Our comprehensive research on the Global Hardware Security Module Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global hardware security module market size was US$ 1.3 billion in 2021. The global hardware security market is forecast to grow to US$ 3.12 billion by 2030 by growing at a compound annual growth rate (CAGR) of 11.8% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The wide applications of the hardware security module in the automotive and transportation segment are forecast to drive the growth of the global hardware security module market. The global hardware security module market is forecast to gain traction, owing to the rising cases of data breaches and cyber-attacks. The service providers in the hardware security module (HSM) have mandatory compliance with the internal and external privacy laws. Thus, strict data protection regulations are forecast to boost the market growth.
The rising demand for digital payment methods is forecast to propel the hardware security module market forward. Many firms and corporations aspire to achieve point-to-point encryption by complying with PCI rules, opening up new potential for the global market.
The high cost of implementation may limit the growth of the global hardware security module market during the study period.
Regional Analysis
North America is forecast to dominate the global hardware security module market. The growth of the market is attributed to the high adoption and penetration of security modules in the region. In addition, the growing engagement of a significant number of organizations across the region will benefit the hardware security module market. Furthermore, Asia Pacific is forecast to register significant growth, owing to the growing demand for hardware security modules from end-use industries like banking and financial services, government, manufacturing, technology, communications, industrial, energy, etc.
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Competitors in the Market
- Gemalto NV
- Thales e-Security Incorporated
- Utimaco GmbH
- International Business Machines (IBM) Corporation
- FutureX
- Hewlett-Packard Enterprise Development LP
- SWIFT
- Atos SE
- Ultra-Electronics
- Yubico
- Securosys SA
- CardContact Systems GmbH
- Ledger SAS
- SPYRUS
- West One Technical Limited
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Hardware Security Module industry experienced notable growth in its workforce. Starting in January, employment within the Hardware Security Module sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Hardware Security Module output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Hardware Security Module output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Hardware Security Module market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Hardware Security Module market.
Market Segmentation
The global hardware security module market segmentation focuses on Type, Deployment, Applications, End-Use, and Region.
Based on the type, the hardware security module market has been segmented into –
- LAN-Based HSM/Network-Attached HSM
- PCIE-Based/Embedded Plug-ins HSM
- USB-Based/Portable HSM
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Based on the deployment type, the hardware security module market has been segmented into –
- On-premise
- Cloud
Based on the applications, the hardware security module market has been segmented into –
- Payment Processing
- Code and Document Signing
- Secure Sockets Layer (SSL)
- Transport Layer Security (TLS)
- Authentication
- Database Encryption
- PKI or Credential Management
- Application-Level Encryption
Based on the end-use industry, the hardware security module market has been segmented into –
- Banking and Financial Services
- Government
- Technology and Communications
- Industrial and Manufacturing Industry
- Energy and Utilities
- Retail and Consumer Products
- Healthcare and Life Science
- Others (Entertainment and Media, Education, and Transportation)
Based on the end-use industry, the hardware security module market has been segmented into –
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Hardware Security Module Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Hardware Security Module Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Hardware Security Module Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Hardware Security Module Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Hardware Security Module market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Hardware Security Module market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Hardware Security Module business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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