Hardware Security Module: Market Size. From $3,096. 38 million in 2020, the global Hardware Security Module market is projected to reach $8,467. 56 million by 2028. Based on our analysis the market is expected to grow at a CAGR of 13.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Hardware Security Module Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127646/?utm_source=GNW
4% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, requirement for effective management of cryptographic keys, increase in demand for information and data reliability and growing need for data security in the cloud environment.
Global Hardware Security Module Market: Market Dynamics
Comprehensive data protection will contribute to greater demand in the near future for hardware security modules due to which there will be rise in the market growth. To secure private and sensitive data from cyber attacks, hacking and data breaches, the demand for hardware security module is increasing among all industries, resulting in the growth of the market during the estimated period. Growth of hardware security module in small and medium enterprise for data security in the cloud environment and increasing concerns about data protection in all data-sensitive companies globally is the major factor that contributing growth of the hardware security module market.
For instance, IBM offers cloud-based hardware security modules starting as low as USD 1,250 per month, while Microsoft offers an hour of usage at about USD 4. The cloud solution by IBM enables its customers to solve complex security, compliance, data sovereignty, and control challenges associated with migrating and running workloads on the cloud.
On the other hand, the cost associated with hardware security modules is likely to obstruct the profit boundaries. In addition, rising demand for data security in cloud environments will further boost for the hardware security module market.
Impact of COVID-19 on Hardware Security Module
Due to the COVID-19 pandemic, the supply chain has been adversely affected and the global HSM market has been notably impacted by the COVID-19 outbreak. Many projects have been turned down all over the world which in turn has led to in demand for analog semiconductors. Many factories have tackled integrating new hardware security modules as workers have stayed in their homes, which disrupted the global supply chains. The impact of COVID-19 on this market is short-term as just the production and supply chain is obstructed. Once the situation improves, production, supply chains, and demand for hardware security modules are gradually going to increase. Moreover, this COVID-19 lockdown helped many companies think about more advanced hardware security modules to enhance efficiency.
By Deployment Type
Cloud Segment Dominate the Market in 2020
The cloud segment made huge revenue in 2020 and growing its prominence during the forecast period. Cloud-based HSM help management essentials to comply without affecting application performance. The most cost-effective solutions provided by the cloud-based hardware security modules. The adoption of cloud-based hardware security modules is high due to the performance/availability benefits anticipated to be high when compared with on-premise as cloud-based deployment reduces network transit times. Gemalto, Microsoft, Thales, and Utimaco, Amazon, IBM, among other such companies, have started offering cloud-based hardware security modules that empower cloud users to implement a high level of cryptographic security.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period due to increasing investments made by the government and private companies for providing various products and services for secure data transmission and protection. The rising BFSI, e-commerce, IT & telecom and other industries in the region is a major factor driving the market in the region. Additionally, the presence of a local vendor that offers various types of HSM is also driving the market. China accounts for the largest market share in the region due to the increasing demand for a secure network, storage devices, data transmission, and others.
List of the Key Players Profiled in the Market Include:
• IBM Corporation
• Microchip Technology
• Infineon Technologies
• Thales E-Security Inc. (Thales Group)
• Ultimaco GmbH
• Ultra Electronics
• Hewlett Packard Enterprise
• SPYRUS Solutions, Inc.
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
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