The global Hardware Security Module Market is expected to reach US$ 1020.1 Mn during the forecast period. The market is growing owing to increasing cyber-attacks and data breaches taking place in organizations. Increasing digitization in BFSI, healthcare, IT, telecom, and other industries are resulting in the generation of crypto keys, which can be protected by using a hardware security module. Cryptographic functions such as key generation, encryption, decryption, hashing, and others can be performed using the hardware security module.
The market for hardware security modules is driven by growing investments in solutions for cyber security by organizations. Rising cyber-attacks in banking, healthcare, government, and other sectors have made it essential for these industries to use hardware security modules. Industries where online payment is accepted, cyber security and the requirement for safe cryptographic keys are major concerns, which can be handled by using hardware security modules.
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Moreover, the need to maintain the security of customers from online thefts requires organizations to use these modules. However, there are higher costs associated with the implementation and upgradation of hardware security modules. The rising need for point-to-point encryption in the payment card industry will provide opportunities for the hardware security module market.
The global hardware security module market is segmented on the basis of type, deployment type, application, end-use industry, and region. On the basis of applications, the market is segmented as application-level encryption, authentication, code and document signing, payment processing, credential management, and secure socket layer and transport layer security. Among these, the authentication segment dominated the market owing to the demand for reducing frauds while shopping online. On the basis of regions, the Asia-Pacific region is expected to witness significant growth during the forecast period owing to rising investments in security services.
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Hardware Security Module Market Segmentation Scope
- LAN Based HCM/ Network Attached HCM
- PCle Based/Embedded Plugins HCM
- USB Based/ Portable HCM
By Deployment Type
- Cloud Based
- Application Level Encryption
- Code and Document signing
- Database Encryption
- Payment Processing
- PKI or Credential Management
- Secure Socket Layers and Transport Layer Security
By End User Industry
- IT & Telecom
- Retail & E-commerce
- Government & Defense
- Energy & Utility
The key players in the market are Atos, FutureX, Gemalto NV, Hewlett-Packard Enterprise Development LP, IBM Corporations, Swift, Thales e-Security, Inc., Ultra-Electronics, Utimaco GmbH, Yubico, and others. Various strategies such as mergers and acquisitions, joint ventures, partnerships and others are being adopted by the companies to generate revenue and expand their market share. For instance, in 2019, Thales e-Security, a California-based multinational company providing data security solutions and services acquired Gemalto, a digital security company, with an aim to be a market leader in the digital security market.
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