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Hardware Security Module Market Size, Share & Forecast- 2032

01-23-2023 10:11 AM CET | IT, New Media & Software

Press release from: Future Market Insights, Inc

Hardware Security Module Market

Hardware Security Module Market

According to a report by Future Market Insights (FMI), the global hardware security module (HSM) market size is anticipated to grow at a CAGR of 16.2% during the forecast period from 2022 to 2032.

The report further states that the hardware security module market is set to reach a valuation of US$ 1.47 Bn by the end of 2022. Exponential rise in cyber breaches is resulting in the loss of confidentiality, integrity, and availability of crucial data. On account of that, companies have started focusing on the adoption of encryption management platforms that provide a high level of security to protect their infrastructure and data.

A hardware security module is a novel platform that is used to safeguard and manage cryptographic keys for strong authentication. It is also used to protect physical devices from threats that allow unauthorized access to an organization's systems.

By strengthening encryption processes, hardware security modules secure data, identities, and transactions within the network. Thus, enterprises worldwide are focusing on investing in HSMs to achieve higher levels of data security, mitigate risks, build customer trust, maintain high service levels, and achieve agility.

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Key Takeaways: Hardware Security Module Market

· By type, the USB-based/portable HSMs segment is expected to grow at a CAGR of 18.0% during the forecast period (2022-2032).

· In terms of application, the payment processing segment is anticipated to grow at a CAGR of 18.5% between 2022 and 2032.

· By sales channel, the distribution channel (integrators, distributors, and VARs) segment is projected to grow at a CAGR of 16.5% between 2022 and 2032.

· Based on industry, adoption of hardware security modules in the manufacturing sector is anticipated to grow at a CAGR of 18.4% in the upcoming decade.

· In Europe, the U.K. is likely to generate about 18.8% of the hardware security module market share in the evaluation period.

"Companies are adopting PCIe-based HSMs to protect online payment applications and credit card transactions. Ability of these HSMs to offer stronger centralized control via secure remote management, transmission, and backup is fueling demand in the market," says an FMI analyst.

Increasing Adoption of Digital Signatures to Open New Opportunities for Key Players

Many document-based processes in a wide range of industries require signatures. Physical signatures tend to slow down their operations as they are easily alterable, tampered with, and inconvenient in today's world.

A digital signature is generally viewed as safer than a physical signature that is used on a paper-based document. Digital signatures can authenticate electronic documents by providing data integrity and non-repudiation. They are considered to be the most convenient way to sign important documents such as contracts and invoices.

Hardware security modules are used to initiate digital signing by using long-term and short-term signature certificates. HSMs provide a safe environment required to generate and protect cryptographic keys that are needed to validate sensitive data. These help in saving costs and automating workflows while also ensuring document integrity and meeting compliances.

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Competitive Landscape

To establish a strong foothold in the lucrative hardware security module market, key players are focusing on adopting various organic and inorganic strategies. They are mainly engaging in collaborations with local companies, new product launches, acquisitions, partnerships, as well as expansion of regional and global distribution networks to compete with their rivals.

In February 2022, Securosys and Randtronics established a strategic agreement to integrate the former's CloudsHSM portfolio with the data privacy manager (DPM) of Randtronics. Enterprises can use the hardware security module of Securosys with Randtronics' DPM to securely manage their cryptographic keys throughout their organizations.
Hardware Security Module Market Outlook by Category

By Type:

LAN-based HSMs/Network-attached HSMs
PCIe-based/Embedded Plugin HSMs
USB-based/Portable HSMs
By Application:

Payment Processing
Code and Document Signing
SSL and TLS
Authentication
Database Encryption
PKI or Credential Management
Application-Level Encryption
By Sales Channel:

Direct Sales Channel
Distribution Channel (Integrators, Distributors, VARs etc.)
By Industry:

BFSI
Healthcare & Life Sciences
Manufacturing
Retail & CPG
Government & Defense
Energy & Utilities
Others
By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
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Contact Us:
Future Market Insights Inc.   
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA   
T: +1-845-579-5705   
For Sales Enquiries: sales@futuremarketinsights.com

About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients

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