The global Hardware security module market size is projected to grow from USD 1.1 Billion in 2022 to USD 2.0 Billion by 2027; it is expected to grow at a CAGR of 13.1% from 2022 to 2027
The key factors contributing to the growth of the Hardware security module market include the requirement for effective management of cryptographic keys, and the need to follow stringent data security compliances are among the factors driving the growth of the Hardware security module market.
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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 up-front costs.
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.
Secure Sockets Layer (SSL) and Transport Layer Security (TLS) is expected to grow at the highest CAGR Secure Socket Layer (SSL) and Transport Layer Security (TLS) are cryptographic protocols that provide communications security over a computer network. Hardware security modules help protect master SSL encryption keys, ensuring the overall integrity of the SSL process. Through standard APIs and pre-certified integration with common web platforms and SSL tools, developers and IT security staff can achieve higher levels of assurance by protecting and managing SSL private keys within the secure boundary of the hardware security module. 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. Know more https://www.marketsandmarkets.com/Market-Reports/hardware-se