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[Research Report] The hardware security module market size is expected to grow from US$ 1.36 billion in 2022 to US$ 3.85 billion by 2030; it is estimated to record a CAGR of 13.9% from 2022 to 2030.
Analyst Perspective:
The market has grown in response to enhanced data protection as a result of rising cyber-attacks. As data is sensitive and confidential, many big businesses and corporations are mostly targeted by hackers. Thus, hardware security module (HSM) solutions are frequently used by businesses to safeguard their applications. The growth in data breaches and cyberattacks propels the hardware security module market growth globally. Moreover, the growing adoption of cloud-based services is expected to create an opportunity for the market. The HSMs offer physical access protection, generation of keys, secure management of key material, and a secure execution environment for cloud applications. Furthermore, technical advancements in the development of sophisticated HSM services are expected to bring new hardware security module market trends in the coming years.
Hardware Security Module Market Overview:
A hardware security module (HSM) is a dedicated crypto processor that is specifically built for crypto key lifecycle protection. Hardware security modules securely manage, process, and store cryptographic keys inside a hardened, tamper-resistant device, acting as trust anchors to safeguard the cryptographic infrastructure of the most security-conscious enterprises across the world. It helps to reduce risk and satisfy compliance requirements using PKI, blockchain, code signing, document signing, database encryption, eIDAS, GDPR, DNSSEC, PCI DSS, and other solutions. Also, it helps to safeguard cryptographic keys wherever the companies' applications and workloads operate at scale and with flexibility. Furthermore, it also protects digital transition with equipment built for modern data centers.
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Hardware Security Module Market: Strategic Insights
Market Size Value in US$ 1.36 billion in 2022 Market Size Value by US$ 3.85 billion by 2030 Growth rate CAGR of 13.9% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Hardware Security Module Market: Strategic Insights
Market Size Value in | US$ 1.36 billion in 2022 |
Market Size Value by | US$ 3.85 billion by 2030 |
Growth rate | CAGR of 13.9% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Rising Cases of Data Breach Drive Hardware Security Module Market Growth
The rise in digitalization has encouraged several businesses across various industry verticals to digitalize their business in order to gain competitive advantage, enhance operational workflow, and reach more targeted audiences. However, the adoption of digital solutions makes critical data vulnerable and accessible to potential data breach incidents, leading to a rise in the number of data breach cases and incidents. A data breach is a security incident where an unauthorized party gains access to any business-sensitive and crucial information. Data breach incidents can impact business performance due to loss of critical information, financial losses, loss of trust of customers, and others. A few of the data breach incidents and related information are mentioned below:
- In June 2023, a major data breach case took place as a Telegram bot uploaded the data of millions who registered on the COWIN app. The data leak included mobile numbers, Aadhar card IDs, passports, and other critical customer information.
- In July 2023, IBM Security released the Cost of a Data Breach report for 2023. The report indicated that the global average data breach cost reached US$ 4.45 million in 2023, a 15% increase over the previous three years.
- As of July 2023, the file transfer tool MOVEit experienced a massive data hack impacting 200 organizations and 17.5 million individuals. The data of multiple critical organizations and government bodies, such as the Department of Agriculture, Energy, and Department of Health and Human Services, got leaked.
- In May 2023, Deutsche Telekom AG's brand T-Mobile experienced its second data breach case for 2023, where over 800 customer's PINs, full names, and phone numbers got leaked.
Thus, the rise in the number of data breach cases generates the demand for enhanced levels of security solutions, such as hardware security modules, as it can help businesses boost their network security, playing an important role in determining the hardware security module market forecast .
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Hardware Security Module Market Analysis: Segmental
Based on type, the market is divided into LAN based, PCIe based, and USB based. The LAN based segment held the largest hardware security module market share in 2022, whereas the PCIe based segment is anticipated to register the highest CAGR during 2022–2030. The demand for LAN based hardware security modules is increasing due to the rising need for faster data transfer and communication. Furthermore, the demand for PCIe hardware security modules in various companies to protect the integrity and security of encryption keys is predicted to propel during the forecast period. These HSMs are specifically designed to increase the performance and security of sensitive workloads while also providing fast throughput for cryptography activities.
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Regional Analysis:
Europe held the largest hardware security module market share in 2022. The Europe market is expected to grow during the anticipated period due to the growing awareness regarding the data security benefits provided by HSMs. The growing BFSI, IT & telecommunication, healthcare, and other industries in the region are raising the need for hardware security modules to protect their business information. Furthermore, the increasing digital advancements in countries such as Germany, the UK, and other European countries and the growing adoption of cloud-based technologies are creating an opportunity for the hardware security module market in Europe.
Key Player Analysis:
Thales, STMicroelectronics, Utimaco Management GmbH, Atos SE, IBM Corporation, Futurex, SWIFT, Ultra Electronics Holdings plc, Infineon Technologies AG, and Hewlett Packard Enterprise Development LP are the key players profiled in the hardware security module market report. This hardware security module market report provides detailed market insights, which help the key players strategize their growth.
Recent Developments:
The hardware security module market players highly adopt inorganic and organic strategies. A few recent key market developments are listed below:
- In June 2023, Thales Trusted Cyber Technologies (TCT) announced the launch of the new version 7.13.0 of the Luna Network and PCIe HSMs. It includes different features such as remote initialization of the Remote PED Vector Key, enabling fully remote HSM administration, support for LACP 802.3ad protocol to enhance multi-NIC port bonding in the Network HSM appliance, and Luna Client support for Windows Server 2022 and Ubuntu 22 LTS.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The hardware security module market was estimated to be US$ 1.36 billion in 2022 and is expected to grow at a CAGR of 13.9 % during the forecast period 2023 - 2030.
Growing adoption of cloud-based technology is anticipated to play a significant role in the hardware security module market in the coming years.
Rising cases of data breach and cyber-attacks is the major factors that propel the hardware security module market.
The key players holding majority shares in the hardware security module market are Thales, IBM Corporation, Hewlett Packard Enterprise Development LP, STMicroelectronics, and Infineon Technologies AG.
The US held the largest hardware security module market share in 2022.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.
The incremental growth expected to be recorded for the hardware security module market during the forecast period is US$ 2.49 billion.
The hardware security module market is expected to reach US$ 3.85 billion by 2030.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Hardware Security Module Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Hardware Security Module Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Hardware Security Module Market - Global Market Analysis
6.1 Hardware Security Module - Global Market Overview
6.2 Hardware Security Module - Global Market and Forecast to 2030
7. Hardware Security Module Market – Revenue Analysis (USD Million) – By Type, 2020-2030
7.1 Overview
7.2 LAN Based
7.3 PCIe Based
7.4 USB Based
8. Hardware Security Module Market – Revenue Analysis (USD Million) – By Application, 2020-2030
8.1 Overview
8.2 Payment Processing
8.3 Secure Socket Layer
8.4 Authentication
8.5 Code and Document Signing
8.6 Database Encryption
8.7 Credential Management
8.8 Application-Level Encryption
9. Hardware Security Module Market – Revenue Analysis (USD Million) – By Industry, 2020-2030
9.1 Overview
9.2 BFSI
9.3 Government
9.4 IT and Telecom
9.5 Healthcare
9.6 Manufacturing
9.7 Retail and Consumer Goods
9.8 Others
10. Hardware Security Module Market - Revenue Analysis (USD Million), 2020-2030 – Geographical Analysis
10.1 North America
10.1.1 North America Hardware Security Module Market Overview
10.1.2 North America Hardware Security Module Market Revenue and Forecasts to 2030
10.1.3 North America Hardware Security Module Market Revenue and Forecasts and Analysis - By Type
10.1.4 North America Hardware Security Module Market Revenue and Forecasts and Analysis - By Application
10.1.5 North America Hardware Security Module Market Revenue and Forecasts and Analysis - By Industry
10.1.6 North America Hardware Security Module Market Revenue and Forecasts and Analysis - By Countries
10.1.6.1 United States Hardware Security Module Market
10.1.6.1.1 United States Hardware Security Module Market, by Type
10.1.6.1.2 United States Hardware Security Module Market, by Application
10.1.6.1.3 United States Hardware Security Module Market, by Industry
10.1.6.2 Canada Hardware Security Module Market
10.1.6.2.1 Canada Hardware Security Module Market, by Type
10.1.6.2.2 Canada Hardware Security Module Market, by Application
10.1.6.2.3 Canada Hardware Security Module Market, by Industry
10.1.6.3 Mexico Hardware Security Module Market
10.1.6.3.1 Mexico Hardware Security Module Market, by Type
10.1.6.3.2 Mexico Hardware Security Module Market, by Application
10.1.6.3.3 Mexico Hardware Security Module Market, by Industry
Note - Similar analysis would be provided for below mentioned regions/countries
10.2 Europe
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 United Kingdom
10.2.5 Russia
10.2.6 Rest of Europe
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Pakistan
10.3.7 Rest of SouthEast Asia
10.4 Middle East and Africa
10.4.1 Saudi Arabia
10.4.2 U.A.E
10.4.3 Bahrain
10.4.4 Nigeria.
10.4.5 Egypt..
10.4.6 Morocco..
10.5 South and Central America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Rest of South and Central America
11. Industry Landscape
11.1 Mergers and Acquisitions
11.2 Agreements, Collaborations, Joint Ventures
11.3 New Product Launches
11.4 Expansions and Other Strategic Developments
12. Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning and Concentration
13. Hardware Security Module Market - Key Company Profiles
13.1 Thales
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
Note - Similar information would be provided for below list of companies
13.2 STMicroelectronics
13.3 Utimaco Management GmbH
13.4 Atos SE
13.5 IBM Corporation
13.6 Futurex
13.7 SWIFT
13.8 Ultra Electronics Holding PLC
13.9 Infineon Technologies AG
13.10 Hewlett Packard Enterprise Development LP
14. Appendix
14.1 Glossary
14.2 About The Insight Partners
14.3 Market Intelligence Cloud
The List of Companies - Hardware Security Module Market
- Thales
- STMicroelectronics
- Utimaco Management GmbH
- Atos SE
- IBM Corporation
- Futurex
- SWIFT
- Ultra Electronics Holdings plc
- Infineon Technologies AG
- Hewlett Packard Enterprise Development LP
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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