The global hardware security modules market size is expected to reach USD 2.99 billion by 2030 according to a new study by Polaris Market Research. The report “Hardware Security Modules Market Share, Size, Trends, Industry Analysis Report, By Deployment Type (On-premise, Cloud); By Type; By Application; By Vertical; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is driven by the growing adoption of digital payments and increased cyber-attacks and data breaches. Furthermore, increased focus on data security concerns and rising demand for protecting cryptographic keys are anticipated to accelerate the market’s growth.
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Expansions and product launches are expected to offer lucrative opportunities for the market players over the forecast period. For instance, in 2022, Thales launched Luna T-Series hardware security module 7.12.1 for high assurance, secure audit logging, remote management, and secure decommissioning.
Hardware Security Modules Market Report Highlights
- The cloud segment acquired the largest market revenue in 2021 due to the versatility and virtualization characteristics of cloud computing systems.
- The USB-based/portable type accounted for the largest revenue share in 2021 as it protects the confidentiality and integrity of digital identities (certificates), application passwords, and code-signing credentials stored in software by enclosing them in a hardened, tamper-resistant device.
- The payment processing segment acquired the most considerable market revenue in 2021 due to rising E-commerce and digital banking trends, which increased the demand for payment processing amongst consumers.
- The banking, financial services, and insurance sector is expected to witness a significant market revenue over the forecast period due to increasing demand for digital banking, e-wallet payment solutions, and 3d secure payment.
- Europe accounted for the largest market share in 2021 due to the increasing adoption of advanced technologies such as IoT, 5G, and AI, creating a high need for network security in this region.
- The global market is highly competitive owing to large industry players, including ATOS SE, Cavium, Entrust Datacard, Exceet Group, Futurex, Gemalto, Synopsys, Inc, Thales Group, Ultra Electronics, Utimaco, and Yubico.
Polaris Market Research has segmented the hardware security modules market report based on deployment type, type, application, vertical, and region:
Hardware Security Modules, Deployment Type Outlook (Revenue - USD Billion, 2018 - 2030)
Hardware Security Modules, Type Outlook (Revenue - USD Billion, 2018 - 2030)
- LAN Based/ Network Attached
- PCI-Based/ Embedded Plugins
- USB-Based/ Portable
- Smart Cards
Hardware Security Modules, Application Outlook (Revenue - USD Billion, 2018 - 2030)
- Payment Processing
- Code & Document Signing
- Application-Level Encryption
- Database Encryption
- PKI & Credential Management
- Security Socket Layer (SSL) & Transport Security Layer (TSL)
Hardware Security Modules, Verticals Outlook (Revenue - USD Billion, 2018 - 2030)
- Consumer Goods & Retail
- Banking, Financial Services, and Insurance
- Aerospace & Defense
- Public Sector/ Government
- Energy & Power
- Industrial Manufacturing
- Medical & Life Sciences
- IT & Telecommunications
Hardware Security Modules, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa