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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