Hardware security module (HSM) Market to Gain From Rising Use of Mobile Banking Applications
The increase in data
breaches and cyberattacks is
driving the global hardware security module (HSM) market.
According
to the TechSci Research report, “Hardware Security Module (HSM) Market –
Global Industry Size, Share, Trends, Opportunities, and Forecast, 2028,” the
global hardware security module (HSM) market is expanding substantially, thanks
to the rapid rise in digitalization and the increasing uptake of advanced
technologies by enterprises to meet the need for growing business along with
the development of more electronic data. Globally vendors are making
significant product innovations by integrating technologies such as artificial
intelligence (AI), Internet of Things (IoT), and machine learning (ML) to cater
to customer needs and market requirements.
Moreover,
the increasing number of cloud-based solutions and the rising enterprise focus
on reducing operation expenditure (OPEX) with hardware security modules are
further boosting the global hardware security module (HSM) market. Businesses
are taking up hardware security modules to overcome data breaches and cyberattacks
globally.
With the
outbreak of the COVID-19 pandemic, the pandemic and the slowdown in the economy
sparked digital innovation and the use of cloud services by businesses globally.
Security architects have implemented comprehensive information risk management
strategies that include integrated hardware security modules (HSMs). The demand
for HSMs, tied with security, has since been steadily increasing as various
organizations have turned to remote working environments due to the lockdown
imposition and uncertainty for the new normal. The shift is driving
organizations to think deeply about their security for sensitive data, security
standards, and regulations. Many enterprises have become heavily dependent on hardware
security modules for addressing continued requests to reduce and protect
cryptographic keys and data and to automate the lifecycle.
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Hardware Security Module (HSM) Market."
The global
hardware security module market is segmented by type, deployment mode,
application, and industry vertical. Based on type, the market is segmented into
LAN Based/Network Attached, PCI-Based/Embedded Plugins, USB-Based/Portable, and
Smart Cards. Based on deployment mode, the market is segmented into on-premises
and cloud. Based on application, the market is segmented into payment
processing, code & document signing, authentication, application-level
encryption, database encryption, PKI & Credential Management, and Security
Sockets Layer (SSL) & Transport Security Layer (TSL). Based on industry
vertical, the market is categorized into consumer goods & retail, Banking
Financial Services & Insurance (BFSI), aerospace & defense, public
sector/government, energy & power, industrial manufacturing, medical &
life sciences, transportation, and IT & telecommunications.
The on-premises
segment dominated the global hardware security module (HSM) market in 2022 and
is expected to maintain its dominance during the forecast period. Enterprises
are rapidly taking up numerous on-premise hardware security modules to secure
applications that are particularly latency sensitive. For businesses hosting
all their applications internally, without using any cloud apps, on-premises
solutions are appropriate. The on-premises implementation offers a few
advantages, including the elimination of delays.
Moreover,
technological designs and performance considerations require the usage of an
application with extensive cryptographic operations for best security practices.
Therefore, it is anticipated that several advantages of the on-premises hardware
security module (HSM) are expected to fuel the segment's expansion during the
forecast period.
Based on
the industry vertical, the banking financial services & insurance (BFSI) segment
is expected to register the fastest growth during the forecast period. Hardware
security modules (HSM) are expected to acquire high traction in the fintech, financial
services, and banking sectors, mainly due to the shift toward digital banking,
e-wallet payment solutions, and 3D secure payments by market players across the
world. Moreover, the rising demand for software to strengthen banking
transaction services through secured connections within the companies to
overcome fraud and phishing is enabling the deployment of hardware security
module (HSM) services.
Key
market players in the global hardware security module (HSM) market include:
- ST Microelectronics NV
- Ultra Electronics Holdings plc
- Thales Group
- IBM Corporation
- Entrust Corporation
- Infienon Technologies AG
- Synopsys Inc.
- Exceet Secure Solutions GmbH
- ATOS SE
- Cavium, Inc.
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“North
America shows substantial growth prospects for the hardware security modules
(HSM) market, thanks to the high uptake and penetration rate of security
modules along with the presence of a large number of service providers in the
region. hardware security modules are gaining significant traction and are expanding
to various countries in North America, including the United States, Canada, and
Mexico. Moreover, the early adoption of technologies, such as cloud computing, 5G
infrastructure, and artificial intelligence (AI) coupled with high investment and
stringent government regulation, influences the hardware security modules market
in this region. The United States leads the hardware security module market in
North America and is expected to continue to dominate the global hardware
security module (HSM) market during the forecast period as well,” said Mr.
Karan Chechi, Research Director at TechSci Research, a research-based global
management consulting firm.
Hardware Security
Module (HSM) Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By Type (LAN Based/Network Attached, PCI-Based/Embedded Plugins,
USB-Based/Portable, Smart Cards), By Deployment Mode (On-premise, Cloud), By Application (Payment Processing, Code &
Document Signing, Authentication, Application-Level Encryption, Database
Encryption, PKI & Credential Management, Security Sockets Layer (SSL) &
Transport Security Layer (TSL)), By Industry Vertical (Consumer
Goods & Retail, Banking Financial Services & Insurance (BFSI),
Aerospace & Defense, Public Sector/Government, Energy & Power,
Industrial Manufacturing, Medical & Life Sciences, Transportation, IT &
Telecommunications), By Region and Competition has evaluated the future growth potential of hardware
security module (HSM) and provides statistics and information on market
structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision-makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global hardware
security module (HSM) market.
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