Rising Deployment in Automotive and Transportation Industries Fuel Demand in Hardware Security Module (HSM) Market
According to a research report by Transparency Market Research, the global hardware security module (HSM) market is anticipated to grow at a stellar CAGR of 11.4 % over the forecast period of 2019 to 2027. It also projects that the global hardware security module (HSM) market will reach the evaluation of US$ 6,592.5 million at the end of the forecast period in 2027. Rising security concerns pertaining to digital data of various corporations and enterprises around the world is one of the major factors propelling growth in the global hardware security module (HSM) market. However, high cost associated with implementation as well as for upgradation of various hardware security modules may hinder the growth of the global hardware security module (HSM) market in coming years.
USB Tokens and Smart Cards Segments to Witness High Growth Rate in the HSM Market in Near Future
Solutions in the global hardware security module (HSM) market can be defined as pieces of hardware as well as their associated firmware or software placed inside or even attached to a specific hardware in order to serve various cryptographic functionalities. Applications for the product offerings in the global hardware security module (HSM) market include database encryption, secure sockets layer or SSL, PKI or credential management, application level encryption, authentication, document signing, code signing, and payments processing. Segments in the global hardware security module (HSM) market by product type include remote interface, smart cards, local interface, and USB token. Remote interface segment accounted for the largest share in the global hardware security module (HSM) market in 2019. However, USB tokens as well as smart cards segments are expected to witness rapid growth in the global hardware security module (HSM) market in coming years.
Key industry verticals using the solutions from the global hardware security module (HSM) market are government, industrial and manufacturing, retail and consumer products, transportation, hospitality, BFSI, technology and communication, energy and utility, healthcare and life sciences, and automotive, among others. BFSI segment held the largest share in the global hardware security module (HSM) market in 2019. However, transportation as well as automotive segments are projected to expand at a stellar rate during the forecast period. Key factor influencing this trend is rising deployment of hardware security modules in both industry verticals.
North America to Dominate the Hardware Security Module (HSM) Market
Major regions operational in the global hardware security module (HSM) market include North America (including Canada, the United States, and rest of the North America), Asia Pacific (including China, India, and rest of the Asia Pacific), South America (including Argentina, Brazil, and rest of the South America), Europe (including Germany, the United Kingdom, France, and rest of the Europe), and Middle East and Africa (including South Africa, Gulf Cooperation Council countries, and rest of the Middle East and Africa). Geographically, North America is anticipated to dominate the global hardware security module (HSM) market over the forecast period. Key reasons behind this trend are strong adoption as well as high penetration of various security modules and large presence of established vendors in the region. Furthermore, other regions poised to display significant growth in the global hardware security module (HSM) market over the forecast period include Asia Pacific and Europe.
Players in Hardware Security Module (HSM) Market Engaged in Strategic Partnerships
Some of the most prominent players functioning within the global hardware security module (HSM) market include Utimaco GmbH, Thales e-security, Inc., Ultra Electronics Group, SWIFT, Hewlett Packard Enterprise Development L. P., Futurex, IBM Corporation, Gemalto NV, and ubico. Major vendors and developers in the global hardware security module (HSM) market are focused in enhancement as well as development of more feasible solutions for various end users. Several players in the global hardware security module (HSM) market are also engaging in collaborations and strategic partnerships to expand their consumer base. For example, Atos SE formed a strategic partnership with a company called ‘Orange Cyberdefense’ in 2019 in order to offer secure mobile terminal communication solutions.
Author:
Revati Mahajan
Senior Editor
Transparency Market Research
Revati is a content writer working for Transparency Market Research. She specializes in writing editorials, blogs, articles, press release, and other forms of writing that the market research world expects from one. She strongly believes to write in a simple, elegant, yet classy style.
Published in Telematics Wire
