Report Code: A05669 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Hardware Security Module Market
Request Now !A hardware security module (HSM) is a physical computing system that safeguards and administers digital keys, performs digital signature encryption and decryption functions, fast authentication, and other cryptographic functions. Traditionally such modules come in the form of a plug-in card or an external unit that is directly connected to a computer or network server. Organizations basically require hardware security modules to maintain costumer trust in the digital world. They will ensure complete cyber-attack proof security. The huge demand for hardware security module started with the banking and financial institutions to protect the payment process through credit and debit cards from major companies including Mastercard and Visa.
COVID-19 scenario Analysis:Â
The major factor that contributing growth of the hardware security module market is increasing concerns about data protection in all data-sensitive companies globally. Also, comprehensive data protection will contribute to greater demand in the near future for hardware security modules. HSMs are widely used by companies in Germany, the US and Japan for encryption or decryption and key management. In addition, many companies are now shifting towards cloud-based HSM as this delivery model has become more feasible and cost-effective primarily among medium and small businesses over a period of time. The high cost of installing and updating hardware security modules is expected to be one of the major constraints that will hold back the growth of the industry, specifically that of the conventional security module.
The global hardware security module market trends are as follows:
Due to their suitability in offline conditions, the hardware security module can be stored in a secure position when not in use, demand for USB-based or portable HSMs has also increased, when the HSM needs to be portable. The features of USB-based hardware security modules, such as portability and USB accessibility, make it ideal for laptops, desktops, or workstations, making USB-based HSM the fastest growing market among the different types.
Owing to increase in demand for information and data security, the widespread technological transition which led to increase in adoption of modern, innovative IoT and cloud computing technology that continues to drive growth of the hardware security module market.
The hardware security module market is expected to witness considerable growth, due to the implementation of user-friendly interface to incorporate blockchain transaction security system for the customers. In addition, rapidly increasing need for effective market management of cryptographic keys is expected to drive growth the market growth. The key requirement in the future will be to provide the hardware protection module with efficient and personalized solutions according to changing customer requirements.Â
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Questions answered in the hardware security module market research report:
Hardware Security Module Market Report Highlights
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Key Market Players | Infineon Technologies AG, STMicroelectronics, Atos SE, Microchip Technology Inc., Yubico, IBM Corporation, Futurex LP, utimaco GmbH, Hewlett Packard Enterprise Development LP, Thales Group |
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