Hardware Security Modules Market Is Expected To Reach around USD 3.1 Billion by 2030, Grow at a CAGR Of 14.4% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.

Farmington, Jan. 13, 2023 (GLOBE NEWSWIRE) — The Global Hardware Security Modules Market Is Projected To Reach 3.1 Billion By 2030, With A CAGR Of 14.4%. A hardware security module (HSM) is a piece of hardware that keeps sensitive information from getting into the wrong hands. It is used to encrypt databases, prove who you are, sign codes and documents, process payments, decrypt data, and encrypt data at the application level. It also handles cryptographic keys for authentication, decryption, and encryption, which are all very important tasks. For example, businesses use hardware security modules to make sure that only authorised people can use systems to do cryptographic key transactions. This keeps valuable trade secrets safe. Future growth of the global hardware security module market is likely to be driven by the need for high security.

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Recent Developments:

• In February 2022, Securosys and Randtronics signed a strategic agreement to integrate the former CloudsHSM portfolio with Randtronics’ Data Privacy Manager (DPM). Enterprises can use Securosys’ hardware security modules with Randtronics’ DPM to securely manage encryption keys across the organization.
• In August 2020, Cypress Semiconductor Corporation was acquired by Infineon Technologies. The acquisition will allow the two companies to offer clients a comprehensive portfolio to connect with and advance digitization in the digital world.

Regional Outlook:

Due to the urgent need to protect data, there will likely be a lot of demand for hardware security modules in Japan. Across the country, more and more organisations will use HSMs for encryption, decryption, and key management. This will also help growth.

Most small and medium-sized businesses in Japan are moving toward hardware security modules that are based in the cloud. This is because it is easier and cheaper to deploy these modules. Because of the above factors, it is expected that sales in Japan will grow at a compound annual growth rate (CAGR) of 21.6% over the next five years.

In the US, the demand for hardware security modules is expected to grow at a CAGR of 15.5% from 2022 to 2032. This growth is due to the fact that Korea is home to many large companies that make hardware security modules, such as Entrust Corporation and IBM.

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Scope of Report:

Market Drivers:

The market for hardware security modules has grown because the Internet of Things (IoT) is becoming more and more popular. This includes the popular and wanted device Alexa. With the rise of the internet, the darknet also came into being. This lets a lot of people hack into the network, which puts the security of a lot of organisations at risk.

In recent years, there has been a huge rise in the demand for devices and technologies that can stop cyberattacks, data breaches, online banking, digital payments (like PayPal), telecommunications, healthcare, life sciences, cloud-based services, and cryptocurrencies. This has made more people want hardware security modules that can make things like cryptographic keys, applications, and data for online security.

Market Opportunities:

On the global market for hardware security modules, many companies know they can make a lot of money. So, they are spending millions of dollars to make next-generation modules that can make keys and devices/applications that will better protect your data and information online.

Market Challenges:

There are no standards in the business world. This is especially true in countries that are still poor. But people in developed countries have more standard modules that can make modules, keys, devices, and applications that are more uniform and standard.

Key Segments Covered:

Top Market Players:
IBM Corporation, Thales Group, Utimaco Safeware., Atos SE, STMicroelectronics, Microchip Technology Inc., Hewlett Packard Enterprise, Gemalto NV, QLogic Corporation, and Futurex LP, and others.

By Type

• Local Interface
• Remote Interface
• USB Token
• Smart Cards
• Other

By Industry

• BFSI
• Healthcare & Life Sciences
• Manufacturing
• Retail & CPG
• Government & Defense
• Energy & Utilities
• Others

By Application

• Payment Processing
• Code and Document Signing
• SSL and TLS
• Authentication
• Database Encryption
• PKI or Credential Management
• Application-Level Encryption
• Other

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World

Check out more related studies published by Contrive Datum Insights:

• High Security Mobility Management Market – North America is currently in charge of the high security mobility management market. This is because cybersecurity is becoming more popular in North America. The market for high-security mobility management is expected to grow the fastest in Asia and the Pacific. 
• Internet Security Software Market – The global Internet Security Software Market was valued at USD 13.6 Billion in 2022 and is expected to grow at a CAGR of 11.2% during the forecast period. The Asia-Pacific market is the one that is growing the fastest. This is because internet security solutions and services are becoming more popular and there are more people using the internet in that region.
• Payment Security Market – The global Payment Security Market size was valued at USD 17.64 billion in 2022 and is expected to reach USD 60.56 billion by 2030, at a CAGR of 13.2% from 2022 to 2030. In terms of market share for payment security products in 2021, North America maintains the leading position worldwide.

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