The hardware security module market is projected to grow from USD 1.1 billion in 2022 to USD 2.0 billion by 2027, at a CAGR of 13.1 % from 2022 to 2027. Major factors driving the growth of the hardware security module market include the requirement for effective management of cryptographic keys, and the need to follow stringent data security compliances are driving the growth of the market during the forecast period.

Based on the deployment type hardware security module market has been segmented into on-premise and cloud. The cloud segment is expected to have a higher growth rate during the forecast period. Cloud-based hardware security modules enable users to scale quickly by adding and removing hardware security module capacity on-demand, with no up-front costs. The increasing adoption of cloud services is driving the segment’s growth.

Based on the type the hardware security module market has been segmented into LAN Based/ Network Attached, PCI-Based/ Embedded Plugins, USB Based/ Portable, and Smart Cards. The LAN-based/ Network Attached segment is expected to hold the largest market share during the forecast period. LAN-based hardware security modules protect the entire lifecycle of cryptographic keys within various systems. Unlike other methods of key storage, which move keys outside of the hardware security module into a “trusted layer,” the keys-in-hardware approach ensures that cryptographic keys always benefit from both physical and logical protections.

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Based on the applications of hardware security module market into Payment Processing, Code and Document Signing, Authentication, Application-level encryption, Database Encryption, PKI and Credential Management, and Security Sockets Layer (SSL) and Transport Security Layer (TSL). The payment processing segment is expected to hold the largest market share during the forecast period, primarily due to the replacement of traditional modes of payment that involved personal contact between the sellers and buyers. Payment processing systems utilize some form of a digital financial device, such as e-tokens, e-cash, and checks. E-payment systems provide benefits to both individuals and businesses.

Secure Sockets Layer (SSL) and Transport Layer Security (TLS) is expected to grow at the highest CAGR

Secure Socket Layer (SSL) and Transport Layer Security (TLS) are cryptographic protocols that provide communications security over a computer network. Hardware security modules help protect master SSL encryption keys, ensuring the overall integrity of the SSL process. Through standard APIs and pre-certified integration with common web platforms and SSL tools, developers and IT security staff can achieve higher levels of assurance by protecting and managing SSL private keys within the secure boundary of the hardware security module.

North America exhibit the highest CAGR during the forecast period

The market in the North America region is expected to be driven by the growing demand from the healthcare and IT and telecommunications verticals. With advancements in autonomous driving technology and recent technology trends in the Internet of Things (IoT), there is a need for secured connected devices, improved bandwidth, and latency reduction, which can be easily achieved through 5G. The US is one of the leading countries involved in commercializing 5G network. The shift toward connected cars and intelligent transportation systems, along with the increasing demand for medical devices is expected to drive the market in the region. The significant presence of major companies offering cloud-based services in the hardware security modules market in this region for different verticals such as healthcare and IT & telecom also fuels market growth in North America.


The key players in this market are Thales (France), Utimaco (Germany), Futurex (US), IBM (US), STMicroelectronics (Switzerland), ATOS SE (France), Yubico (US), Infineon Technologies (Germany), Microchip Technology (US), and Swift (Belgium). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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https://www.globenewswire.com/en/news-release/2022/10/21/2539311/0/en/Hardware-Security-Modules-Market-Size-worth-2-0-Billion-by-2027-at-a-CAGR-of-13-1-Exclusive-Report-by-MarketsandMarkets.html



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