Hardware Security Module (HSM) Market: New Market Research Report Announced; Glo

Posted by Harshad Borde on February 5th, 2020

According to a new market report published by Transparency Market Research, the global hardware security module market is expected to reach a value of US$ 5,932.4 Mn by 2026 on account of rising security concerns across a number of industries. The market is projected to expand at a CAGR of 11.5% during the forecast period from 2018 to 2026.Growth of the hardware security module market is due to concerns over data breaches as well as increased spending on cyber security. Demand for HSM solutions is expected to surge in the coming years with more small and medium scale organizations involving in formulating encryption strategies. 

Increased spending on cyber security driving the global hardware security module (HSM) market

Spending on cyber security has increased over the years. Organizations are strategically allocating a significant share of their budget in deploying cyber security solutions. According to a study conducted by SANS Institute on 'IT Security Spending Trends' in February 2016, more than 50% of the total cyber security budget of organizations is spent on tools supporting access and authentication, followed by advanced malware and endpoint security, and data protection technologies.

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Hardware Security Module (HSM) Market: Scope of the Report

The hardware security module (HSM) market is segmented based on type, application, and industry vertical. According to the research study, remote interface HSM held the significant share in 2016 in the global hardware security module market. However, smart cards and USB tokens are expected to show strong growth during the forecast period. This is largely due to the embedded features that these HSMs have. Since USB tokens and smart cards are lightweight, portable, and cost-efficient HSM types, they are heavily being deployed among medium and small enterprises around the world.

Moreover, these HSMs do not require additional hardware, that makes them simple to install and operate, thereby making them popular among various organizations. The use cases of hardware security modules are plentiful, ranging from authentication to application level encryption. However, the most prominent application for which HSMs are largely being deployed is for authentication followed by Secure Sockets Layer (SSL) and document signing. Moreover, use of HSM devices for applications such as database encryption and credential management are expected to witness growth in the coming years.

Global Hardware Security Module (HSM) Market: Competitive Dynamics

Vendors of HSM devices are continuously improving their products in terms of the function and other features. Vendors are developing advanced HSM solutions that are in accordance with regulatory standards. Moreover, some of the major players in the HSM market are collaborating with integrators and other small vendors to provide advanced HSMs that are feasible, scalable, and can be customized as per the security requirement of end-users. Some of the players are investing in research and development to offer innovative HSM devices.

Key players profiled in the global hardware security module (HSM) market includeGemalto NV, IBM Corporation, Ultra Electronics Group, Utimaco GmbH, Futurex, Thales e-Security, Inc., Hewlett Packard Enterprise Development L.P., SWIFT, and Yubico.