Hardware Security Module (HSM) Market: Technological Growth Map Over Time To Understand The Industry Growth Rate
Prominent participants in the global hardware security module market to name a few are Ultimaco GmbH, Thales e-Security Inc., Futurex, Gemalto NV, IBM Corporation, Hewlett Packard Enterprise Development L.P., Ultra Electronics Group, Yubico, and SWIFT.
As per the estimations of the TMR report, the demand for hardware security module, across the globe, will increment at an impressive 11.6% CAGR over the forecast period of 2017 to 2025. By the end of 2025, the revenue of this market is projected to be worth US$40.43 bn. The market was evaluated at US$13.40 bn in 2015.
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The remote interface HSM type holds the leading market share amongst all. However, USB tokens and smart cards are anticipated to display the leading growth rate over the forecast period. Payment processing application segment is anticipated to rise at the leading growth rate during the forecast period of 2017 to 2025. Geographically, North America is the leading regional market for hardware security module followed by Europe.
Huge Investments for Protection of Sensitive Organizational Data a Boon for Market
Majorly fuelling the hardware security module market is rising data security concerns amongst data-sensitive companies worldwide. With the increasing concerns of breach of sensitive data, enterprises are investing in cyber-security infrastructure, which will indirectly benefit the hardware security module market. Hardware security module serves cryptographic functions that include encryption, decryption, key management/generation, hashing, and message authentication. Several HSM systems have the capability to securely back up the keys that are handled either by the operating systems of the computer or by using some other security token externally.
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“The demand for HSM is anticipated to be on the rise in the upcoming years for comprehensive data protection,” says a TMR analyst. Hardware security module has become an important part of an organization’s encryption and key management program within two to three years. Going ahead, the trend for the adoption of HSM is more likely to be observed among organizations in the U.S., Germany, and Japan. The adoption of cloud-based HSM is on the rise predominantly because of its feasibility and cost-effectiveness among small and medium-sized enterprises.
With the rising adoption of hardware security module, developed countries such as the U.S. and the U.K. are laying stringent regulatory standards for vendors to adhere to. The federal information processing standards (FIPS) denote the set of quality standards that approve cryptographic module. For example, the FIPS 140-2 denotes security pertaining to level 1, level 2, level 3, and level 4. The standards help the end-users to select the HSM device depending upon their data security requirement.
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High Cost of Implementation Challenges Adoption
On the downside, the high cost of implementation and the high cost of upgrade of hardware security module is holding back the market’s growth, especially the traditional hardware security module.
The review presented is based on the findings of a report by Transparency Market Research, titled “Hardware Security Module (HSM) Market (Type - Local Interface, Remote Interface, Smart Cards and USB Tokens; Application - Authentication, Database Encryption, Document Signing, Secure Socket Layer(SSL), Code Signing, PKI/Credential Management, Payment Processing, and Application Level Encryption; Industry Verticals - Banking and Financial Institution, Government, Technology and Communication, Industrial and Manufacturing, Energy and Utility, Retail and Consumer, and Healthcare and Life Sciences) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
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