The global Hardware Security Modules (HSMs) market size reached USD 1.22 Billion in 2021 and is expected to register a revenue CAGR of 11.8% during the forecast period. Increasing focus on data security in cloud is a key factor driving market revenue growth.
Data security has been a major concern in information technology. It becomes especially crucial in cloud computing environment because data is stored in multiple locations, even across the globe. The biggest concern for users regarding cloud technology is data security and privacy protection, which creates high demand for hardware security modules. Cloud HSM is a Hardware Security Module (HSM) service hosted in cloud that allows users to store encryption keys and execute cryptographic operations in a cluster.
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Various companies are offering Cloud HMS services, for example, Amazon Web Services (AWS) Cloud HSM is a cloud-based Hardware Security Module (HSM) that allows users to quickly produce and use their own encryption keys on Amazon Web Services Cloud. Increasing concerns for data security in cloud is expected to drive revenue growth of the market during the forecast period. Rising cyber-attacks and data breaches across the globe create high demand for hardware security modules among organizations. Advancement of new technologies, such as Internet of Things (IoT), and Artificial Intelligence (AI), makes most businesses vulnerable to cyber-attacks. According to a study, between June 2020 to June 2021, the transportation industry has faced 186% increase in weekly ransomware attacks.
The research study presents an industry-wide summary of the Hardware Security Modules Market including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others. The global Hardware Security Modules Market research report is an investigative study of the market that offers key statistical data with regards to market size, market share, revenue growth, and CAGR over the forecast period 2022-2030.
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The global Hardware Security Modules market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Hardware Security Modules market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Some major companies operating in the global market include
Microchip Technology Inc.,
Hewlett Packard Enterprise,
QLogic Corporation, and
Emergen Research has segmented global hardware security modules market on the basis of type, deployment type, application, end-use, and region:
Type Outlook (Revenue, USD Million; 2019-2030)
Deployment Type Outlook (Revenue, USD Million; 2019-2030)
Application Outlook (Revenue, USD Million; 2019-2030)
Code and Document Signing
PKI and Credential Management
End-Use Outlook (Revenue, USD Million; 2019-2030)
Banking, Financial Services and Insurance (BFSI)
IT and Telecommunication
Retail and E-commerce
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Outlook of Hardware Security Modules Market:
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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