Hardware Security Modules Market Size, Key Vendors(Gemalto, Thales eSecurity, Utimaco, IBM, Futurex, Hewlett Packard Enterprise & Atos), Growth Rate, Drivers, Volume and Forecast Report

The global hardware security modules market is expected to witness potentially huge growth opportunities in the coming years, on account of surge in technological advancements, which created an essential demand for information systems security solutions, worldwide.

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The key players in the hardware security module market include Gemalto NV, Thales e-Security Inc., Utimaco GmbH, International Business Machines Corporation, FutureX, Spyrus Inc., Hewlett-Packard Enterprise Development LP, SWIFT, Atos SE, Ultra-Electronics, and Yubico.

Hardware security module (HSM) is a management solution that provides protection against the evolving data threats to private (digital) keys and certificates. The device requires certification to internationally recognized standards such as federal information processing standards (FIPS) 140, common criteria that provides the product design and implementation assurance.

Latin America is expected to register the highest growth in the market, during the forecast period, on the back of huge investments in communication network infrastructure in the region, which is expected to shoot up the demand for hardware security modules for information security.

The components of IoT ecosystem include the hardware and the software, which will be required to be safeguarded with the help of information security solutions. This is in turn acts as a major influencing factor propelling the growth of HSM market during the forecast period.

The features of USB-based hardware security modules, such as portability and USB connectivity, ensure its suitability with laptops, desktops, or workstations, in turn making USB-based HSM the fastest growing market among the various types.

The widespread technological transition that led to an increase in adoption of modern innovative technology concepts of IoT and cloud computing, further drives the growth for hardware security modules market, owing to a surge in demand for information and data security.

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The players often collaborate with software solution providers to provide better security solutions to customers for the intended application. For instance, Thales in partnership with Chain has recently announced an integration to boost the security solutions using Chain’s blockchain infrastructure. Thales is one of the major HSM market players, while Chain offers blockchain solutions.

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