The global hardware security module market size was US$ 1.3 billion in 2021. The global hardware security market is forecast to grow to US$ 3.12 billion by 2030 by growing at a compound annual growth rate (CAGR) of 11.8% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The wide applications of the hardware security module in the automotive and transportation segment are forecast to drive the growth of the global hardware security module market. The global hardware security module market is forecast to gain traction, owing to the rising cases of data breaches and cyber-attacks. The service providers in the hardware security module (HSM) have mandatory compliance with the internal and external privacy laws. Thus, strict data protection regulations are forecast to boost the market growth.

The rising demand for digital payment methods is forecast to propel the hardware security module market forward. Many firms and corporations aspire to achieve point-to-point encryption by complying with PCI rules, opening up new potential for the global market.

The high cost of implementation may limit the growth of the global hardware security module market during the study period.

COVID-19 Impact Analysis

The global market for hardware security modules is forecast to be negatively impacted by the COVID-19 epidemic. The COVID-19 outbreak has pushed a number of businesses and organizations to stop the operations. Moreover, the pandemic has caused severe supply chain disruptions, which ultimately hampered the growth of the global hardware security module market.

Regional Analysis

North America is forecast to dominate the global hardware security module market. The growth of the market is attributed to the high adoption and penetration of security modules in the region. In addition, the growing engagement of a significant number of organizations across the region will benefit the hardware security module market. Furthermore, Asia Pacific is forecast to register significant growth, owing to the growing demand for hardware security modules from end-use industries like banking and financial services, government, manufacturing, technology, communications, industrial, energy, etc.

Competitors in the Market

Gemalto NV
Thales e-Security Incorporated
Utimaco GmbH
International Business Machines (IBM) Corporation
FutureX
Hewlett-Packard Enterprise Development LP
SWIFT
Atos SE
Ultra-Electronics
Yubico
Securosys SA
CardContact Systems GmbH
Ledger SAS
SPYRUS
West One Technical Limited
Other Prominent Players
Market Segmentation

The global hardware security module market segmentation focuses on Type, Deployment, Applications, End-Use, and Region.

Based on the type, the hardware security module market has been segmented into

LAN-Based HSM/Network-Attached HSM
PCIE-Based/Embedded Plug-ins HSM
USB-Based/Portable HSM
Based on the deployment type, the hardware security module market has been segmented into

On-premise
Cloud
Based on the applications, the hardware security module market has been segmented into

Payment Processing
Code and Document Signing
Secure Sockets Layer (SSL)
Transport Layer Security (TLS)
Authentication
Database Encryption
PKI or Credential Management
Application-Level Encryption
Based on the end-use industry, the hardware security module market has been segmented into

Banking and Financial Services
Government
Technology and Communications
Industrial and Manufacturing Industry
Energy and Utilities
Retail and Consumer Products
Healthcare and Life Science
Others (Entertainment and Media, Education, and Transportation)
Based on the end-use industry, the hardware security module market has been segmented into

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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