Global Hardware Security Modules Market Comprehensive Study: Forecasted Market Size And Growth Rate

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2362

The Business Research Company offers in-depth market insights through Hardware Security Modules Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The hardware security modules market size has grown rapidly in recent years. It will grow from $1.53 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to increasing cybersecurity threats, regulatory compliance requirements, encryption standardization, increasing data sensitivity, national security concerns..

The hardware security modules market size is expected to see rapid growth in the next few years. It will grow to $3.06 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to stricter data privacy regulations, increased use of biometric data, surge in remote work practices, demand from emerging markets, shift towards as-a-service models.. Major trends in the forecast period include digital identity protection, expansion of 5g networks, integration with blockchain technology, emphasis on user-friendly interfaces, partnerships and collaborations, hybrid and multi-cloud environments..

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Market Segmentation:
The hardware security modules market covered in this report is segmented -

1) By Type: LAN Based/ Network Attached, PCI-Based/ Embedded Plugins, USB Based/ Portable, Smart Cards
2) By Deployment Type: On-Premise, Cloud
3) By Application: SSL (Secure Sockets Layer), TSL (Transport Layer Security), Authentication, Payment Processing, Code And Document Signing, Application-Level Encryption, Database Encryption, Public Key Infrastructure (PKI), Credential Management
4) By End-User: Banking And Financial Services, Energy And Utility, Retail And Consumer Products, Government Technology And Communication, Industrial And Manufacturing, Healthcare, Life Sciences

Major Driver - Rising Cybersecurity Threats Fueling Growth In The Hardware Security Module (HSM) Market
An increase in data breaches and cyberattacks is expected to propel the growth of the hardware security module market going forward. A cyber attack is an attempt to illegally access a computer system or a computer network to cause damage, whereas a data breach occurs when data is stolen or extracted from a system without the owner's knowledge or authorization. The hardware security module (HSM) is a physical device that protects data against both logical and inherent security threats. It is meant to keep data and information safe and secure by providing built-in vulnerability protection. Furthermore, the growing acceptance of digital payments has favored an increase in cyberattacks and data-breaching activities, thus increasing demand for hardware security modules. For instance, in July 2021, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to 2020. Therefore, the increase in data breaches and cyber-attacks is driving the hardware security module market.

Competitive Landscape:
Major companies operating in the hardware security modules market report are Thales e-Security Inc., Utimaco GmbH, International Business Machines Corporation, FutureX LP, Yubico Inc., SWIFT SCRL., ATOS SE, Ultra Electronics Holdings plc, Entrust Corporation, Hewlett-Packard Enterprise Development LP, Securosys SA, Infineon Technologies AG, Ledger & Spyrus Inc., Exceet Secure Solutions GmbH, JISA Softech Pvt Ltd, Gemalto N.V., Micro Focus International plc, Google LLC, Dell Technologies Inc., Microchip Technology Inc., Broadcom Inc., Amazon Web Services Inc., WIBU-SYSTEMS AG, Quantum Corporation, Winbond Electronics Corporation, Lattice Semiconductor, Trustwave Holdings .

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Top Trend - Innovative Product Developments Drive Advancements In The Hardware Security Module (HSM) Market
Product innovation is a key trend gaining popularity in the hardware security module market. Major companies operating in the hardware security module market are focused on developing innovative products to strengthen their position. For instance, in February 2022, Thales Group, a France-based technology company that creates, designs, and produces electrical systems and aircraft gadgets, launched a new IoT connection solution ELS62. It has better reliability and security for smart devices, simplifying enterprises' digital transition. It combines moderate technology for simplifying design, streamlining development, and reducing time-to-market for IoT products. The product offers different connectivity alternatives and high cybersecurity for IoT devices, along with security measures that safeguard both the device and data by ensuring resilience against cyberattacks, strong device authentication, and data encryption.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hardware Security Modules Market Characteristics
3. Hardware Security Modules Market Trends And Strategies
4. Hardware Security Modules Market - Macro Economic Scenario
5. Hardware Security Modules Market Size And Growth
…..
27. Hardware Security Modules Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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