Hardware Security Modules Market - Availability of An Effective Cryptographic Management System Has Been Propelling The Market

Hardware security module is a type of a physical computing device. In its traditional form, it is available as an external device attached to a network server or computer. The device manages digital keys for authentication and performs cryptographic operations. In terms of demand, the global hardware security module market is expected to expand significantly during the forecast period.

The hardware security module market has been expanding at a rapid pace due to the rising concern for data security across the globe. Of late, government offices and financial institutions have been facing a major threat of cyber security. Hacking of sensitive information breaches data security. Increase in the number of cases of hacking of such information has been driving the hardware security module market of late. Government and commercial offices need to comply with the recent mandates of data security. This has compelled the enactment of external and internal privacy policies. This is anticipated to be a major factor boosting the hardware security module market during the forecast period. Availability of an effective cryptographic management system has been propelling the hardware security module market.

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High cost is one of the major disadvantages of hardware security module. Installation of hardware security module is capital intensive. Furthermore, software security module offer a good alternative to the hardware security module. Once some weakness is detected in hardware security module, the entire cryptographic algorithm needs to be changed. On the other hand, the cryptographic arrangement can be changed with relative ease in case of software security module. This is projected to hamper the hardware security module market during the forecast period.

Based on type, the hardware security module market can be segmented into LAN based, PCle based, and USB based. The USB based segment is expected to hold significant share of the market during the forecast period. The segment is expected to expand at a fast paced CAGR during the forecast period. USB based hardware security modules are portable and do not require any external tool for their deployment. Open source middleware and key backup facilities of this hardware security module are expected to drive its demand during the forecast period.

Based on application, the hardware security module market can be segmented into payment processing, authentication, pk code, and document signing. Use of hardware security module for authentication held the largest market share owing to the reduction in the number of incidents of data hacking and fraud. Growth in the trend of online transactions and mobile payments is anticipated to boost the demand for hardware security module, as installation of this module refrains hackers from accessing private and confidential information. Private organizations get an opportunity to install these type of modules depending upon the transaction value and user activity.

Based on industry, the hardware security module market can be divided into government, banking and financial institutions, industrial and manufacturing units, technology and communication, retail and consumer products, energy and utilities, healthcare, and others. The banking and financial institutions segment is expected to grow during the forecast period owing to the increase in usage of hardware security module for authentication and data security purposes.

In terms of region, the global hardware security module market can be classified into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America accounts for significant share of the market, led by the rising acceptance of such modules for ensuring data security by financial institutions and government organizations. Asia Pacific is likely to be a rapidly growing region of the hardware security module market owing to the increasing usage of modern technologies such as cloud based system and Internet of Things (IoT). Furthermore, emphasis on new regulations regarding data security is projected to propel the demand for hardware security module during the forecast period.

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Key players operating in the hardware security module market include Thales e-Security, Inc, Gemalto NV, International Business Machines Corporation, Hewlett-Packard Enterprise Development, and Ultra-Electronics.

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