Hardware Security Modules Market worth $1.1B by 2022

Estimated reading time: 2 minutes

According to a new market research report, "Hardware Security Modules Market by Type (LAN Based, PCle Based, USB Based), Application (Payment Processing, Authentication, Code and Document Signing, PKI, Application Level and Database Encryption, SSL), Industry, and Geography - Global Forecast to 2022", is expected to grow at a CAGR of 12.87% to reach $1.1 billion by 2022. Factors such as the increase in data breaches and cyberattacks, mandates for HSM manufacturers to comply with the internal and external privacy and data security regulations, and effective management of cryptographic keys are driving the growth of the hardware security modules market. 

The USB-based/portable HSM type is expected to witness a high growth rate during the forecast period

The market for USB-based/portable HSM is expected to grow at the highest CAGR between 2017 and 2022. As USB-based HSMs are portable and easy to deploy without the need for any external hardware or tool, these are expected to be widely adopted in the near future. The features such as built-in PKI, key backup, and open-source middleware tools are expected to increase the demand for USB-based HSMs during the forecast period.

The market for the authentication application is expected to grow at the highest rate during the forecast period

The use of HSMs for the authentication application can reduce fraud and protect users from internet attacks while shopping online or accessing confidential or private information through a web portal or application. It also provides organizations the ability to enforce different levels of authentication, depending on the user activity and transaction value, resulting in the high growth rate of the authentication application during the forecast period.

The market in Latin America is expected to grow at the highest rate during the forecast period

Latin America is expected to be the fastest-growing market for hardware security modules, followed by APAC during the forecast period. The market in Latin America is expected to grow at the highest rate during the forecast period owing to the formulation of new regulatory compliances and the adoption of modern technologies such as cloud and IoT, creating a huge opportunity for data and information security.

The major players operating in the hardware security modules market include Gemalto NV (Amsterdam), Thales e-Security, Inc. (U.S.), Utimaco GmbH (Germany), International Business Machines Corporation (U.S.), FutureX (U.S.), Hewlett-Packard Enterprise Development LP (U.S.) SWIFT (Belgium), Atos SE (France), Ultra-Electronics (U.K.), and Yubico (U.S.).

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.