Hardware Security Modules Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

Posted by ramtbrc on January 31st, 2024

The Hardware Security Modules by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hardware Security Modules, The hardware security modules market size has grown rapidly in recent years. It will grow from .53 billion in 2023 to .74 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%.  The  growth in the historic period can be attributed to increasing cybersecurity threats, regulatory compliance requirements, encryption standardization, increasing data sensitivity, national security concerns..

The hardware security modules market size is expected to see rapid growth in the next few years. It will grow to .06 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%.  The growth in the forecast period can be attributed to stricter data privacy regulations, increased use of biometric data, surge in remote work practices, demand from emerging markets, shift towards as-a-service models.. Major trends in the forecast period include digital identity protection, expansion of 5g networks, integration with blockchain technology, emphasis on user-friendly interfaces, partnerships and collaborations,  hybrid and multi-cloud environments..

An increase in data breaches and cyberattacks is expected to propel the growth of the hardware security module market going forward. A cyber attack is an attempt to illegally access a computer system or a computer network to cause damage, whereas a data breach occurs when data is stolen or extracted from a system without the owner's knowledge or authorization. The hardware security module (HSM) is a physical device that protects data against both logical and inherent security threats. It is meant to keep data and information safe and secure by providing built-in vulnerability protection. Furthermore, the growing acceptance of digital payments has favored an increase in cyberattacks and data-breaching activities, thus increasing demand for hardware security modules. For instance, in July 2021, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to 2020. Therefore, the increase in data breaches and cyber-attacks is driving the hardware security module market.

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The hardware security modules market covered in this report is segmented –
1) By Type: LAN Based/ Network Attached, PCI-Based/ Embedded Plugins, USB Based/ Portable, Smart Cards
2) By Deployment Type: On-Premise, Cloud
3) By Application: SSL (Secure Sockets Layer), TSL (Transport Layer Security), Authentication, Payment Processing, Code And Document Signing, Application-Level Encryption, Database Encryption, Public Key Infrastructure (PKI), Credential Management
4) By End-User: Banking And Financial Services, Energy And Utility, Retail And Consumer Products, Government Technology And Communication, Industrial And Manufacturing, Healthcare, Life Sciences

Product innovation is a key trend gaining popularity in the hardware security module market. Major companies operating in the hardware security module market are focused on developing innovative products to strengthen their position. For instance, in February 2022, Thales Group, a France-based technology company that creates, designs, and produces electrical systems and aircraft gadgets, launched a new IoT connection solution ELS62. It has better reliability and security for smart devices, simplifying enterprises' digital transition. It combines moderate technology for simplifying design, streamlining development, and reducing time-to-market for IoT products. The product offers different connectivity alternatives and high cybersecurity for IoT devices, along with security measures that safeguard both the device and data by ensuring resilience against cyberattacks, strong device authentication, and data encryption.

The hardware security modules market report table of contents includes:
1. Executive Summary

2. Hardware Security Modulea Market Characteristics

3. Hardware Security Modulea Market Trends And Strategies

4. Hardware Security Modulea Market - Macro Economic Scenario

5. Global Hardware Security Modulea Market Size and Growth
31. Global Hardware Security Modulea Market Competitive Benchmarking

32. Global Hardware Security Modulea Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Hardware Security Modulea Market

34. Hardware Security Modulea Market Future Outlook and Potential Analysis

35. Appendix


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