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Hardware Security Module Market Overview Trends, Active Key Players and Growth Projection
Hardware Security Module Market
The Hardware Security Module (HSM) Market is projected to attain a value of US$ 2.57 Bn. by 2029, exhibiting a robust Compound Annual Growth Rate (CAGR) of 10.48%. HSMs, dedicated crypto processors, play a crucial role in securing cryptographic keys throughout their lifecycle, ensuring complete protection against cyber threats. Increasing demand from the banking and financial sector, driven by the necessity to secure payment processes, is a significant contributor to the market's growth.
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Report Scope:
The global Hardware Security Module market report provides a comprehensive analysis of the industry, encompassing market trends, drivers, restraints, and regional insights. It covers market segmentation based on type, enterprise size, and industry verticals. The report details the dynamics of the market and offers a clear understanding of the competitive landscape through key player analysis, highlighting market leaders, followers, and new entrants.
Market Drivers and Dynamics:
The market is expected to witness substantial growth due to the rising need for comprehensive data protection across various industries, safeguarding private and sensitive data from cyber threats. The adoption of HSMs is also escalating in small and medium enterprises, particularly in cloud environments, reflecting the global concerns about data security. Despite these positive trends, the high deployment cost and challenges associated with older-generation technologies may hinder market growth. However, advancements in technology offer new opportunities for businesses to enhance security controls with minimal initial costs.
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Market Segmentation:
by Vertical
• Consumer Goods & Retail
• Banking, Financial Services and Insurance
• Aerospace & defense
• Public Sector/ Government
• Energy and Power
• Industrial Manufacturing
• Medical and Life Sciences
• Transportation
• IT and Telecommunications
by Type
• LAN Based/ Network Attached
• PCI-Based/ Embedded Pluggins
• USB Based/ Portable
• Smart Cards
by Application
• Payment Processing
• Code and Document Signing
• Authentication
• Application-level encryption
• Database Encryption
• PKI and Credential Management
• Security Sockets Layer (SSL) and Transport Security Layer (TSL)
The authentication segment is anticipated to dominate the market, holding the total market share in 2021 and exhibiting the highest CAGR of 12% during the forecast period. This growth is attributed to the varied levels of authentication enforcement based on user activity and transaction value.
by Development
• On-premises
• Cloud
Cloud-based HSMs are expected to grow at the highest CAGR of 11.52% during the forecast period, providing organizations with the flexibility to produce their encryption keys quickly. Cloud HSMs integrate seamlessly with various applications, including APIs and Java Cryptographic Extension, fostering growth in this segment.
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Key Developments:
In March 2021, FutureX integrated its payment HSM with jPOS, enhancing support for jPOS-based payments.
In April 2020, Infineon Technologies acquired Cypress Semiconductor Corporation, broadening its product portfolio and accelerating expansion.
In February 2020, Thales partnered with Fujitsu to provide a secure end-to-end service for enterprise public key infrastructure using Thales' Cloud Hardware Security Modules.
Regional Analysis:
In 2021, North America dominated the HSM market, accounting and is expected to grow at a CAGR of during the forecast period. The early adoption of advanced security modules and strict government regulations drive market expansion. The US government's substantial investment in cybersecurity further contributes to the region's market dominance.
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Key Players
• Gemalto NV
• Thales e-Security Incorporated
• Utimaco GmbH
• International Business Machines (IBM) Corporation
• FutureX
• Hewlett-Packard Enterprise Development LP
• SWIFT
• Atos SE
• Ultra-Electronics
• Yubico
• Securosys SA
• CardContact Systems GmbH
• Ledger SAS
• SPYRUS
• West One Technical Limited.
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