Hardware Security Modules (HSM) Market Size, Share, Trends, Type, Application, Key Players and Demand by 2023

The global hardware security modules market is expected to witness potentially huge growth opportunities in the coming years, on account of surge in technological advancements, which created an essential demand for information systems security solutions, worldwide.

The hardware security modules help organizations to achieve required compliance with stringent data privacy regulations and guard sensitive corporate assets, customer’s personal information, and digital transactions against exposure and manipulation. It finds application in a number of industries including banking and financial services, government, technology and communications, manufacturing, utility and energy, retail, and healthcare and life sciences. The applications of hardware security module include public key infrastructures, identity management systems, databases, encryption and tokenization, code signing and time stamping.

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Latin America is expected to register the highest growth in the market, during the forecast period, on the back of huge investments in communication network infrastructure in the region, which is expected to shoot up the demand for hardware security modules for information security. High anticipated growth in Asia-Pacific HSM market can be attributed to growing emphasis on digitization of transaction systems.

The demand for USB-based or portable plugin HSMs is also expected to grow during the forecast period due to its varied benefits such as lower cost as compared to LAN-based HSMs and embedded plugin HSMs, compact size and portability feature. With an inclusion of huge number of Internet of Things (IoT) devices that is expected by 2020, there arises a need to secure the components of IoT ecosystem. The components of IoT ecosystem include the hardware and the software, which will be required to be safeguarded with the help of information security solutions. This is in turn acts as a major influencing factor propelling the growth of HSM market during the forecast period.

The demand for USB-based or portable HSMs has been increasing owing to their suitability in offline situations, where the hardware security module can be stored in a safe place while not in use, or if the HSM needs to be portable. The features of USB-based hardware security modules, such as portability and USB connectivity, ensure its suitability with laptops, desktops, or workstations, in turn making USB-based HSM the fastest growing market among the various types. The emergence of electronic payments, digital transactions and the growing need to protect highly sensitive financial data from potential security threats has resulted in the largest share of payment processing application in the hardware security modules market.

A potential demand for information security solutions provided by hardware security modules exists in a bid to overcome such challenges for organisations that employ high valued information systems. Some of the most security-conscious institutions globally have been using these hardware security modules to securely manage, process and store their cryptographic keys.

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The key players in the hardware security module market include Gemalto NV, Thales e-Security Inc., Utimaco GmbH, International Business Machines Corporation, FutureX, Spyrus Inc., Hewlett-Packard Enterprise Development LP, SWIFT, Atos SE, Ultra-Electronics and Yubico.

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