Rising Cyber Attacks across the Globe Has Increased the Demand for Hardware Security Module (HSM) Market

Globally, the hardware security module (HSM) market is expected to grow with a CAGR of 13.30% during the forecast period from 2023 to 2030 and had registered a market value of US$ 1039.86  Mn by 2021. A hardware security module (HSM) is defined as a dedicated crypto processor, which is designed for a secure crypto key lifecycle. Hardware security modules protect the cryptographic infrastructure of various organizations globally by managing and processing the data securely, tamper-resistant devices and also stores cryptographic keys inside a hardened.

The companies and organizations are adopting the hardware security module for protecting various information such as transactions, applications, identities, and other confidential data. With the advancement in technology, there has been a boom in digitalization globally, which resulted in the utilization of the internet for the sharing of information. This advancement globally has also increased the risk of cyber-attacks and breaches, which is considered as one of the factors for the growth of the HSM market globally. AS HSM allows companies and organizations to protect their data from breaches and cyber-attacks. 

Hardware Security Module (HSM) with Network-Attached HSM in its Type Segment Continue Dominating the Market

In 2020, the overall HSM market is lead by the network-attached HSM segment dominated the global market with a market share of more than 30.0% and is expected to grow with a significant CAGR during the forecast period. The network-attached HSM is one of the earliest types of model which is being used by various organization and companies as these type of HSM are easily integrated and offers a secure path for transmission of data. However, USB-Based HSM is expected to be the fastest-growing segment during the forecast period.

North America Dominates the Market by Region

The global hardware security module (HSM) market was led by North America with a market share of more than 30.0% in the year 2020. The region is one of the earliest adopters of the technology and the increasing number of security regulators in the region leads to driving the market. Moreover, increasing cyber-attacks and data breaches are a major factor in the adoption of HSM in the region. US accounts for the largest market share in the region due to the presence of various BFSI, IT, and e-commerce companies that faces the issues of security breaches.

Some of the prominent players operating in the hardware security module (HSM) are Thales E-Security Inc., Gemalto NV, Utimaco GmbH, Futurex, International Business Machines Corporation, Ledger, Hewlett Packard Enterprise Company, Yubico, ATOS SE, Ultra Electronics, Securosys Sa, Swift, Cardcontact Systems GmbH, Ledger, and Spyrus, Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hardware Security Module (HSM) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Hardware Security Module (HSM) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Hardware Security Module (HSM) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Hardware Security Module (HSM) market?
• Which is the largest regional market for Hardware Security Module (HSM) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Hardware Security Module (HSM) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Hardware Security Module (HSM) market worldwide?