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Hardware Security Module Market By Product Type, By Deployment Mode, By Application, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 270 Pages
  • October 2023
  • Region: Global
  • Allied Market Research
  • ID: 5916368
Description Jump to:
A hardware security module (HSM) is a physical device that provides extra security for sensitive data. This type of device is used to provision cryptographic keys for critical functions such as encryption, decryption and authentication for the use of applications, identities and databases. These devices can be plugin cards or be embedded in other hardware, including smart cards, appliances and other external devices. They can be connected to a network server or used as a standalone device offline. They are also offered as cloud services.

An increase in data breaches and cyberattacks and increase in the adoption of the 5G network is boosting the growth of the global hardware security module market. in addition, an increase in strict data security compliances positively impacts the growth of the hardware security module market. However, the high price related to the hardware security modules and increasing security concerns is hampering the hardware security module market growth. On the contrary, growing reliance on cryptographic keys is expected to offer remunerative opportunities for the expansion of the hardware security module market during the forecast period.

The hardware security module market is segmented on the basis of type, deployment mode, application, industry vertical and region. On the basis of type, the market is categorized into LAN-based/ network attached, PCI-based/ embedded plugins, USB-based/ portable, and smart cards. On the basis of deployment mode, the market is fragmented into on-premise and cloud. On the basis of application, the market is bifurcated into payment processing, code and document signing, security sockets layer (SSL) and transport security layer (TSL), authentication, application-level encryption, and others. By industry vertical, it is classified into BFSI, IT & telecommunication, government, consumer goods & retail, transportation, aerospace & defense, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players that operate in the hardware security module market are Thales, utimaco GmbH., future, Adweb Technologies, IBM Corporation, Atos SE, Hewlett Packard Enterprise, Ultra-Electronics, Entrust Datacard, and Microchip Technology Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the global hardware security module market forecast along with the current and future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on global hardware security module market trend is provided in the report.
  • The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.

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  • Product Life Cycles
  • Market share analysis of players by products/segments
  • New Product Development/ Product Matrix of Key Players
  • Market share analysis of players at global/region/country level
  • SWOT Analysis
  • Volume Market Size and Forecast

Key Market Segments

By Product Type

  • Smart Cards
  • LAN based/ Network Attached
  • PCI-Based/ Embedded Plugins
  • USB-Based/ Portable

By Deployment Mode

  • On-premise
  • Cloud

By Application

  • Payment Processing
  • Code and Document Signing
  • Security Sockets Layer (SSL) and Transport Security Layer (TSL)
  • Authentication
  • Application-Level Encryption
  • Others

By Industry Vertical

  • BFSI
  • IT and Telecommunication
  • Government
  • Consumer Goods and Retail
  • Transportation
  • Aerospace
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • Thales
  • utimaco GmbH.
  • IBM Corporation
  • Atos SE
  • Entrust Datacard
  • Futurex
  • Adweb Technologies
  • Hewlett Packard Enterprise
  • Microchip Technology Inc.
  • Ultra Electronics Holdings Plc

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
CHAPTER 4: HARDWARE SECURITY MODULE MARKET, BY PRODUCT TYPE
4.1. Overview
4.2. LAN based/ Network Attached
4.3. PCI-Based/ Embedded Plugins
4.4. USB-Based/ Portable
4.5. Smart Cards
CHAPTER 5: HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT MODE
5.1. Overview
5.2. On-premise
5.3. Cloud
CHAPTER 6: HARDWARE SECURITY MODULE MARKET, BY APPLICATION
6.1. Overview
6.2. Payment Processing
6.3. Code and Document Signing
6.4. Security Sockets Layer (SSL) and Transport Security Layer (TSL)
6.5. Authentication
6.6. Application-Level Encryption
6.7. Others
CHAPTER 7: HARDWARE SECURITY MODULE MARKET, BY INDUSTRY VERTICAL
7.1. Overview
7.2. BFSI
7.3. IT and Telecommunication
7.4. Government
7.5. Consumer Goods and Retail
7.6. Transportation
7.7. Aerospace
7.8. Others
CHAPTER 8: HARDWARE SECURITY MODULE MARKET, BY REGION
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia-Pacific
8.5. LAMEA
CHAPTER 9: COMPETITIVE LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product mapping of top 10 player
9.4. Competitive dashboard
9.5. Competitive heatmap
9.6. Top player positioning, 2022
CHAPTER 10: COMPANY PROFILES
10.1. Thales
10.2. utimaco GmbH.
10.3. Futurex
10.4. Adweb Technologies
10.5. IBM Corporation
10.6. Atos SE
10.7. Hewlett Packard Enterprise
10.8. Ultra Electronics Holdings Plc
10.9. Entrust Datacard
10.10. Microchip Technology Inc.
List of Tables
Table 01. Global Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 02. Hardware Security Module Market for Lan Based/ Network Attached, by Region, 2022-2032 ($ Million)
Table 03. Hardware Security Module Market for Pci-Based/ Embedded Plugins, by Region, 2022-2032 ($ Million)
Table 04. Hardware Security Module Market for Usb-Based/ Portable, by Region, 2022-2032 ($ Million)
Table 05. Hardware Security Module Market for Smart Cards, by Region, 2022-2032 ($ Million)
Table 06. Global Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 07. Hardware Security Module Market for On-Premise, by Region, 2022-2032 ($ Million)
Table 08. Hardware Security Module Market for Cloud, by Region, 2022-2032 ($ Million)
Table 09. Global Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 10. Hardware Security Module Market for Payment Processing, by Region, 2022-2032 ($ Million)
Table 11. Hardware Security Module Market for Code and Document Signing, by Region, 2022-2032 ($ Million)
Table 12. Hardware Security Module Market for Security Sockets Layer (Ssl) and Transport Security Layer (Tsl), by Region, 2022-2032 ($ Million)
Table 13. Hardware Security Module Market for Authentication, by Region, 2022-2032 ($ Million)
Table 14. Hardware Security Module Market for Application-Level Encryption, by Region, 2022-2032 ($ Million)
Table 15. Hardware Security Module Market for Others, by Region, 2022-2032 ($ Million)
Table 16. Global Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 17. Hardware Security Module Market for Bfsi, by Region, 2022-2032 ($ Million)
Table 18. Hardware Security Module Market for It and Telecommunication, by Region, 2022-2032 ($ Million)
Table 19. Hardware Security Module Market for Government, by Region, 2022-2032 ($ Million)
Table 20. Hardware Security Module Market for Consumer Goods and Retail, by Region, 2022-2032 ($ Million)
Table 21. Hardware Security Module Market for Transportation, by Region, 2022-2032 ($ Million)
Table 22. Hardware Security Module Market for Aerospace, by Region, 2022-2032 ($ Million)
Table 23. Hardware Security Module Market for Others, by Region, 2022-2032 ($ Million)
Table 24. Hardware Security Module Market, by Region, 2022-2032 ($ Million)
Table 25. North America Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 26. North America Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 27. North America Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 28. North America Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 29. North America Hardware Security Module Market, by Country, 2022-2032 ($ Million)
Table 30. U.S. Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 31. U.S. Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 32. U.S. Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 33. U.S. Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 34. Canada Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 35. Canada Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 36. Canada Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 37. Canada Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 38. Europe Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 39. Europe Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 40. Europe Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 41. Europe Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 42. Europe Hardware Security Module Market, by Country, 2022-2032 ($ Million)
Table 43. UK Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 44. UK Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 45. UK Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 46. UK Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 47. Germany Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 48. Germany Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 49. Germany Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 50. Germany Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 51. France Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 52. France Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 53. France Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 54. France Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 55. Italy Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 56. Italy Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 57. Italy Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 58. Italy Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 59. Spain Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 60. Spain Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 61. Spain Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 62. Spain Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 63. Rest of Europe Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 64. Rest of Europe Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 65. Rest of Europe Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 66. Rest of Europe Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 67. Asia-Pacific Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 68. Asia-Pacific Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 69. Asia-Pacific Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 70. Asia-Pacific Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 71. Asia-Pacific Hardware Security Module Market, by Country, 2022-2032 ($ Million)
Table 72. China Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 73. China Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 74. China Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 75. China Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 76. Japan Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 77. Japan Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 78. Japan Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 79. Japan Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 80. India Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 81. India Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 82. India Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 83. India Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 84. South Korea Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 85. South Korea Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 86. South Korea Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 87. South Korea Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 88. Australia Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 89. Australia Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 90. Australia Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 91. Australia Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 92. Rest of Asia-Pacific Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 93. Rest of Asia-Pacific Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 94. Rest of Asia-Pacific Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 95. Rest of Asia-Pacific Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 96. LAMEA Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 97. LAMEA Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 98. LAMEA Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 99. LAMEA Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 100. LAMEA Hardware Security Module Market, by Country, 2022-2032 ($ Million)
Table 101. Latin America Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 102. Latin America Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 103. Latin America Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 104. Latin America Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 105. Middle East Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 106. Middle East Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 107. Middle East Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 108. Middle East Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 109. Africa Hardware Security Module Market, by Product Type, 2022-2032 ($ Million)
Table 110. Africa Hardware Security Module Market, by Deployment Mode, 2022-2032 ($ Million)
Table 111. Africa Hardware Security Module Market, by Application, 2022-2032 ($ Million)
Table 112. Africa Hardware Security Module Market, by Industry Vertical, 2022-2032 ($ Million)
Table 113. Thales: Key Executives
Table 114. Thales: Company Snapshot
Table 115. Thales: Product Segments
Table 116. Thales: Product Portfolio
Table 117. Thales: Key Stratergies
Table 118. Utimaco Gmbh.: Key Executives
Table 119. Utimaco Gmbh.: Company Snapshot
Table 120. Utimaco Gmbh.: Service Segments
Table 121. Utimaco Gmbh.: Product Portfolio
Table 122. Utimaco Gmbh.: Key Stratergies
Table 123. Futurex: Key Executives
Table 124. Futurex: Company Snapshot
Table 125. Futurex: Service Segments
Table 126. Futurex: Product Portfolio
Table 127. Futurex: Key Stratergies
Table 128. Adweb Technologies: Key Executives
Table 129. Adweb Technologies: Company Snapshot
Table 130. Adweb Technologies: Service Segments
Table 131. Adweb Technologies: Product Portfolio
Table 132. IBM Corporation: Key Executives
Table 133. IBM Corporation: Company Snapshot
Table 134. IBM Corporation: Service Segments
Table 135. IBM Corporation: Product Portfolio
Table 136. IBM Corporation: Key Stratergies
Table 137. Atos Se: Key Executives
Table 138. Atos Se: Company Snapshot
Table 139. Atos Se: Service Segments
Table 140. Atos Se: Product Portfolio
Table 141. Atos Se: Key Stratergies
Table 142. Hewlett Packard Enterprise: Key Executives
Table 143. Hewlett Packard Enterprise: Company Snapshot
Table 144. Hewlett Packard Enterprise: Service Segments
Table 145. Hewlett Packard Enterprise: Product Portfolio
Table 146. Ultra Electronics Holdings plc: Key Executives
Table 147. Ultra Electronics Holdings plc: Company Snapshot
Table 148. Ultra Electronics Holdings plc: Service Segments
Table 149. Ultra Electronics Holdings plc: Product Portfolio
Table 150. Entrust Datacard: Key Executives
Table 151. Entrust Datacard: Company Snapshot
Table 152. Entrust Datacard: Service Segments
Table 153. Entrust Datacard: Product Portfolio
Table 154. Microchip Technology Inc.: Key Executives
Table 155. Microchip Technology Inc.: Company Snapshot
Table 156. Microchip Technology Inc.: Product Segments
Table 157. Microchip Technology Inc.: Product Portfolio
List of Figures
Figure 01. Hardware Security Module Market, 2022-2032
Figure 02. Segmentation of Hardware Security Module Market, 2022-2032
Figure 03. Top Impacting Factors in Hardware Security Module Market (2022 to 2032)
Figure 04. Top Investment Pockets in Hardware Security Module Market (2023-2032)
Figure 05. Low Bargaining Power of Suppliers
Figure 06. Low Threat of New Entrants
Figure 07. Low Threat of Substitutes
Figure 08. Low Intensity of Rivalry
Figure 09. Low Bargaining Power of Buyers
Figure 10. Global Hardware Security Module Market: Drivers, Restraints and Opportunities
Figure 11. Hardware Security Module Market, by Product Type, 2022 and 2032 (%)
Figure 12. Comparative Share Analysis of Hardware Security Module Market for Lan Based/ Network Attached, by Country 2022 and 2032 (%)
Figure 13. Comparative Share Analysis of Hardware Security Module Market for Pci-Based/ Embedded Plugins, by Country 2022 and 2032 (%)
Figure 14. Comparative Share Analysis of Hardware Security Module Market for Usb-Based/ Portable, by Country 2022 and 2032 (%)
Figure 15. Comparative Share Analysis of Hardware Security Module Market for Smart Cards, by Country 2022 and 2032 (%)
Figure 16. Hardware Security Module Market, by Deployment Mode, 2022 and 2032 (%)
Figure 17. Comparative Share Analysis of Hardware Security Module Market for On-Premise, by Country 2022 and 2032 (%)
Figure 18. Comparative Share Analysis of Hardware Security Module Market for Cloud, by Country 2022 and 2032 (%)
Figure 19. Hardware Security Module Market, by Application, 2022 and 2032 (%)
Figure 20. Comparative Share Analysis of Hardware Security Module Market for Payment Processing, by Country 2022 and 2032 (%)
Figure 21. Comparative Share Analysis of Hardware Security Module Market for Code and Document Signing, by Country 2022 and 2032 (%)
Figure 22. Comparative Share Analysis of Hardware Security Module Market for Security Sockets Layer (Ssl) and Transport Security Layer (Tsl), by Country 2022 and 2032 (%)
Figure 23. Comparative Share Analysis of Hardware Security Module Market for Authentication, by Country 2022 and 2032 (%)
Figure 24. Comparative Share Analysis of Hardware Security Module Market for Application-Level Encryption, by Country 2022 and 2032 (%)
Figure 25. Comparative Share Analysis of Hardware Security Module Market for Others, by Country 2022 and 2032 (%)
Figure 26. Hardware Security Module Market, by Industry Vertical, 2022 and 2032 (%)
Figure 27. Comparative Share Analysis of Hardware Security Module Market for Bfsi, by Country 2022 and 2032 (%)
Figure 28. Comparative Share Analysis of Hardware Security Module Market for It and Telecommunication, by Country 2022 and 2032 (%)
Figure 29. Comparative Share Analysis of Hardware Security Module Market for Government, by Country 2022 and 2032 (%)
Figure 30. Comparative Share Analysis of Hardware Security Module Market for Consumer Goods and Retail, by Country 2022 and 2032 (%)
Figure 31. Comparative Share Analysis of Hardware Security Module Market for Transportation, by Country 2022 and 2032 (%)
Figure 32. Comparative Share Analysis of Hardware Security Module Market for Aerospace, by Country 2022 and 2032 (%)
Figure 33. Comparative Share Analysis of Hardware Security Module Market for Others, by Country 2022 and 2032 (%)
Figure 34. Hardware Security Module Market by Region, 2022 and 2032 (%)
Figure 35. U.S. Hardware Security Module Market, 2022-2032 ($ Million)
Figure 36. Canada Hardware Security Module Market, 2022-2032 ($ Million)
Figure 37. UK Hardware Security Module Market, 2022-2032 ($ Million)
Figure 38. Germany Hardware Security Module Market, 2022-2032 ($ Million)
Figure 39. France Hardware Security Module Market, 2022-2032 ($ Million)
Figure 40. Italy Hardware Security Module Market, 2022-2032 ($ Million)
Figure 41. Spain Hardware Security Module Market, 2022-2032 ($ Million)
Figure 42. Rest of Europe Hardware Security Module Market, 2022-2032 ($ Million)
Figure 43. China Hardware Security Module Market, 2022-2032 ($ Million)
Figure 44. Japan Hardware Security Module Market, 2022-2032 ($ Million)
Figure 45. India Hardware Security Module Market, 2022-2032 ($ Million)
Figure 46. South Korea Hardware Security Module Market, 2022-2032 ($ Million)
Figure 47. Australia Hardware Security Module Market, 2022-2032 ($ Million)
Figure 48. Rest of Asia-Pacific Hardware Security Module Market, 2022-2032 ($ Million)
Figure 49. Latin America Hardware Security Module Market, 2022-2032 ($ Million)
Figure 50. Middle East Hardware Security Module Market, 2022-2032 ($ Million)
Figure 51. Africa Hardware Security Module Market, 2022-2032 ($ Million)
Figure 52. Top Winning Strategies, by Year (2019-2023)
Figure 53. Top Winning Strategies, by Development (2019-2023)
Figure 54. Top Winning Strategies, by Company (2019-2023)
Figure 55. Product Mapping of Top 10 Players
Figure 56. Competitive Dashboard
Figure 57. Competitive Heatmap: Hardware Security Module Market
Figure 58. Top Player Positioning, 2022
Figure 59. Thales: Net Revenue, 2020-2022 ($ Million)
Figure 60. Thales: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 61. Thales: Revenue Share by Segment, 2022 (%)
Figure 62. Thales: Revenue Share by Segment, 2022 (%)
Figure 63. IBM Corporation: Net Revenue, 2020-2022 ($ Million)
Figure 64. IBM Corporation: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 65. IBM Corporation: Revenue Share by Segment, 2022 (%)
Figure 66. IBM Corporation: Revenue Share by Region, 2022 (%)
Figure 67. Atos Se: Net Revenue, 2019-2021 ($ Million)
Figure 68. Atos Se: Revenue Share by Segment, 2021 (%)
Figure 69. Atos Se: Revenue Share by Region, 2021 (%)
Figure 70. Hewlett Packard Enterprise: Net Revenue, 2019-2021 ($ Million)
Figure 71. Hewlett Packard Enterprise: Research & Development Expenditure, 2019-2021 ($ Million)
Figure 72. Hewlett Packard Enterprise: Revenue Share by Segment, 2021 (%)
Figure 73. Hewlett Packard Enterprise: Revenue Share by Region, 2021 (%)
Figure 74. Microchip Technology Inc.: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 75. Microchip Technology Inc.: Net Revenue, 2020-2022 ($ Million)
Figure 76. Microchip Technology Inc.: Revenue Share by Region, 2022 (%)
Figure 77. Microchip Technology Inc.: Revenue Share by Segment, 2022 (%)

Executive Summary

According to the report, the hardware security module market was valued at $1.3 billion in 2022, and is estimated to reach $5.2 billion by 2032, growing at a CAGR of 14.7% from 2023 to 2032.

Hardware security modules (HSMs) are hardened, tamper-resistant hardware devices that secure cryptographic processes by generating, protecting, and managing keys used for encrypting and decrypting data and creating digital signatures and certificates. Hardware security can pertain to a device used to scan a system or monitor network traffic. Common examples include hardware firewalls and proxy servers. The global hardware security modules (HSM) market is experiencing several key trends. These trends included an increased demand for HSMs due to growing concerns about data security and compliance with data protection regulations, such as GDPR and HIPAA. The adoption of cloud-based HSMs was on the rise, as organizations sought to secure their data in cloud environments. In addition, the integration of HSMs with emerging technologies like blockchain and IoT was becoming more prevalent, further driving market growth.

Key factors driving the growth of the hardware security module market Increase in data breaches and cyberattacks, Increase in adoption of 5G network, and Increase in strict data security compliances. Strict data security compliances are merely regulatory obligations and imperative shields against a growing tide of cyber threats. The hardware security module (HSM) market is witnessing a substantial surge in demand, driven by the escalating importance of adhering to stringent data security regulations. Organizations across industries are compelled to fortify their data protection strategies to ensure compliance with laws such as GDPR, HIPAA, and others, which mandate the safeguarding of sensitive information. HSMs, with their hardware-based encryption, secure key management, and cryptographic processing capabilities, have emerged as the linchpin in helping businesses meet these regulatory requirements while fortifying their data assets against a relentless onslaught of cyberattacks.

The market also offers growth opportunities to the key players in the market The growing reliance on cryptographic keys as a fundamental component of data security has spurred a heightened demand for effective key management solutions. The hardware security modules (HSM) market is witnessing a significant growth. With the proliferation of data, advent of cloud technologies, and escalating threat of cyberattacks, organizations are seeking robust key management solutions to ensure the integrity and confidentiality of their digital assets. HSMs, with their ability to securely generate, store, and manage cryptographic keys, have become essential tools in meeting this need. As a result, the HSM market is experiencing substantial growth as businesses recognize the vital role these devices play in safeguarding their cryptographic keys and, by extension, their data, which in turn is expected to provide lucrative opportunity for the growth of the market.

The global hardware security module market is segmented on the basis of type, deployment mode, application, industry vertical and region. On the basis of type, the market is categorized into LAN-based/ network attached, PCI-based/ embedded plugins, USB-based/ portable, and smart cards. On the basis of deployment mode, the market is fragmented into on-premise and cloud. On the basis of application, the market is bifurcated into payment processing, code and document signing, security sockets layer (SSL) and transport security layer (TSL), authentication, application-level encryption, and others. By industry vertical, it is classified into BFSI, IT & telecommunication, government, consumer goods & retail, transportation, aerospace & defense, and others. Region wise, it is analyzed across North America (the U.S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

The key players profiled in the study Thales, utimaco GmbH., future, Adweb Technologies, IBM Corporation, Atos SE, Hewlett Packard Enterprise, Ultra-Electronics, Entrust Datacard, and Microchip Technology Inc. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in April 2022, IBM Corporation launched IBMR. z16TM., IBM's next-generation system with an integrated on-chip AI accelerator to deliver latency-optimized inferencing. This innovation is designed to enable clients to analyze real-time transactions, at scale, for mission-critical workloads such as credit card, healthcare and financial transactions.

Key Market Insights

By product type, the LAN based/ network attached segment was the highest revenue contributor to the market, and is estimated to reach $1.47 billion by 2032, with a CAGR of 12.7%. However, the USB-Based/ portable segment is estimated to be the fastest growing segment with the CAGR of 17.9% during the forecast period.

By industry vertical, the mobile BFSI segment dominated the global market, and is estimated to reach $919.43 million by 2032, with a CAGR of 10.2%. However, the transportation segment is expected to be the fastest growing segment with the CAGR 20.1% during the Hardware security module Market Forecast.

Based on region, Europe was the highest revenue contributor, accounting for $500.08 million in 2022, and is estimated to reach $1.60 billion by 2032, with a CAGR of 12.7%.

Companies Mentioned

  • Thales
  • utimaco GmbH.
  • IBM Corporation
  • Atos SE
  • Entrust Datacard
  • Futurex
  • Adweb Technologies
  • Hewlett Packard Enterprise
  • Microchip Technology Inc.
  • Ultra Electronics Holdings Plc

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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