New York, USA, Nov. 29, 2024 (GLOBE NEWSWIRE) — Market Overview:
In 2024, the hardware security module market was estimated to be worth USD 1,261.06 million worldwide. The market is expected to expand at a compound annual growth rate (CAGR) of 14.0% from 2025 to 2034, from USD 1,418.70 million in 2025 to USD 4,612.56 million.
A physical device that adds additional security for sensitive data is called a hardware security module (HSM). These gadgets can be incorporated into other external devices, such as smart cards and appliances, or they can be plugin cards. Cryptographic keys are provided by this kind of device for essential tasks like encryption, authentication for databases, decryption, identities, and applications. Additionally, they are also made available as cloud services. They can also be used offline as a stand-alone device or when connected to a network server. HSMs are used by businesses to control access to and keep cryptographic functions pertaining to identities, transactions, and applications apart from everyday operations.
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Market Attributes
| Report Attributes | Details |
| Market value in 2024 | USD 1,261.06 million |
| Market value in 2032 | USD 4,612.56 million |
| CAGR | 14.0 % |
| Base year | 2024 |
| Historical data | 2020 – 2023 |
| Forecast period | 2025 – 2034 |
Market Key Players:
The major participants in the hardware security modules market are making significant investments in R&D to broaden their product offerings, which will accelerate the growth of the market over the forecast period. A few of the major key players involved in the market are:
- Atos SE
- IBM Corporation
- Entrust Corporation
- Fortanix
- Synopsys Inc
- Thales
- Ultra Electronics
- Utimaco Management GmbH
- Yubico
- Adweb Tech
- STMicroelectronics
- Securosys
- Society for Worldwide Interbank Financial Telecommunication
- Microchip Technology
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Market Growth Drivers:
The Strong Need for Data Protection
The hardware security modules market demand has grown and changed significantly in recent years, driven by the growing need for strong data protection solutions as a result of an increase in cyber threats.
Need for Safe and Easy Payment
The need for safe and easy payment methods is fueled by the growth of online transactions and the constantly changing digital landscape. As a result, the market is getting a boom.
HSMs as First Line of Defense
HSMs have become an essential line of defense against cyberattacks and threats, offering a reliable way to safeguard cryptographic keys and sensitive data. Hence, there is continuous growth in the hardware security modules market.
Regional Overview:
In 2024, North America held the biggest market share. The hardware security modules market in North America has grown significantly as a result of growing cyber threats and the growing cross-border integration of vital infrastructure. Businesses throughout the region have taken the initiative to improve cybersecurity. To combat the region’s susceptibility to cyberattacks, they are bolstering their defenses and collaborating more with governments and one another.
Throughout the forecast period, the Europe hardware security modules market is anticipated to grow at the fastest rate. The expansion of the hardware security module (HSM) market in Europe is greatly impacted by the growing frequency of cyberattacks in the retail and banking sectors.
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Market Segmentation:
By Deployment Type Outlook
- On-Premise
- Cloud
By Type Outlook
- LAN Based/ Network Attached
- PCI-Based/ Embedded Plugins
- USB-Based/ Portable
- Smart Cards
By Application Outlook
- Payment Processing
- Code & Document Signing
- Authentication
- Application-Level Encryption
- Database Encryption
- PKI & Credential Management
- Security Sockets Layer (SSL) & Transport Security Layer (TSL)
By Vertical Outlook
- Consumer Goods & Retail
- Banking, Financial Services, and Insurance
- Aerospace & Defense
- Public Sector/Government
- Energy & Power
- Industrial Manufacturing
- Medical & Life Sciences
- Transportation
- IT & Telecommunications
- Others
By Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Malaysia
- Indonesia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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