Hardware Security Modules Market 2020 Emerging Trends and Technology – Gemalto NV Thales e-Security, Inc., Utimaco GmbH, International Business Machines Corporation

Hardware Security Modules Market

The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Hardware Security Modules Market on the basis of stating current situation of the industry in 2020.

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According to Verified Market Research, The Global Hardware Security Modules Market was valued at USD 828.28 million in 2019 and is projected to reach USD 2031.31 million by 2027, growing at a CAGR of 12.8% from 2020 to 2027.

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Global Hardware Security Modules Market Competitive Landscape

The Global Hardware Security Modules market is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include Gemalto NV Thales e-Security, Inc., Utimaco GmbH, International Business Machines Corporation, Hewlett-Packard Enterprise Development LP (U.S.) among others. Thales e-Security, Inc. is one of the top five players in the Hardware Security Modules market.

Hardware Security Modules Market, By Type:

The market is segmented on the basis of Type into LAN-Based HSM/Network-Attached HSM, PCI-e-Based/Embedded Plugins HSM and USB-Based/Portable HSM.

Hardware Security Modules Market, By Application:

The market is segmented on the basis of Application into Secure Sockets Layer (SSL) and Transport Layer Security (TLS), Authentication, Database Encryption, PKI Or Credential Management, Application-Level Encryption, Payment Processing, and Code & Document Signing.

With the rise in the frequency and complexity of data security threats, the need for the implementation of a data security threat is prevalent. This is one of the major factors contributing to the growth of the market. There is a surge in technological advancements, which has created a demand for security solutions. However, the high deployment cost is anticipated to act as a barrier to the growth of the market during the forecast period.

A Hardware Security Modules module can be defined as a physical device that provides extra security for sensitive data. This type of device is used for crucial functions such as encryption, decryption, and authentication for the use of applications, identities, and databases. Businesses can use Hardware Security Modules to secure trade secrets that have significant value by ensuring only authorized individuals can access the Hardware Security Modules module to complete a cryptography key transaction. The entire cryptography key lifecycle from provisioning, managing, and storing to disposing or archiving the keys occurs in the Hardware Security Modules module. Digital signatures also may be captured via a Hardware Security Modules module, and all access transactions are logged to create an audit trail.

Global Hardware Security Modules Market Outlook

In the report, the market outlook section mainly encompasses the fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

With the rise in the frequency and complexity of data security threats, the need for the implementation of a data security threat is prevalent. This is one of the major factors contributing to the growth of the market. There is a surge in technological advancements, which has created a demand for security solutions. The Hardware Security Modules help in safeguarding the user’s personal information, digital transactions and sensitive organization’s assets against exposure and manipulations. Moreover, the growing adoption of Hardware Security Modules in several end-use industries, such as banking and financial services, government, technology, and communications, manufacturing, utility and energy, retail, and healthcare and life sciences are driving the market for Hardware Security Modules globally. However, the high deployment cost is anticipated to act as a barrier to the growth of the market during the forecast period.

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