The global hardware security modules market is forecast to reach a market size of USD 1,916.5 Million in 2027, and register a significantly high revenue CAGR over the next seven years, according to a latest report by Reports and Data. Rising demand for hardware security modules can be attributed to increasing adoption of digital payment methods globally. Hardware security modules are mostly used by the banking and financial services industry to provide a high protection level for customer/client PINs and cryptographic keys used in EMV chip and magnetic stripe cards, as well as their corresponding applications used in smart devices. Also, hardware security modules are used in secure processing of payments done using cards (debit and credit cards) and e-wallets. Hardware security modules normally provide native support associated with cryptography for all leading payment applications.

Additionally, hardware security modules significantly improve transaction throughput by managing high volumes of asymmetric and symmetric encryption, which is a crucial prerequisite of payments initiatives, including 3-D Secure and MasterCard CAP.

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Further key findings in the report

Embedded hardware security modules can be inserted directly in related equipment or application server, and provide a cost-efficient solution for cryptographic security. Embedded hardware security modules are employed in serval application, including PKI certificate signing & validation, storage (offline and online CA keys), network encryption (SSL & TLS), database, file, and e-mail encryption, code and document signing, smart card management, infrastructure security, identity management, and cryptographic acceleration.
Rising demand for reliable encryption for digital transformation initiatives is fueling demand for hardware security modules for big data encryption, code signing, document signing, and IoT root of trust.
Hardware security modules find widespread use in various industries to comply with data security requirements. For example, the payment card industry launched the PCI DSS (Payment Card Industry Data Security Standard 3.0), which involves robust steps on the management of data related to a card (debit or credit card) holder. Hardware security modules allow a business to comply with all the PCI DSS requirements and secure sensitive data.
Hardware security modules market in Europe contributed to the largest revenue share of the global market in 2019, due to availability of developed digital infrastructure and presence of leading companies providing hardware security modules in countries in the region. Also, high incidence of data breaches in countries in the region are causative of the high market growth.
Key market participants include Hewlett Packard Enterprise Company, Ultimaco GmbH, Atos SE, SWIFT, Yubico, Futurex, Thales E-Security Inc., IBM Corporation, Ultra Electronics, and CardContact Systems GmbH.

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The Global Hardware Security Modules Market is segmented as follows:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

Network-based Hardware Security Modules
Embedded Hardware Security Modules
Portable Hardware Security Modules

Application Outlook (Revenue, USD Billion; 2017-2027)

Payment Processing
Secure Socket Layer
Transport Layer Security
Code and Document Signing
Database Encryption
Authentication
Application Level Encryption
Credential Management

Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)

BFSI
IT & Telecommunications
Manufacturing
Government
Energy & Utilities
Healthcare
Retail
Others

The report provides an explicit analysis of the market with regards to growth driving factors, restraining factors, regulatory framework, threats and opportunities, financial hurdles to offer a thorough outlook of the market. The report also covers value chain analysis, market share, market size, CAGR, sales and revenue, import/export, the scope of the market, growth prospects,and other key factors.The report offers a regional analysis that covers key geographies such as North America, Europe, AsiaPacific, Latin America, and Middle East & Africa.

The report applies advanced analytical tools such as SWOT analysis, Porter’s Five Forces analysis, along with feasibility analysis and investment return analysis. It also offers strategic recommendations to new entrants as well as established companies about market barriers. It also offers insights into futuristic business opportunities, market scope, threats, and obstacles, to enable fruitful business decision-making process.

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