Global Hardware Security Modules (HSM) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Hardware Security Modules (HSM) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A hardware security module (HSM) is a physical computing device that safeguards and manages digital keys, performs encryption and decryption functions for digital signatures, strong authentication and other cryptographic functions. A hardware security module contains one or more secure crypto processor chips.

Market Overview:

The latest research study on the global Hardware Security Modules (HSM) market finds that the global Hardware Security Modules (HSM) market reached a value of USD 896.82 million in 2022. It’s expected that the market will achieve USD 1640.88 million by 2028, exhibiting a CAGR of 10.59% during the forecast period.

Hardware Security Modules (HSM) Market Challenges

Initially, certain services may be in short supply because they are implemented by a network or security provider and lack expertise in functions other than network security. The initial HSM product may not be designed in a cloud-native way of thinking, because the traditional experience of manufacturers is to sell local hardware, so the infrastructure they choose may only be dedicated to one customer.

Similarly, older hardware manufacturers may lack the online agency experience required by HSM, and therefore may encounter cost and performance issues. Some traditional vendors may also lack experience in evaluating context, which may limit their ability to make context-aware decisions. This factor has brought challenges to the HSM market.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

The top three companies are Thales Group, Utimaco and Atos with the revenue market share of 27.01%, 11.57% and 5.76% in 2020.

Thales Group is a French electronics group focused on aerospace, defense, ground transportation, safety and manufacturing electrical systems. Its Paris-based La Défense is a world-leading company in aerospace, defense, security and transportation equipment.

Utimaco develops hardware-based appliances and compliance solutions for telecommunication provider regulations (lawful interception and data retention). It offers lawful interception and data retention solutions, and hardware security modules.

Segmentation Overview:

Among different product types, LAN Based segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the IT and Telecommunications segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Hardware Security Modules (HSM) market covered in Chapter 3:

Utimaco
Atos
Sansec
Thales Group
Kryptus
Entrust
Yubico
Ultra Electronics Group
Futurex

In Chapter 4 and Chapter 14.2, on the basis of types, the Hardware Security Modules (HSM) market from 2018 to 2029 is primarily split into:

On-premises
Cloud Based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hardware Security Modules (HSM) market from 2018 to 2029 covers:

IOT
Secure Manufacturing
PKI
Semiconductor Manufacturing
Industrial Manufacturing
Automobile Manufacturing
Medical and Life Sciences
Transportation
IT and Telecommunications
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)