The global hardware security modules market is forecast to reach a market size of USD 1,916.5 Million in 2027, and register a significantly high revenue CAGR over the next seven years, according to a latest report by Reports and Data. Rising demand for hardware security modules can be attributed to increasing adoption of digital payment methods globally. Hardware security modules are mostly used by the banking and financial services industry to provide a high protection level for customer/client PINs and cryptographic keys used in EMV chip and magnetic stripe cards, as well as their corresponding applications used in smart devices. Also, hardware security modules are used in secure processing of payments done using cards (debit and credit cards) and e-wallets. Hardware security modules normally provide native support associated with cryptography for all leading payment applications.
Additionally, hardware security modules significantly improve transaction throughput by managing high volumes of asymmetric and symmetric encryption, which is a crucial prerequisite of payments initiatives, including 3-D Secure and MasterCard CAP.
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The hardware security module (HSM) market is segmented by application into various sectors, including payment processing, secure socket layer, transport layer security, code and document signing, database encryption, authentication, application level encryption, and credential management. Among these, the authentication segment accounted for the largest share of revenue in the global HSM market in 2019.
HSMs are widely used for authentication purposes to provide a secure mechanism for improved identity management of individuals engaged in digital payment transactions. They ensure that individuals are authorized to make payments and provide an extra layer of security against unauthorized access to cryptographic operations associated with the authentication process.
Top Companies Operating in the Global Hardware Security Modules Market:
Hewlett Packard Enterprise Company, Ultimaco GmbH, Atos SE, SWIFT, Yubico, Futurex, Thales E-Security Inc., IBM Corporation, Ultra Electronics, and CardContact Systems GmbH.
By implementing HSMs, cryptographic operations associated with the authentication process can be carried out inside a FIPS 140-2 Level 3 secure equipment. This offers enhanced security from unauthorized access, making HSMs an ideal solution for organizations seeking to bolster their security posture and safeguard sensitive data.
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The global market is further segmented into type and application:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Network-based Hardware Security Modules
- Embedded Hardware Security Modules
- Portable Hardware Security Modules
Application Outlook (Revenue, USD Billion; 2017-2027)
- Payment Processing
- Secure Socket Layer
- Transport Layer Security
- Code and Document Signing
- Database Encryption
- Authentication
- Application Level Encryption
- Credential Management
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- BFSI
- IT Telecommunications
- Manufacturing
- Government
- Energy Utilities
- Healthcare
- Retail
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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