Hardware Security Module Market is Forecasted to Reach US$ 1.6 billion in 2028, Says Stratview Research

The global hardware security module market is projected to witness a growth rate of 9.5% annually from 2023 to 2028, with an anticipated size of US$ 1.6 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global hardware security module market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 1.6 billion
Growth (CAGR): 9.5% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 7
Number of Tables & Graphs: 100+

Segment Insights on the Hardware Security Module Market:

The global hardware security module market is segmented based on type, Product type, Architecture type, End-User type, Service-Type, Mode of Service Type, and region.

Based on type - On the basis of type, the HSM market is segmented into HSM hardware and HSM as a Service (HSMaaS). HSM hardware is expected to maintain its market dominance during the forecast period. Many organizations, especially those dealing with highly sensitive data and compliance requirements, prefer to have physical control over their security infrastructure. HSM hardware allows them to store cryptographic keys and perform critical operations within their own data centers, reducing the perceived risk of relying on external service providers, owing to which HSM hardware is expected to generate a larger demand in the years to come. On the other hand, the HSMaaS is estimated to witness the fastest market growth in the coming years owing to its scalability and flexibility, cost-efficiency, integration with cloud services, reduced management overhead, and global reach.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3621/hardware-security-module-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

In terms of regions, Europe is expected to remain the largest HSM market during the forecast period. This region has a significant and highly developed financial sector, including major financial centers like London, Frankfurt, and Zurich, and is also home to major companies, such as Thales Group, Atos SE, Utimaco GmbH, and Securosys SA. The region has also been proactive in addressing cybersecurity threats and promoting awareness. This focus on security has led to an increased adoption of HSMs as a best practice for safeguarding critical data and systems. Concurrently, North America is expected to be the fastest-growing region and is likely to create sizeable market opportunities in the coming five years. The USA, in particular, is the growth engine of the region's market, as the Department of Defense (DoD) and several government agencies rely on HSM for securing classified information, communications, and critical infrastructure.

Hardware Security Module Market Drivers:
Some of the key drivers listed in the report are given below.
• Increasing cyber threats and attacks, including data breaches, ransomware, and hacking attempts, have raised the importance of securing sensitive data and cryptographic keys.
• The adoption of cloud services and IoT devices has increased the demand for secure communication and data storage.
• The financial sector heavily relies on HSM to secure transactions, ATM networks, payment processing, and electronic fund transfers.
• The expansion of e-commerce, online banking, and digital payments, there is a growing need for secure online transactions.

Top Companies in the Hardware Security Module Market:
Stratview Research has identified the following companies as the top market players.
• Thales Group
• Entrust Corporation
• Atos SE
• Utimaco GmbH
• Marvell Technology, Inc.
• Ultra Intelligence & Communications
• Securosys SA
• Futurex
• Kryptus S.A.
• PROCENNE
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Hardware Security Module Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.