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.

Hardware Security Modules Market Dynamics:
Drivers: Need to follow stringent data security compliances
Lawmakers and regulators worldwide are improving the existing data security compliances, implementing new legal frameworks, and defining new data security regulations to respond to internal and external risks, for instance, data security risks from the members of the IT team who have knowledge of and access to networks, data centers, and admin accounts.

Opportunity: Adoption of blockchain and cryptocurrencies
The increasing adoption of blockchain and cryptocurrencies presents a significant opportunity for HSMs. These technologies rely heavily on cryptographic keys for security, and HSMs can provide a secure and scalable key management solution for these applications. Cryptocurrencies rely heavily on cryptographic keys for transactions and wallet security.

Medical & life sciences segment to exhibit the highest growth in hardware security modules market during the forecast period.
The medical & life sciences segment is expected to exhibit the second-highest growth for the hardware security modules market share during the forecast period. The growing need to protect patient identity, related data, and payment information is accelerating the market growth across this vertical. Stringent regulations such as HIPAA and cyber-attacks on medical institutions are driving the need for HSM solutions and services. medical & life sciences sector is witnessing rapid growth in the adoption of hardware security modules.

Major vendors in the hardware security modules companies 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 are some of the key players in the hardware security modules market.

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