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.

The growth of the hardware security modules market is driven by increasing data breaches and cyberattacks, need to follow stringent data security compliances, 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 Industry’s 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. Futurex’s VirtuCrypt cloud payment HSM. These benefits coupled with the growing demand for cloud services for data storage purpose, are driving the segment’s growth.



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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.

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. 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.

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.

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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