The Hardware security modules market is expected to grow at a CAGR of 11.6% from USD 1.1 billion in 2021 to USD 1.8 billion in 2026

Increasing demand of Hardware security modules products in the medical & life sciences and IT & telecommunications industry will drive the market. Hardware security modules market for cloud HSM is expected to grow at highest CAGR during the forecast period

New York, July 13, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hardware Security Modules Market with COVID-19 Impact Analysis by Deployment Type, Type, Applications, Verticals and Geography - Global Forecast to 2026" - https://www.reportlinker.com/p04805940/?utm_source=GNW
Hardware security modules deployed on the cloud offer the dynamic and virtualized attributes of cloud computing environments.In cloud deployment, cloud service providers only manage the hardware security modules without access to the key.

Cloud-based deployment ensures that neither the host CSP nor any external party can access or use cryptographic keys from any backup. With cloud-based hardware security modules, customers have absolute control and authority over keys through separation of duties.
The adoption of cloud-based hardware security modules is anticipated to be high compared with on-premise hardware security modules in the near future because of the performance/availability benefits, as cloud-based deployment reduces network transit times.Utimaco, Gemalto, Microsoft, Amazon, Thales, and 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.

Cloud-based hardware security modules help comply with key management requirements without affecting application performance.Cloud-based hardware security modules offer the most cost-effective solution, as the cost starts as low as USD 4 an hour and can go up to USD 1,300 per month.

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.

The cost-effectiveness of cloud deployment is anticipated to largely drive the overall growth of the market.

Hardware security modules market for BFSI accounted for the largest share in 2020
Hardware security modules play an important role in securing the private keys and safely store cryptographic keys in hardware-based back-end systems to ensure security in core banking, online banking, banking cards personalization systems, trade finance, international payments, foreign exchange, bank guarantee, and other such applications involved in the BFSI vertical.The BFSI segment currently dominates the hardware security modules market.

This is because these modules allow a safe banking environment for core banking and online banking platforms.These modules are also used to secure ATM and POS networks, and inter-bank funds transfer and share dealing systems.

Customer card issuing systems also use hardware security modules to help reduce the risks of identity theft or fraud and comply with local e-banking regulations.With the recent technological advancements in blockchain technology, the market opportunities for hardware security modules are expected to increase in the near future.

Blockchain is used to track transactions such as cryptocurrencies, financial transactions, and contracts. Each block within a blockchain contains a timestamp and a link to the previous block. As a ledger, blockchain does an excellent job of keeping track of records; however, the quality of the information contributed to the blockchain is dependent on the trustworthiness of the contributors. Hardware security modules are being used to protect the cryptographic keys used for authentication and encryption to ensure the contributors and contributions to blockchain are trusted.

Europe is expected to hold the largest market for Hardware security modules during the forecast period
The European market for hardware security modules has been segmented into Germany, the UK, France, Italy, the Netherlands, and the Rest of Europe.The thriving BFSI, IT & Telecommunications, and medical and life sciences, along with the automotive industry in the region, act as an opportunity for the market.

The growth of 4G LTE technology in the region and ongoing developments and smaller deployments of 5G infrastructure is expected to drive the need for enhanced network security, leading to increased demand for hardware security modules across the IT and telecommunications sector.

Breakdown of the profile of primary participants:
• By Company Type: Tier 1 – 30 %, Tier 2 – 38%, and Tier 3 – 32%
• By Designation: C-level Executives – 44%, Directors - 38%, and Others -18%
• By Region: APAC – 30%, North America– 25%, Europe – 26%, and RoW – 19%

The major players profiled in this report include:
• Thales (France)
• Futurex (US)
• IBM (US)
• Hewlett Packard Enterprise (US)
• Infineon Technologies (Germany)
• Microchip Technology (US)
• Utimaco (Germany)

Research Coverage
The study segments the Hardware security modules market report into deployment type (on-premises, cloud), type (LAN Based/Network attached, PCI-Based/Embedded plugins, Smart Cards, USB Based/Portable), by application (payment processing, code and document signing, Security sockets layer (SSL) and Transport security layer (TSL), Authentication, database encryption, PKI and Credential management, application-level encryption) and verticals (banking financial services and insurance, consumer goods & retail, medical & life sciences, public sector/government, energy & power, industrial manufacturing, aerospace & defense, transportation, IT and Telecommunications). The study also provides market size for various segments regarding four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Reasons to buy the report

The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the Hardware security modules market comprehensively provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides a detailed analysis of the hardware security modules market with the help of competitive leadership mapping, including crucial companies in the market and their relations in the ecosystem.
3. The report helps stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders understand their competitors better and gain insights to enhance their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers & acquisitions in the Hardware security modules market.
Read the full report: https://www.reportlinker.com/p04805940/?utm_source=GNW

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