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Hardware Security Modules Market by Deployment Type (On-premises, Cloud Based), Type (LAN Based/Network Attached, PCI Based, USB Based, Smart Cards ), Applications, Verticals and Region (North America, Europe, APAC, RoW)
- Global Forecast to 2027
The hardware security module market size is valued at USD 1.1 Billion in 2022 and is anticipated to be USD 2.0 Billion by 2027; growing at a CAGR of 13.1% from 2022 to 2027.
Factors such as the increase in data breaches and cyberattacks and the growing adoption of digital payments are driving the growth of the market during the forecast period.
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Cloud segment is expected to hold the largest share during the forecast period
The cloud segment is expected to hold a larger market share by 2027. This is primarily due to its ability to perform cryptographic operations and provide customers with absolute control over keys through separation of duties. Cloud-based HSMs enable users to scale quickly by adding and removing HSM capacity on-demand, with no upfront costs. Enterprises employ cloud-based HSM when they want to test or pilot a variety of HSM services from different vendors with little upfront investment before choosing one. Additionally, it is useful in organizations where workloads are less and where the requirements for application performance and latency are not as strict as those that demand for an on-premise HSM to be dedicated to them.
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BFSI vertical held the largest share of hardware security module market during the forecast period
To ensure security in core banking, online banking, banking card personalization systems, trade finance, international payments, foreign exchange, bank guarantee, and other similar applications involved in the BFSI vertical, hardware security modules play a crucial role in safeguarding the private keys and securely storing cryptographic keys in a hardware-based back-end system.
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The hardware security module market is currently dominated by the BFSI industry as they ensure that core financial systems and internet banking platforms operate in a secure environment
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North America exhibit the highest CAGR during the forecast period
The market in the North America region is expected to be driven by the growing demand from the healthcare and IT and telecommunications verticals. With advancements in autonomous driving technology and recent technology trends in the Internet of Things (IoT), there is a need for secured connected devices, improved bandwidth, and latency reduction, which can be easily achieved through 5G.
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The key players in this market are
• Thales (France),
• Utimaco (Germany),
• Futurex (US),
• IBM (US),
• STMicroelectronics (Switzerland),
• ATOS SE (France),
• Yubico (US),
• Infineon Technologies (Germany),
• Microchip Technology (US), and
• Swift (Belgium). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
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