The Hardware Security Modules by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hardware Security Modules, The
hardware security modules market size has grown rapidly in recent years. It
will grow from $1.53 billion in 2023 to $1.74 billion in 2024 at a compound
annual growth rate (CAGR) of 13.9%.
The growth in the historic period
can be attributed to increasing cybersecurity threats, regulatory compliance
requirements, encryption standardization, increasing data sensitivity, national
security concerns..
The hardware security modules market size is expected to see rapid growth in
the next few years. It will grow to $3.06 billion in 2028 at a compound annual
growth rate (CAGR) of 15.1%. The growth
in the forecast period can be attributed to stricter data privacy regulations,
increased use of biometric data, surge in remote work practices, demand from
emerging markets, shift towards as-a-service models.. Major trends in the
forecast period include digital identity protection, expansion of 5g networks,
integration with blockchain technology, emphasis on user-friendly interfaces,
partnerships and collaborations, hybrid
and multi-cloud environments..
An increase in data breaches and cyberattacks is expected to propel the growth
of the hardware security module market going forward. A cyber attack is an
attempt to illegally access a computer system or a computer network to cause
damage, whereas a data breach occurs when data is stolen or extracted from a
system without the owner's knowledge or authorization. The hardware security
module (HSM) is a physical device that protects data against both logical and
inherent security threats. It is meant to keep data and information safe and
secure by providing built-in vulnerability protection. Furthermore, the growing
acceptance of digital payments has favored an increase in cyberattacks and
data-breaching activities, thus increasing demand for hardware security
modules. For instance, in July 2021, according to the cybersecurity threatscape
report by Positive Technologies, a Russia-based cybersecurity company, the
number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020,
and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022,
according to Forbes, a US-based business magazine, the average frequency of
data breaches and cyberattacks rose by 15.1% in 2021 compared to 2020.
Therefore, the increase in data breaches and cyber-attacks is driving the
hardware security module market.
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The hardware security modules market covered in this report is segmented –
1) By Type: LAN Based/ Network Attached, PCI-Based/ Embedded Plugins, USB
Based/ Portable, Smart Cards
2) By Deployment Type: On-Premise, Cloud
3) By Application: SSL (Secure Sockets Layer), TSL (Transport Layer Security),
Authentication, Payment Processing, Code And Document Signing,
Application-Level Encryption, Database Encryption, Public Key Infrastructure
(PKI), Credential Management
4) By End-User: Banking And Financial Services, Energy And Utility, Retail And
Consumer Products, Government Technology And Communication, Industrial And
Manufacturing, Healthcare, Life Sciences
Product innovation is a key trend gaining popularity in the hardware security
module market. Major companies operating in the hardware security module market
are focused on developing innovative products to strengthen their position. For
instance, in February 2022, Thales Group, a France-based technology company
that creates, designs, and produces electrical systems and aircraft gadgets,
launched a new IoT connection solution ELS62. It has better reliability and
security for smart devices, simplifying enterprises' digital transition. It
combines moderate technology for simplifying design, streamlining development,
and reducing time-to-market for IoT products. The product offers different
connectivity alternatives and high cybersecurity for IoT devices, along with
security measures that safeguard both the device and data by ensuring
resilience against cyberattacks, strong device authentication, and data
encryption.
The hardware security modules market report table of contents includes:
1. Executive Summary
2. Hardware
Security Modulea Market Characteristics
3. Hardware
Security Modulea Market Trends And Strategies
4. Hardware
Security Modulea Market - Macro Economic Scenario
5. Global
Hardware Security Modulea Market Size and Growth
.
31. Global Hardware Security Modulea Market Competitive Benchmarking
32. Global
Hardware Security Modulea Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Hardware Security Modulea Market
34.
Hardware Security Modulea Market Future Outlook and Potential Analysis
35.
Appendix
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