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Hardware Security Module Market by Type (LAN-Based, USB-Based, and PClE-Based), Application (Payment Processing, Code & Document Signing, and Authentication), and Industry Vertical (Banking and Financial Institutions, Government, Manufacturing, Energy and Utility, Retail, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027

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Jun 2021 | 2724 Views
 
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COVID-19

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Hardware Security Module Market Outlook - 2027

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.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2027

 Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Type, Application, Industry Vertical, and Region

  Regions covered

North America (Canada, Mexico, and U.S.), Europe (France, Germany, UK, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), LAMEA (Africa, Latin America, and Middle East)

  Companies covered

Major players analyzed are Yubico AB, S.W.I.F.T. SCRL, Ultra Electronics Group, Hewlett Packed Enterprise Development LP, IBM corporation, Gelmalto NV, Thales e-security Inc, Futurex, and Utimaco GmbH.

 

COVID-19 scenario Analysis: 

  • Global hardware security module market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have led to decline in demand for analog semiconductors. 
  • Global factories have struggled to integrate 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 temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for hardware security modules are gradually going to increase.  
  • This COVID-19 lockdown would help companies think about more advanced hardware security modules to enhance efficiency.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

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:

USB-based hardware security modules to be the fastest growing market

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.

Creative IoT technology and cloud computing technology to drive growth of the market 

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. 

Key segments covered:

Segments

Subsegments

  Type

  • LAN-Based
  • USB-Based
  • PClE-Based

  Application

  • Payment Processing
  • Code & Document Signing
  • Authentication

  Industry Vertical

  • Banking and Financial Institutions
  • Government
  • Manufacturing
  • Energy and Utility
  • Retail
  • Healthcare
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global hardware security module industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global hardware security module market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global hardware security module market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global hardware security module market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the hardware security module market research report:

  • Which are the leading market players active in the hardware security module market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the hardware security module market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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