Growing adoption of digital payment methods is a significant factor influencing growth of the market.
Market Size – USD 771.0 Million in 2019, Market Growth – at a CAGR of 12.0%, Market Trends –Rising incidence of data breaches
The global Hardware Security Modules Market is forecast to reach a market size of USD 1,916.5 Million in 2027, and register a significantly high revenue CAGR over the next seven years, according to a latest report by Reports and Data. Rising demand for hardware security modules can be attributed to increasing adoption of digital payment methods globally. Hardware security modules are mostly used by the banking and financial services industry to provide a high protection level for customer/client PINs and cryptographic keys used in EMV chip and magnetic stripe cards, as well as their corresponding applications used in smart devices. Also, hardware security modules are used in secure processing of payments done using cards (debit and credit cards) and e-wallets. Hardware security modules normally provide native support associated with cryptography for all leading payment applications.
Additionally, hardware security modules significantly improve transaction throughput by managing high volumes of asymmetric and symmetric encryption, which is a crucial prerequisite of payments initiatives, including 3-D Secure and MasterCard CAP.
Key market participants 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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Further key findings in the report
- Embedded hardware security modules can be inserted directly in related equipment or application server, and provide a cost-efficient solution for cryptographic security. Embedded hardware security modules are employed in serval application, including PKI certificate signing validation, storage (offline and online CA keys), network encryption (SSL TLS), database, file, and e-mail encryption, code and document signing, smart card management, infrastructure security, identity management, and cryptographic acceleration.
- Rising demand for reliable encryption for digital transformation initiatives is fueling demand for hardware security modules for big data encryption, code signing, document signing, and IoT root of trust.
- Hardware security modules find widespread use in various industries to comply with data security requirements. For example, the payment card industry launched the PCI DSS (Payment Card Industry Data Security Standard 3.0), which involves robust steps on the management of data related to a card (debit or credit card) holder. Hardware security modules allow a business to comply with all the PCI DSS requirements and secure sensitive data.
- Hardware security modules market in Europe contributed to the largest revenue share of the global market in 2019, due to availability of developed digital infrastructure and presence of leading companies providing hardware security modules in countries in the region. Also, high incidence of data breaches in countries in the region are causative of the high market growth.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/hardware-security-modules-market
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
- Application Level Encryption
- Credential Management
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- IT Telecommunications
- Energy Utilities
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Finally, all aspects of the Hardware Security Modules market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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