Hardware Security Modules Market - Global Forecast to 2022
“The
hardware security modules market is likely to grow at a CAGR of 12.87% during
the forecast period”
The hardware security modules market is expected to reach USD 1,101.2
million by 2022, at a CAGR of 12.87% during the forecast period. The growth of
the market is driven by various factors such as the increase in data breaches
and cyber attacks, mandates for HSM manufacturers to comply with internal and
external privacy and data security regulations, and effective management of
cryptographic keys. However, factors such as the cost associated with the
hardware security modules is expected to limit the market growth for a short
period of time.
“USB-based/portable
HSM would witness a high growth rate during the forecast period”
The market for USB-based/portable HSM is expected to grow at the highest
CAGR between 2017 and 2022. The USB-based/portable HSMs are ideally suitable
for offline situations where the HSM is stored in a physical safe when not in
use, or where the HSM is required to be portable. USB-based HSMs enable
organizations to provide high-assurance cryptographic solutions in a cost-effective
way. Portability and USB connectivity make USB-based HSMs especially suitable
for use with laptops, workstations, or desktops, resulting in the highest
growth rate during the forecast period.
“Payment
processing type application market would witness a high market size”
The payment processing type application held the largest market size
during the forecast period. The emergence of digital transactions, electronic
payments, and the need to safeguard the most sensitive financial data results
into the largest market share of the payment processing application. To keep
systems and internal processes flexible and scalable, HSMs have been specially
designed to meet the industry standards and regulatory requirement with respect
to the payment processing resulting into the high growth rate for payment
processing application during the forecast period.
“Europe
would dominate the HSM market, while Latin America is expected to grow at the
highest rate during the forecast period”
Europe held the largest share of the hardware security modules market in
2016 owing to the presence of major vendors of hardware security modules and
high regulatory compliance in the region. The market in Latin America is
expected to grow at the highest CAGR between 2017 and 2022. The growth of the
hardware security modules market in Latin America is driven by the growing
adoption of modern technologies such as cloud computing and IoT as well as the
government initiatives for protecting the sensitive data by formulating data
security standards.
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• By Company Type: Tier 1 - 25%, Tier 2 - 40%, and Tier 3 - 35%
• By Designation: C-Level Executives - 50%, Directors - 32%, and Others -
18%
• By Region: North Americas - 32%, Europe - 30%, APAC - 24%, and MEA
& LA - 14%.
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Table of
Content
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
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