CHICAGO, Sept. 23, 2022 /PRNewswire/ — Hardware security module market size is projected to grow from USD 1.1 Billion in 2022 to USD 2.0 Billion by 2027; it is expected to grow at a CAGR of 13.1% from 2022 to 2027, according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the Hardware security module market include the requirement for effective management of cryptographic keys, and the need to follow stringent data security compliances are among the factors driving the growth of the Hardware security module market.
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Cloud segment is expected to hold the largest share during the forecast period
The cloud segment is expected to hold a larger market share by 2027. This is primarily due to its ability to perform cryptographic operations and provide customers with absolute control over keys through separation of duties. Cloud-based HSMs enable users to scale quickly by adding and removing HSM capacity on-demand, with no up-front costs. Enterprises employ cloud-based HSM when they want to test or pilot a variety of HSM services from different vendors with little upfront investment before choosing one. Additionally, it is useful in organizations where workloads are less and where the requirements for application performance and latency are not as strict as those that demand for an on-premise HSM to be dedicated to them. This model is appropriate for smaller enterprises that choose a foreseeable and pay-as-you-go (PAYG)-based financial model provided by the Cloud Service Provider (CSP) over the significant up-front capital expenditures required by an On-prem HSM. Organizations and departments that have highly fluctuating workloads and may need flexibility (i.e., the ability to scale up and down the HSM infrastructure) can use cloud HSMs.These advantages, along with the rising demand for cloud services for data storage, are driving the market for cloud-based HSMs.
BFSI vertical held the largest share of hardware security module market during the forecast period
To ensure security in core banking, online banking, banking card personalization systems, trade finance, international payments, foreign exchange, bank guarantee, and other similar applications involved in the BFSI vertical, hardware security modules play a crucial role in safeguarding the private keys and securely storing cryptographic keys in a hardware-based back-end system. The hardware security module market is currently dominated by the BFSI industry as they ensure that core financial systems and internet banking platforms operate in a secure environment. These modules are also used to secure share dealing systems, inter-bank money transfer, ATM, and point-of-sale networks. In order to comply with regional e-banking requirements and lower the risk of fraud or identity theft, customer card issuing systems also integrate hardware security modules.
Secure Sockets Layer (SSL) and Transport Layer Security (TLS) is expected to grow at the highest CAGR
Secure Socket Layer (SSL) and Transport Layer Security (TLS) are cryptographic protocols that provide communications security over a computer network. Hardware security modules help protect master SSL encryption keys, ensuring the overall integrity of the SSL process. Through standard APIs and pre-certified integration with common web platforms and SSL tools, developers and IT security staff can achieve higher levels of assurance by protecting and managing SSL private keys within the secure boundary of the hardware security module.
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North America exhibit the highest CAGR during the forecast period
The market in the North America region is expected to be driven by the growing demand from the healthcare and IT and telecommunications verticals. With advancements in autonomous driving technology and recent technology trends in the Internet of Things (IoT), there is a need for secured connected devices, improved bandwidth, and latency reduction, which can be easily achieved through 5G. The US is one of the leading countries involved in commercializing 5G network. The shift toward connected cars and intelligent transportation systems, along with the increasing demand for medical devices is expected to drive the market in the region. The significant presence of major companies offering cloud-based services in the hardware security modules market in this region for different verticals such as healthcare and IT & telecom also fuels market growth in North America.
The key players in this market are Thales (France), Utimaco (Germany), Futurex (US), IBM (US), STMicroelectronics (Switzerland), ATOS SE (France), Yubico (US), Infineon Technologies (Germany), Microchip Technology (US), and Swift (Belgium). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
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