Hardware Security Module Market to Reach USD 2208.3 million by 2028 at a CAGR of 10.5% | Valuates Reports
BANGALORE, India, May 25, 2022 /PRNewswire/ -- The Global Hardware Security Modules Market is Segmented by Type (General Purpose HSMs, Payment HSMs, HSMaaS) and By Application (Industrial and Manufacturing, BFSI Government, Others) : Global Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Computers & Electronics Category.
The Global Hardware Security Modules market size is projected to reach USD 2208.3 million by 2028, from USD 1089 million in 2021, at a CAGR of 10.5% during 2022-2028.
Major factors driving the growth of the Hardware Security Modules market
The growing concern about data security in all data-sensitive companies around the world is a major factor driving the growth of the hardware security module market.
Furthermore, strict data security compliances are expected to increase the demand for hardware security modules, propelling the market forward. Furthermore, the hardware security modules market is expected to benefit from an increase in the demand for effective cryptographic key management.
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TRENDS INFLUENCING HARDWARE SECURITY MODULE MARKET
The Hardware Security Module Market is expected to grow due to the increasing adoption of Hardware Security modules in the BFSI sector. In banking and other industries, the hardware security module (HSM) is widely used to protect sensitive information by handling key management, key exchange, encryption, digital signatures etc. Specialized HSMs used in the payment card industry are known as bank hardware security modules or card payment system hardware security modules. As a result, these HSMs can perform both standard hardware security module functions as well as specialized functions required by transaction processing and industry compliance standards.
A Hardware security module can help companies that handle payment card data comply with the Payment Card Industry Data Security Standard (PCI DSS). Any company that needs to encrypt and protect sensitive data, such as those in the healthcare, energy, or payment industries, can benefit from an HSM. Rather than keeping keys in a virtual environment, organizations can store cryptographic data in specific hardware that has been thoroughly verified and approved by independent laboratories. These modules have a security-focused operating system with highly limited access via a network interface regulated by internal rules. The entire system is designed to safeguard and conceal encrypted data. It can also generate random (entropy) keys and generate digital signatures at a high rate. A centralized key management design has the benefit of expediting key management in large enterprises. This aspect is projected to propel the growth of the HSM market.
The Hardware Security Module market is expected to grow due to the increased use of Hardware Security Modules in the industrial and manufacturing sectors. Unsecured manufacturing processes can result in the production of unauthorized units that can be sold on the black market, either with genuine branding or under a different name. This puts the company in jeopardy in terms of finances and reputation. The level of security provided by HSMs is unrivaled. Tamper-resistant or tamper-evident devices are available. If someone tries to break into the device, the HSM records the attempt and alerts the appropriate personnel. This level of security can be difficult to achieve with the software. Manufacturers around the world rely on HSMs and data encryption solutions to address today's high-tech manufacturing security challenges.
The defense and government departments are crucial to any country's development. These departments have access to highly sensitive information such as personal information about citizens, court hearing records, and secret information about the army, air force, navy, and other armed forces. To protect the confidentiality of sensitive data, these organizations must use future-proof data encryption solutions. A Hardware Security Module (HSM) is one such device that can easily meet these data security requirements. As a result, the growing demand for Hardware Security Modules from government agencies is expected to propel the HSM market forward.
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HARDWARE SECURITY MODULE SHARE ANALYSIS
BFSI is expected to be the most profitable segment based on application. Banking and financial institutions created a huge demand for hardware security modules to protect the payment process using credit and debit cards from major companies such as Mastercard and Visa.
Based on region, Europe is expected to be the most lucrative region in the Hardware security module market. The region's thriving BFSI, IT & Telecommunications, medical and life sciences industries, as well as the automotive industry, provide opportunities for the market. The region's adoption of 4G LTE technology, as well as ongoing developments and smaller deployments of 5G infrastructure, are expected to increase demand for network security hardware security modules in the IT and telecommunications sectors.
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Key Players
- Thales
- Entrust Datacard
- Utimaco
- ATOS SE
- Marvell Technology Group
- Westone Information Industry Inc
- Ultra Electronics
- Synopsys, Inc
- Futurex
- Keyou
- Exceet Secure Solutions GmbH
- Beijing Dean information technology
- Securosys
- Yubico
- Sansec
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SIMILAR REPORTS:
- The global Hardware Encryption market size is projected to reach USD 149750 million by 2028, from USD 28970 million in 2021, at a CAGR of 25.9% during 2022-2028.
- The global IoT Security market size is projected to reach USD 6328.4 million by 2027, from USD 1732.8 million in 2020, at a CAGR of 20.3% during 2021-2027.
- The global lawful interception market size was valued at USD 2.69 Billion in 2020, and is projected to reach USD 22.64 Billion by 2030, growing at a CAGR of 23.7% from 2021 to 2030.
- The global security testing market size was valued at USD 6.25 billion in 2020 and is projected to reach USD 36.78 billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030.
- The global Security as a Service market size is projected to reach USD 16920 million by 2028, from USD 6758.8 million in 2021, at a CAGR of 13.5% during 2022-2028.
- The global Perimeter Security market size is estimated to be worth USD 124860 million in 2022 and is forecast to be a readjusted size of USD 186330 million by 2028 with a CAGR of 6.9%.
- The global Security Information and Event Management market size is projected to reach USD 6436.2 million by 2027, from USD 3938.3 million in 2020, at a CAGR of 6.8% during 2021-2027.
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