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Hardware Security Modules Market Size, Share and Industry Trends To 2028

The hardware security modules market is projected to grow from USD 1.2 billion in 2023 to reach USD 2.3 billion by 2028

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Hardware Security Modules Market Size, Share and Industry Trends To 2028

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  1. MarketsandMarkets Presents Hardware Security Modules Market by Deployment Type (Cloud, On-premise), Type (LAN Based /Network Attached, PCI Based/Embedded Plugins, USB Based/Portable, Smart Cards), Application, Vertical and Region - Global Forecast to 2028 The hardware security modules market is projected to grow from USD 1.2 billion in 2023 to reach USD 2.3 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.5% from 2023 to 2028.

  2. MarketsandMarkets Presents The growth of the hardware security modules market share is driven by increasing data breaches and cyberattacks, need to effectively manage cryptographic keys, and emergence of digital transactions, electronic payments leading to rise in the need for protecting sensitive financial data. By deployment type, the cloud segment is projected to hold the larger share of the hardware security modules market in 2028. The cloud segment is expected to hold a larger market share in 2028. The cloud based HSMs have the abilities to perform cryptographic operations and give customers absolute control over keys through separation of duties. These modules enable quick scalability for users by means of adding and removing hardware security module capacity on-demand, with no up-front costs. For cloud based HSMs, it is possible to generate its own encryption keys on the cloud. Cloud HSM offer flexibility in terms of integration with applications such as APIs, Java Cryptographic Extension and so on. In January 2021,, Futurex LP launched Industry’s first web API for payment HSM. This HSM has been designed to integrate Payment application with Futurex enterprise encryption and key management technology i.e. Futurex’sVirtuCrypt cloud payment HSM. These benefits coupled with the growing demand for cloud services for data storage purpose, are driving the segment’s growth.

  3. MarketsandMarkets Presents By type, LAN-based/network-attached hardware security modules are projected to account for the largest share during the forecast period. LAN-based/network-attached hardware security modules are expected to dominate the hardware security modules during the forecast period.LAN-based/network-attached hardware security modules deliver cryptographic services as a shared network resource for distributed applications and virtual machines, giving organizations a highly secure solution for establishing physical and logical controls for server-based systems. These modules provide a network-based platform for several applications to access the cryptographic operation performed on their behalf (e.g., a shared signing or encryption application). This approach provides several advantages, e.g., the key can be managed in one location rather than multiple application servers, resulting in a centralized key management system and data security.

  4. MarketsandMarkets Presents Europe is expected to hold the largest share in the market by 2030. The European region is expected to hold the largest share of the hardware security modules market during the forecast period. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=162277475 Several European countries are likely to generate substantial demand for hardware security modules, owing to their increasing adoption across diverse verticals, especially transportation, BFSI, retail, government, and healthcare. Moreover, the high focus of governments on digitalizing the financial system in the region is further supporting market growth.

  5. MarketsandMarkets Presents Europe being one of the most technologically advanced regions has high adoption of mobile devices and high internet penetration rates, which are the main factors driving the growth of the hardware security modules market in the region.  Increasing urbanization in emerging as well as developed economies, coupled with a growing middle-class population, has led to a surge in the adoption of hardware security modules in the region. The growing need for strong payment security measures and compliance management owing to the increased usage of the internet, social media, and online payment, is driving the adoption of hardware security modules in Europe. Know more info @ https://www.marketsandmarkets.com/Market-Reports/hardware-security-modules-market-162277475.html

  6. MarketsandMarkets Presents Key Players The report profiles key players in hardware security modules market with their respective market ranking analysis. Prominent players profiled in this report include Thales (France), Utimaco (Germany), International Business Machines Corporation (IBM) (US), STMicroelectronics (Switzerland), Microchip Technology (US), Infineon Technologies (Germany), Swift (US), Futurex (US), Atos SE (France), and Yubico (US), Securosys (Switzerland), SPYRUS (US), Ledger (France), Ultra Electronics (UK), AdwebTech (India), Efficient India (India), Lattice Semiconductor (US), Ellipticsecure (UK), Amazon Inc. (US), Entrust Security (US), ESCRYPT (Germany), Beijing Sansec Technology Development Co., Ltd (SANSEC) (China), Fortanix (US), JISA Softech (India), Microsoft (US), Nitrokey (Germany), Kryptoagile (India), and Kryptus (Brazil).

  7. MarketsandMarkets Presents About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

  8. MarketsandMarkets Presents Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA : 1-888-600-6441

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