The hardware security modules market size is projected to reach US$ 3.85 billion by 2031 from US$ 1.36 billion in 2023 to record a CAGR of 13.9% during 2023-2031.

US & Canada, Oct. 17, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “Hardware Security Modules Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (LAN Based, PCIe Based, and USB Based), Application (Payment Processing, Secure Socket Layer, Authentication, Code and Document Signing, Database Encryption, Credential Management, and Application-Level Encryption), and Industry (BFSI, Government, IT & Telecom, Healthcare, Manufacturing, Retail & Consumer Goods, and Others)”, the global hardware security modules (HSM) market is observing significant growth owing to rising cases of data breach and growing adoption of HSM for retail payment transactions. Browse Detailed Insights: https://www.theinsightpartners.com/reports/hardware-security-module-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the hardware security modules market comprises a vast array of type, application, industry, and geography which are expected to register strength during the coming years.

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Overview of Report Findings:

1.   Market Growth: The global hardware security modules market size was valued at US$ 1.36 billion in 2023 and is projected to reach US$ 3.85 billion by 2030; it is expected to register a CAGR of 13.9% during 2022–2030. 

2.   Technological Innovations: HSMs using cloud-based technologies offer physical data access protection, generation of keys, secure management of key material, and a secure execution environment for cloud applications. A few of the major market players are focusing on developing advanced hardware security modules for cloud-based applications. For instance, in September 2022, Marvell unveiled its LiquidSecurity 2 (LS2) hardware security modules adapter, an advanced solution that offers encryption, key management, authentication, and other hardware security modules services in the cloud.

3.   Rising Cases of Data Breach: Many large-sized businesses and corporations work with a huge volume of sensitive and confidential data. The rise in digitalization has encouraged several businesses across various industry verticals to digitalize their business 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 hackers, leading to the loss of critical information, financial losses, and loss of customer trust, among others. The rise in the number of data breach cases affects the overall business performance.

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4.   Growing Adoption of HSM for Retail Payment Transactions: The popularity of online data-sharing applications, as well as digital technologies, is increasing due to the trend of remote working. This trend promotes digital transition, particularly for financial institutions such as banks, as e-banking usage and online sales have significantly increased. Digital transactions and payments have also risen as a result of mobile banking and third-party payment apps such as Google Pay or Amazon Pay that are connected to open banking platforms. Financial institutions are implementing hardware security modules for payments in an effort to streamline cryptography processes. They consistently manage numerous security apps and safeguard important payment information and transactions with a single hardware security module (HSM).

5.   Geographical Insights: Europe dominated the hardware security modules market in 2023 and it would continue to dominate the market during the forecast period. North America is the second-largest contributor to the global hardware security modules market, followed by Asia Pacific.

Market Segmentation:

• Based on type, the market is segmented into LAN based, PCIe based, and USB based. The LAN based segment held the largest hardware security modules market share in 2023.
  
  

• In terms of application, the market is categorized into payment processing, secure socket layer, authentication, code and document signing, database encryption, credential management, and application-level encryption. The payment processing segment held the largest hardware security modules market share in 2023.
  
  

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• Based on industry, the market is segmented into BFSI, government, IT & telecom, healthcare, manufacturing, retail & consumer goods, and others. The BFSI segment held the largest hardware security modules market share in 2023.
  
  

• The hardware security modules market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
  
  

Competitive Strategy and Development:

• Key Players: A few major companies operating in the hardware security modules market include Thales, STMicroelectronics, Utimaco Management GmbH, Atos SE, IBM Corporation, Futurex, SWIFT, Ultra Electronics Holdings plc, Infineon Technologies AG, and Hewlett Packard Enterprise Development LP
  
  

• Trending Topics: Local Area Network, PCIe (Peripheral Component Interconnect Express), 5G Networks, among others
  
  

Global Headlines on Hardware Security Modules Market:

• "Infineon Technologies AG has integrated the ESCRYPT CycurHSM 3.x Automotive Security Software Stack into the AURIX TC4X Cybersecurity Real-time Module in collaboration with ETAS, a provider of automotive software. With this next-generation solution bundle, ETAS and Infineon strive to optimize security levels, performance, and functionality.”

• “The integration of IBM Power Virtual Server with IBM Key Protect enables enhanced data security through encryption to meet compliance requirements. IBM Key Protect for IBM Power Virtual Server supports businesses to achieve cost and operational efficiency by reducing their CapEx attached to on-premises infrastructure and the time needed to maintain that infrastructure. Similarly, IBM Key Protect for IBM Cloud provides data-at-rest encryption benefits for data stored in IBM Cloud using envelope encryption techniques that leverage FIPS 140-2 Level 3 certified cloud-based hardware security modules.”

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• “Thales announced the launch of its new payShield Cloud HSM service, aimed to improve the acceleration of cloud payments infrastructure adoption. The solution, built on its payShield 10k Payment Hardware security modules (HSM), focuses on providing clients with improved flexibility, scalability, and speed-to-market solutions.”

• “Crypto4A Technologies Inc., a Canadian company, announced the launch of QxHSM, an industry-first fifth-generation Hardware security modules (HSM) in a revolutionary modular blade form factor that provides operational efficiencies and a lower total cost of ownership. QxHSM provides the quantum-safe cryptographic agility, mobility, and scalability needed to keep up with rapid advances in technology, ensures true ownership of cryptographic material without vendor lock-in, and supports flexible cloud-scale deployment architectures while adapting to changing markets, standards, and requirements.”

• “Marvell unveiled its LiquidSecurity 2 (LS2) hardware security modules (HSM) adapter, the industry's most advanced solution for enabling encryption, key management, authentication, and other HSM services in the cloud. LS2 is a converged security platform for payment, privacy compliance, and general-purpose applications. It is powered by a cloud-optimized Marvell OCTEON data processing unit (DPU), proven at scale across the world's largest hyperscale clouds. The new Marvell HSM adapter offers the industry's highest-performing cryptographic acceleration and processing, including hardware-secured storage of up to one million keys for AES, RSA, and ECC encryption algorithms and 45 partitions for robust multi-tenant use cases.”

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• “Infineon Technologies AG launched the SLS37 V2X hardware security modules (HSM), a plug-and-play security solution for vehicle-to-everything communication (V2X). The SLS37 V2X HSM is based on a highly secured, tamper-resistant microcontroller tailored to the security needs of V2X applications within telematics control units. It protects the integrity and authenticity of messages, as well as the privacy of the sender. In addition, the HSM also helps system integrators to solve the conflicting requirements of high performance and high security.”

The hardware security modules market in Germany is expected to grow considerably owing to the rise in digitization, 5G implementation, and technological adoption. Also, the increasing number of cyberattacks in the country is raising the need for hardware security modules to protect the confidential data of different organizations and government bodies. In June 2021, German cooperative banks were hit by a distributed denial-of-service (DDoS) attack on an IT provider. The DDoS attack intensified over the night, shutting down or slowing the websites of cooperative banks throughout the country, including banks such as Berliner Volksbank. Therefore, the rising cyberattacks, and cybersecurity threats influence the hardware security modules market growth in the country.

Conclusion:

Hardware security modules are a valuable tool in an organization's ecosystem for securing sensitive data. They store cryptographic keys used to encrypt data, which reduces the risk of data breaches and cyberattacks. Thus, the increasing incidences of cyberattacks and data breaches are expected to favor the market during the forecast period. Further, the implementation of digital payment methods and the growing government focus on stringent data security compliance are a few of the other drivers of the hardware security modules market. Europe dominated the hardware security model market in 2023 and is expected to grow significantly during the forecast period. This growth can be attributed to the growing awareness regarding the data security benefits provided by HSMs. Further, Asia Pacific is expected to register the fastest CAGR during the forecast period. This growth may be attributed to the growing 5G penetration and increasing government initiatives to reduce the risk of data breaches and cyberattacks.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, software providers, hardware security modules manufacturers, regulatory bodies, and end use industries—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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