitive information.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-5119
Hardware Security Modules Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Cloud segment to garner the highest growth
- Market in North America to grow at a significant rate
Rising E-commerce and Online Transactions to Boost Market Growth
As more businesses move their operations online, they need to ensure that their transactions are secure and protected. According to projections the e-commerce industry is anticipated to experience an 11% increase in sales by 2023. At present, over 2.7 billion individuals actively participate in online shopping and engage in various[R3] e-commerce transactions. Hardware security modules help to provide this protection by encrypting sensitive data and storing it in secure hardware. This makes them an attractive option for businesses looking to ensure the security of their operations. HSMs encrypt data in transit, store encryption keys securely, and provide the highest level of assurance for secure payment processing and transaction authorization. They are also essential for protecting customer data from unauthorized access and malicious attacks.
Hardware Security Modules Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Number Of Cyber-Attacks to Drive the Growth in the Asia Pacific Region
The hardware security modules market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035, driven by increasing demand for data security, the growing adoption of cloud computing, and the rising number of cyber-attacks. Companies are investing in HSMs to ensure the security of their sensitive data. It has been observed that the number of weekly attacks per organization in the APAC region has increased to over[R4] 1,800 attacks, a 17% increase from previous years. In 2022, 2.30 billion records were compromised globally due to data breaches and India ranked second in terms of the number of incidents accounting for around 22% of the total. HSMs help ensure the secure storage and transmission of data, and can also provide encryption and authentication services.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-5119
Increasing Demand For Secure Key Management And Encryption Solutions to Drive the Growth in the North America Region
The North America hardware security modules market is estimated to garner the largest revenue by the end of 2035. This growth is driven by the increasing demand for secure key management and encryption solutions, as well as the growing adoption of cloud-based services. Additionally, the demand for HSMs is also driven by the need for compliance with various regulations, such as the Payment[R5] Card Industry Data Security Standard (PCI DSS). These regulations are designed to reduce the risk of data breaches and protect sensitive customer data. HSMs provide a layer of protection by ensuring that the keys used to encrypt and decrypt data cannot be accessed by unauthorized personnel.
Hardware Security Modules Segmentation by Deployment Mode
- On-Premises
- Cloud
The cloud segment in the hardware security modules market is projected to account for about 60% of market revenue by 2035 owing to increasing demand for cloud-based security solutions, as well as the development of novel technologies that provide increased security in the cloud. It is observed that 47% of companies utilize cloud-specific applications while around 56% have successfully migrated their workloads from on-premise systems. Google Drive emerges as the choice for cloud storage worldwide boasting an impressive adoption rate of 98[R6] %. Companies are switching to cloud-based applications due to the scalability, flexibility, and cost savings associated with them, as well as the ability to access data from anywhere with an internet connection.
Hardware Security Modules Segmentation by End User
- BFSI
- Healthcare
- Government
The healthcare segment is anticipated to hold the largest revenue by the end of 2035. As the healthcare industry moves to digitalize its operations, it has created more opportunities for hackers to gain access to sensitive patient data. This has led to an increase in cyberattacks, which has necessitated the use of more robust security measures, such as Hardware Security Modules. In 2020, there was an increase of 56% in healthcare data breaches compared to the previous year reaching a total of, over 580[R7] -600 incidents. Hardware Security Modules can provide the healthcare industry with essential security tools to protect patient data, such as encryption, authentication, and access control. Additionally, they offer enhanced protection against unauthorized access, which is a major concern for healthcare organizations.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-5119
A few of the well-known industry leaders in the global hardware security modules market that are profiled by Research Nester are Thales Group, Gemalto NV, Utimaco GmbH, International Business Machines Corporation IBM, Futurex, Micro Focus International plc, Yubico, ATOS SE, Broadcom Inc., OneSpan Inc., and other key market players.
Recent Development in the Market
- Thales recently unveiled its product, the nShield XC High Performance HSMs. This new series of nShield devices provides performance and scalability to meet the increasing need for secure key management and cryptographic operations in cloud and hybrid environments.
- Utimaco has expanded its partnership with IBM Security with a goal to offer cryptographic key management solutions that assist organizations in safeguarding sensitive data and achieving compliance with regulatory requirements. Utimacos HSM technology will play a role, in enabling these solutions.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
