Hardware Security Modules Market Size to Reach USD 1,916.5 Million By 2027 | Growing Demand for Cloud-Based Solutions is a Significant Factor Influencing Industry Growth, says Reports and Data

New York, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The global hardware security modules market is expected to reach a market size of USD 1,916.5 Million by 2027, and register a significantly high revenue CAGR over the next seven years, according to the latest report by Reports and Data. Growing deployment of hardware security modules can be attributed to growing demand for IoT and cloud-based solutions. Increasing adoption of IoT and cloud computing is boosting demand for hardware security modules to prevent cyber-attacks and provide data security. Considerably high demand for hardware security modules originates from banks and financial service providers for secure payment processing. Also, the growing use of digital payments has been driving market growth to a significant extent.

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Some primary benefits offered by hardware security modules include physical access security, secure key generation, and a secure processing environment. Hardware security modules provide several protective mechanisms, such as resin-embedded chips, temperature and voltage sensors, and drill protection foil to prevent any physical tampering attempts and external attacks.

Further key findings in the report

• Portable hardware security modules are garnering significant traction in the market for their ease of usage, portability, compact size, and low cost. Portable hardware security modules support applications, including low volume root key generation.
• Rising incidence of cybercrimes across the globe is driving demand for hardware security modules. In February 2020 for instance, ForgePoint Capital announced provision of funds up to USD 450 Million to early-stage growth firms focused on providing solutions to combat cybercrimes.
• Hardware security modules are used for authentication purposes to offer a secure mechanism for improved identity management of an individual involved in a digital payment transaction and assure that the individual is authorized to make the payment. Implementation of hardware security modules enables cryptographic operations associated with the authentication process to be carried out inside a FIPS 140-2 Level 3 secure equipment, and hence delivers enhanced security from unauthorized access.
• Hardware security modules market revenue in Latin America is expected to register the fastest CAGR during the forecast period, owing to increasing investments in network connectivity infrastructure and increasing digital transformation initiatives in countries in the region. High incidence of cyber-attacks is another factor driving market growth in the region. In 2018, around 57.0% of enterprises in Latin America experienced ransomware attacks, and approximately 55.0% were victims of data breaches.
• Key companies include Hewlett Packard Enterprise Company, Ultimaco GmbH, Atos SE, SWIFT, Yubico, Futurex, Thales E-Security Inc., IBM Corporation, Ultra Electronics, and CardContact Systems GmbH.

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For the purpose of this report, Reports and Data has segmented the global hardware security modules market on the basis of product type, application, industry vertical, and region:

• 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

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• Regional Outlook (Revenue, USD Billion; 2017-2027)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA
  • Latin America
    1. Brazil
    2. Rest of LATAM

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