A hardware security module is a novel platform that is used to safeguard and manage cryptographic keys for strong authentication. It is also used to protect physical devices from threats that allow unauthorized access to an organization’s systems.
By strengthening encryption processes, hardware security modules secure data, identities, and transactions within the network. Thus, enterprises worldwide are focusing on investing in HSMs to achieve higher levels of data security, mitigate risks, build customer trust, maintain high service levels, and achieve agility.
According to a report by Future Market Insights (FMI), the global hardware security module (HSM) market size is anticipated to grow at a CAGR of 16.2% during the forecast period from 2022 to 2032.
The report further states that the hardware security module market is set to reach a valuation of US$ 1.47 Bn by the end of 2022. Exponential rise in cyber breaches is resulting in the loss of confidentiality, integrity, and availability of crucial data. On account of that, companies have started focusing on the adoption of encryption management platforms that provide a high level of security to protect their infrastructure and data.
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Key Takeaways: Hardware Security Module Market
· By type, the USB-based/portable HSMs segment is expected to grow at a CAGR of 18.0% during the forecast period (2022-2032).
· In terms of application, the payment processing segment is anticipated to grow at a CAGR of 18.5% between 2022 and 2032.
· By sales channel, the distribution channel (integrators, distributors, and VARs) segment is projected to grow at a CAGR of 16.5% between 2022 and 2032.
· Based on industry, adoption of hardware security modules in the manufacturing sector is anticipated to grow at a CAGR of 18.4% in the upcoming decade.
· In Europe, the U.K. is likely to generate about 18.8% of the hardware security module market share in the evaluation period.
“Companies are adopting PCIe-based HSMs to protect online payment applications and credit card transactions. Ability of these HSMs to offer stronger centralized control via secure remote management, transmission, and backup is fueling demand in the market,” says an FMI analyst.
Increasing Adoption of Digital Signatures to Open New Opportunities for Key Players
Many document-based processes in a wide range of industries require signatures. Physical signatures tend to slow down their operations as they are easily alterable, tampered with, and inconvenient in today’s world.
A digital signature is generally viewed as safer than a physical signature that is used on a paper-based document. Digital signatures can authenticate electronic documents by providing data integrity and non-repudiation. They are considered to be the most convenient way to sign important documents such as contracts and invoices.
Hardware security modules are used to initiate digital signing by using long-term and short-term signature certificates. HSMs provide a safe environment required to generate and protect cryptographic keys that are needed to validate sensitive data. These help in saving costs and automating workflows while also ensuring document integrity and meeting compliances.
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Competitive Landscape
To establish a strong foothold in the lucrative hardware security module market, key players are focusing on adopting various organic and inorganic strategies. They are mainly engaging in collaborations with local companies, new product launches, acquisitions, partnerships, as well as expansion of regional and global distribution networks to compete with their rivals.
- In February 2022, Securosys and Randtronics established a strategic agreement to integrate the former’s CloudsHSM portfolio with the data privacy manager (DPM) of Randtronics. Enterprises can use the hardware security module of Securosys with Randtronics’ DPM to securely manage their cryptographic keys throughout their organizations.
Hardware Security Module Market Outlook by Category
By Type:
- LAN-based HSMs/Network-attached HSMs
- PCIe-based/Embedded Plugin HSMs
- USB-based/Portable HSMs
By Application:
- Payment Processing
- Code and Document Signing
- SSL and TLS
- Authentication
- Database Encryption
- PKI or Credential Management
- Application-Level Encryption
By Sales Channel:
- Direct Sales Channel
- Distribution Channel (Integrators, Distributors, VARs etc.)
By Industry:
- BFSI
- Healthcare & Life Sciences
- Manufacturing
- Retail & CPG
- Government & Defense
- Energy & Utilities
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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