Global Hardware Security Modules (HSMs) Market Size to Reach USD 4.10 Billion in 2032 | Emergen Research

Increasing focus on data security in cloud is a key factor driving hardware security modules market revenue growth

Vancouver, Sept. 20, 2023 (GLOBE NEWSWIRE) — The global Hardware Security Modules (HSMs) market size reached USD 1.22 Billion in 2021 and is expected to register a revenue CAGR of 11.8% during the forecast period, according to latest analysis by Emergen Research. Increasing focus on data security in cloud is a key factor driving market revenue growth.

Data security has been a major concern in information technology. It becomes especially crucial in cloud computing environment because data is stored in multiple locations, even across the globe. The biggest concern for users regarding cloud technology is data security and privacy protection, which creates high demand for hardware security modules. Cloud HSM is a Hardware Security Module (HSM) service hosted in cloud that allows users to store encryption keys and execute cryptographic operations in a cluster. Various companies are offering Cloud HMS services, for example, Amazon Web Services (AWS) Cloud HSM is a cloud-based Hardware Security Module (HSM) that allows users to quickly produce and use their own encryption keys on Amazon Web Services Cloud. Increasing concerns for data security in cloud is expected to drive revenue growth of the market during the forecast period.

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Rising cyber-attacks and data breaches across the globe create high demand for hardware security modules among organizations. Advancement of new technologies, such as Internet of Things (IoT), and Artificial Intelligence (AI), makes most businesses vulnerable to cyber-attacks. According to a study, between June 2020 to June 2021, the transportation industry has faced 186% increase in weekly ransomware attacks. For instance, in 2020, 9 million email addresses and travel details of customers were hacked from EasyJet company, out of which credit card information of approximately 2,200 customers was also compromised. Various cyberattacks in the recent years prompt organizations to adopt hardware security modules to strengthen their cyber security.

Scope of Research

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Major Companies and Competitive Landscape

The global hardware security modules market is fairly consolidated with a few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective hardware security module solutions. Some of the major companies included in the global hardware security modules market report are:

• IBM Corporation.
• Thales Group
• Utimaco Safeware.
• Atos SE
• STMicroelectronics
• Microchip Technology Inc.
• Hewlett Packard Enterprise
• Gemalto NV
• QLogic Corporation
• Futurex LP

Strategic Development

• On 06 June 2022, IBM recently signed an agreement with Siam Commercial Bank, a Thailand-based financial service provider to improve security of countless digital transactions on its platform and provide better service to its customers. The collaboration aims to capitalize on IBM’s key expertise in providing a secure, resilient enterprise platform for mission-critical apps and data on hybrid multi-cloud to mitigate risks and reduce fraudulent activity in financial transactions.
• On 22 February 2022, Thales Group, a French multinational company announced that its payShield 10K technology is assisting in the delivery of Microsoft Azure Payment Hardware Security Module (HSM). This is a new service that secures real-time, critical payment transactions in Azure using cryptographic key operations.

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Some Key Highlights from the Report

• The database encryption segment is expected to register a steady revenue growth rate over the forecast period due to stringent data privacy regulations and increasing risk of data breaches among organizations. HSMs protect from hackers stealing content from a sensitive database. For example, Fortanix, a U.S. based software company made database encryption easier by providing a single integrated key management and Hardware Security Module (HSM) for managing and storing cryptographic keys across all of databases of the user.
• The retail and e-commerce segment is expected to register a steady revenue growth rate over the forecast period due to growing adoption of hardware security modules among retail and e-commerce industries to secure network points for employees, third-party vendors, and e-commerce websites. Retail sector is the main target for hackers due to large amount of monetary transactions taking place in this sector via, debit cards, credit cards, and other payment systems.
• The North America market is expected to register a steady revenue growth rate during the forecast period due to rising investments by governments in cyber securities. In addition, growing adoption of advanced technologies, especially in the U.S. creates ample opportunities for the market in this region.

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Emergen Research has segmented global hardware security modules market on the basis of type, deployment type, application, end-use, and region:

• Type Outlook (Revenue, USD Million; 2019-2030)

• • LAN Based
  • USB Based
  • PCI Based
  • Smart Cards
  • Others

• Deployment Type Outlook (Revenue, USD Million; 2019-2030)

• • Cloud Based
  • On-Premises

• Application Outlook (Revenue, USD Million; 2019-2030)

• • Payment Processing
  • Code and Document Signing
  • Application-level encryption
  • Database Encryption
  • Authentication
  • Document Signing
  • PKI and Credential Management
  • Others

• End-Use Outlook (Revenue, USD Million; 2019-2030)

• • Banking, Financial Services and Insurance (BFSI)
  • IT and Telecommunication
  • Government
  • Industrial Manufacturing
  • Healthcare
  • Retail and E-commerce
  • Transportation
  • Others

• Regional Outlook (Revenue, USD Million; 2019–2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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