Hardware Security Module (HSM) Market to reach US$ 6.6 Bn by 2032 - Future Market Insights, Inc.

·6 min read

The U.K. is likely to hold the market share of 18.8% in 2022. This is likely to grow with the hardware security module (HSM) market share in 2022-2032. The European Union has predicted that by 2027 this country's GRAPHIC chips is likely to generate over 30% of all hardware security modules on Earth.

NEWARK, Del., July 5, 2022 /PRNewswire/ -- According to a report by Future Market Insights (FMI), the global hardware security module (HSM) market size is anticipated to grow at a CAGR of 16.2% during the forecast period from 2022 to 2032.

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The report further states that the hardware security module market is set to reach a valuation of US$ 1.47 Bn by the end of 2022. Exponential rise in cyber breaches is resulting in the loss of confidentiality, integrity, and availability of crucial data. On account of that, companies have started focusing on the adoption of encryption management platforms that provide a high level of security to protect their infrastructure and data.

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A hardware security module is a novel platform that is used to safeguard and manage cryptographic keys for strong authentication. It is also used to protect physical devices from threats that allow unauthorized access to an organization's systems.

By strengthening encryption processes, hardware security modules secure data, identities, and transactions within the network. Thus, enterprises worldwide are focusing on investing in HSMs to achieve higher levels of data security, mitigate risks, build customer trust, maintain high service levels, and achieve agility.

Key Takeaways: Hardware Security Module Market

  • By type, the USB-based/portable HSMs segment is expected to grow at a CAGR of 18.0% during the forecast period (2022-2032).

  • In terms of application, the payment processing segment is anticipated to grow at a CAGR of 18.5% between 2022 and 2032.

  • By sales channel, the distribution channel (integrators, distributors, and VARs) segment is projected to grow at a CAGR of 16.5% between 2022 and 2032.

  • Based on industry, adoption of hardware security modules in the manufacturing sector is anticipated to grow at a CAGR of 18.4% in the upcoming decade.

  • In Europe, the U.K. is likely to generate about 18.8% of the hardware security module market share in the evaluation period.

"Companies are adopting PCIe-based HSMs to protect online payment applications and credit card transactions. Ability of these HSMs to offer stronger centralized control via secure remote management, transmission, and backup is fueling demand in the market," says an FMI analyst.  

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Increasing Adoption of Digital Signatures to Open New Opportunities for Key Players

Many document-based processes in a wide range of industries require signatures. Physical signatures tend to slow down their operations as they are easily alterable, tampered with, and inconvenient in today's world.

A digital signature is generally viewed as safer than a physical signature that is used on a paper-based document. Digital signatures can authenticate electronic documents by providing data integrity and non-repudiation. They are considered to be the most convenient way to sign important documents such as contracts and invoices.

Hardware security modules are used to initiate digital signing by using long-term and short-term signature certificates. HSMs provide a safe environment required to generate and protect cryptographic keys that are needed to validate sensitive data. These help in saving costs and automating workflows while also ensuring document integrity and meeting compliances.

Key Companies Profiled

  • Thales Group (Gemalto)

  • Utimaco GmbH

  • Futurex

  • Adweb Technologies

  • Yubico

  • Atos

  • Ultra Electronics

  • SPYRUS, Inc.

  • Securosys

  • Entrust Corporation

  • Nitrokey

  • Kryptoagile

  • IBM Corporation

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Hardware Security Module Market Outlook by Category

By Type:

  • LAN-based HSMs/Network-attached HSMs

  • PCIe-based/Embedded Plugin HSMs

  • USB-based/Portable HSMs

By Application:

  • Payment Processing

  • Code and Document Signing

  • SSL and TLS

  • Authentication

  • Database Encryption

  • PKI or Credential Management

  • Application-Level Encryption

By Sales Channel:

  • Direct Sales Channel

  • Distribution Channel (Integrators, Distributors, VARs etc.)

By Industry:

  • BFSI

  • Healthcare & Life Sciences

  • Manufacturing

  • Retail & CPG

  • Government & Defense

  • Energy & Utilities

  • Others

By Region:

  • North America

  • Latin America

  • Europe

  • East Asia

  • South Asia & Pacific

  • Middle East and Africa (MEA)

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Table of Content

1. Executive Summary

  1.1. Global Market Outlook

  1.2. Demand Side Trends

  1.3. Supply Side Trends

  1.4. Analysis and Recommendations

2. Market Overview

  2.1. Market Coverage / Taxonomy

  2.2. Market Definition / Scope / Limitations

3. Hardware Security Module - Pricing Analysis

  3.1. Pricing Analysis, By Product Type

  3.2. Global Average Pricing Analysis Benchmark

4. COVID-19 Impact Analysis

  4.1. Impact of COVID-19 on Hardware Security Module Product Sales

  4.2. Pre-COVID-19 Market Growth

  4.3. Expected Recovery Scenario (Short Term/Mid Term/Long Term)

  4.4. Key Action Points for Hardware Security Module Vendors

5. Global Hardware Security Module Market Demand (in Value in US$ Bn) Analysis 2017-2021 and Forecast, 2022-2032

  5.1. Historical Market Value (US$ Bn) Analysis, 2017-2021

  5.2. Current and Future Market Value (US$ Bn) Projections, 2022-2032

      5.2.1. Y-o-Y Growth Trend Analysis

      5.2.2. Absolute $ Opportunity Analysis. Full TOC Click Here

About Electronics, Semiconductor and ICT Division at Future Market Insights

Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on software, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.

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About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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