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Hardware Security Modules Market with COVID-19 Impact Analysis by Deployment Type (On-premises, Cloud Based), Type (LAN Based/Network Attached, PCI Based, USB Based, Smart Cards ), Applications, Verticals and Geography - Global Forecast to 2026
The overall Hardware security modules market is expected to grow from USD 1.1 billion in 2021 to USD 1.8 billion by 2026, at a CAGR of 11.6%
The market for medical and life sciences sector to grow at the highest CAGR during the forecast period
In the field of healthcare, hardware security modules are significant primarily for the telematics infrastructure (TI), such as that of the new electronic health card (eGK) in Germany. The main objective of eGK was to enable cross-system registration and processing and transmission of patient data between trusted participants such as physicians, care providers, medical practices, hospitals, pharmacies, and health insurers within a secure network.
A hardware security module is a physical device that manages digital keys by providing secure storage and generation of keys required for authentication. Hardware security modules generate and store encryption keys used among various devices. They have special hardware to create entropy and generate high-quality random keys. The main features of an on-premise hardware security module include on-board key generation and storage, accelerated symmetric and asymmetric encryption, and backup of sensitive materials in encrypted form.
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On-premises segment to hold the largest share of the Hardware security modules market, by deployment type, in 2021
Europe to hold the largest share of Hardware security modules market by 2021
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The European market for hardware security modules has been segmented into Germany, the UK, France, Italy, the Netherlands, and the Rest of Europe. The thriving BFSI, IT & Telecommunications, and medical and life sciences, along with the automotive industry in the region, act as an opportunity for the market. The growth of 4G LTE technology in the region and ongoing developments and smaller deployments of 5G infrastructure is expected to drive the need for enhanced network security, leading to increased demand for hardware security modules across the IT and telecommunications sector.
A few key hardware security modules market players are Hewlett Packard Enterprise Development LP (US), Thales (US), Utimaco (Germany), International Business Machines Corporation (US), Microchip Technology (US), Infineon Technologies (Germany), Securosys (Switzerland), Spyrus (US), Futurex (US), SWIFT (Belgium), Atos SE (France), and Yubico (US).
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