Organizations are increasingly adopting new technologies inorder to defend and encrypt hardware products, owing to the rise in hardware-based cyber-attacks. Hackers are increasingly targeting company servers to steal data, which is then released publically. Hardware attacks are mainly due to the vulnerabilities in the manufacturing supply-chain, as modern computer chips are highly complex devices which consists of numerous semiconductor components which face the risk of being compromised during stages such as design, assembly and fabrication, amongst others. Furthermore, these vulnerabilities are hard to detect, thus increasing the risk of hardware related data breach. There has been a rise in the number of attacks on VPN devices and firmware, especially from groups based in China, Russia, Iran, amongst others. Hardware security modules ensure that critical information in hardware components are protected. Furthermore, with the COVID-19 pandemic many companies have shifted to remote working options, which in turn is another factor increasing the need of data protection. Breach of any customer/business data can have a detrimental impact on the company’s image. Thus, HSMs are used to encrypt data which in turn helps in adding an additional security layer. Hence, with the rising need to prevent data breach/loss, the hardware security module market is propelling.
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HSMs with artificial intelligence capabilities will become the next big thing across regions such as North America and Europe in the coming years. Higher investment potential of the end-users in these regions coupled with the growth in AI research and development investment by market participants based in countries like France, Germany, the U.S., etc., will lead to the implementation and integration of AI in HSMs. Additionally, with the growth of IoT, which is associated with the interaction between connected devices on a network, is expected to facilitate the use of HSMs for data encryption, especially in industries such as military and defence and transportation and logistics. Thus, the incorporation various technologies (blockchain, AI, IoT, etc.) in HSMs is expected to gain traction in the coming years, as these technologies have the potential of increasing the security of HSMs, thereby increasing the demand and sales of hardware security module market.
The detailed research study provides qualitative and quantitative analysis of hardware security module market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The global hardware security module market was valued at US$ 785.39 Mn in 2020 and is anticipated to reach US$ 1731.59 Mn by 2029 growing at a CAGR of 9.24% over the forecast period (2021 – 2029). Increasing demand for securing data in network and servers using dedicated cryptographic methods which is made possible using HSM is expected to fuel the growth of the global hardware security module market in the coming years.
- By offerings, products category accounted for the highest share in the global hardware security modules market in 2020.
- In terms of revenue, on-premise deployment mode contributed for the major market share in 2020.
- Integrated applications offer an all-in-one cryptographic solution for securing hardware data, owing to which it held the major market share in 2020.
- On-premise HSMs are costly in nature, and require high capital and maintenance spending by the end-users. As a result of the financial requirements of handling HSMs, these devices are mostly being used by large companies. Large organizations accounted for 73.78% of the global hardware security module market share in 2020.
- Banking, financial services and insurance (BFSI) industry contributed the maximum revenue in the global hardware security modules (HSM) market in 2020. This can be attributed to the higher security and data privacy regulations for performing financial tractions which are laid out by international bodies that facilitate the use of HSMs for data encryption.
- By region, North America accounted for the highest share in the global hardware security modules market in 2020.
- Some of the players operating in the hardware security module market are ATOS SE, Entrust Corporation, Futurex, Hewlett Packard Enterprise Development LP, HUB Security, IBM Corporation, Rambus.com, SWIFT, Thales, Ultra Electronics, Utimaco GmbH and Yubico, amongst others.
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Global Hardware Security Module Market:
- By Offering
- Products
- LAN/Network-based
- PCI-based
- USB-based
- Others
- Services
- Training and Consulting
- Implementation and Maintenance
- Design and Development
- Others
- By Deployment
- Cloud
- On Premise
- By Application
- Integrated
- Standalone
- Public Key Infrastructure (PKI)
- Financial and General-Purpose Transaction
- Code and Document Signing
- Data Encryption
- Secure Sockets Layer Connection Establishment
- Domain Name System Security Extensions (DNSSEC)
- Others
- By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- By Industry
- Education and Training
- Healthcare
- Retail
- Banking, Financial Services and Insurance
- Government
- Military and Defence
- Transportation and Logistics
- Automotive
- IT and Telecommunication
- Energy and Utilities
- Manufacturing
- Others
- By Region
- North America
-
- U.S.
- Canada
- Mexico
- Rest of North America
-
- Europe
-
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
-
- Asia Pacific
-
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
-
- Middle East & Africa
-
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
-
- Latin America
-
- Brazil
- Argentina
- Rest of Latin America
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