Hardware Security Modules Market Size, Share and Industry Outlook

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MarketsandMarkets Presents
Hardware Security Modules Market by Deployment
Type (Cloud, On-premise), Type (LAN Based
/Network Attached, PCI Based/Embedded Plugins,
USB Based/Portable, Smart Cards), Application,
Vertical and Region - Global Forecast to
2028 The hardware security modules market is
projected to grow from USD 1.2 billion in 2023 to
reach USD 2.3 billion by 2028 it is expected to
grow at a Compound Annual Growth Rate (CAGR) of
13.5 from 2023 to 2028.
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MarketsandMarkets Presents
The growth of the hardware security modules
market share is driven by increasing data
breaches and cyberattacks, need to effectively
manage cryptographic keys, and emergence of
digital transactions, electronic payments leading
to rise in the need for protecting sensitive
financial data. By deployment type, the cloud
segment is projected to hold the larger share of
the hardware security modules market in 2028. The
cloud segment is expected to hold a larger market
share in 2028. The cloud based HSMs have the
abilities to perform cryptographic operations and
give customers absolute control over keys through
separation of duties. These modules enable quick
scalability for users by means of adding and
removing hardware security module capacity
on-demand, with no up-front costs. For cloud
based HSMs, it is possible to generate its own
encryption keys on the cloud. Cloud HSM offer
flexibility in terms of integration with
applications such as APIs, Java Cryptographic
Extension and so on. In January 2021,, Futurex LP
launched Industrys first web API for payment
HSM. This HSM has been designed to integrate
Payment application with Futurex enterprise
encryption and key management technology i.e.
Futurexs VirtuCrypt cloud payment HSM. These
benefits coupled with the growing demand for
cloud services for data storage purpose, are
driving the segments growth.
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MarketsandMarkets Presents
By type, LAN-based/network-attached hardware
security modules are projected to account for the
largest share during the forecast
period. LAN-based/network-attached hardware
security modules are expected to dominate the
hardware security modules during the forecast
period.LAN-based/network-attached hardware
security modules deliver cryptographic services
as a shared network resource for distributed
applications and virtual machines, giving
organizations a highly secure solution for
establishing physical and logical controls for
server-based systems. These modules provide a
network-based platform for several applications
to access the cryptographic operation performed
on their behalf (e.g., a shared signing or
encryption application). This approach provides
several advantages, e.g., the key can be managed
in one location rather than multiple application
servers, resulting in a centralized key
management system and data security.
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MarketsandMarkets Presents
Europe is expected to hold the largest share in
the market by 2030. The European region is
expected to hold the largest share of the
hardware security modules market during the
forecast period. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.a
sp?id162277475 Several European countries are
likely to generate substantial demand for
hardware security modules, owing to their
increasing adoption across diverse verticals,
especially transportation, BFSI, retail,
government, and healthcare. Moreover, the high
focus of governments on digitalizing the
financial system in the region is further
supporting market growth.
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MarketsandMarkets Presents
Europe being one of the most technologically
advanced regions has high adoption of mobile
devices and high internet penetration rates,
which are the main factors driving the growth of
the hardware security modules market in the
region.  Increasing urbanization in emerging as
well as developed economies, coupled with a
growing middle-class population, has led to a
surge in the adoption of hardware security
modules in the region. The growing need for
strong payment security measures and compliance
management owing to the increased usage of the
internet, social media, and online payment, is
driving the adoption of hardware security modules
in Europe. Know more info _at_ https//www.marketsa
ndmarkets.com/Market-Reports/hardware-security-mod
ules-market-162277475.html
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MarketsandMarkets Presents
Key Players The report profiles key players in
hardware security modules market with their
respective market ranking analysis. Prominent
players profiled in this report include Thales
(France), Utimaco (Germany), International
Business Machines Corporation (IBM) (US),
STMicroelectronics (Switzerland), Microchip
Technology (US), Infineon Technologies (Germany),
Swift (US), Futurex (US), Atos SE (France), and
Yubico (US), Securosys (Switzerland), SPYRUS
(US), Ledger (France), Ultra Electronics (UK),
AdwebTech (India), Efficient India (India),
Lattice Semiconductor (US), Ellipticsecure (UK),
Amazon Inc. (US), Entrust Security (US), ESCRYPT
(Germany), Beijing Sansec Technology Development
Co., Ltd (SANSEC) (China), Fortanix (US), JISA
Softech (India), Microsoft (US), Nitrokey
(Germany), Kryptoagile (India), and Kryptus
(Brazil).
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