Hardware Security Modules Market: A Comprehensive Overview of Growth and Innovation
The global hardware security modules market size was estimated at USD 1.56 billion in 2023 and is anticipated to grow at a CAGR of 16.3% from 2024 to 2030. The hardware security modules (HSM) market is driven by several key factors, reflecting the increasing emphasis on robust cybersecurity measures across industries. The growing incidences of data breaches and cyber-attacks have heightened the need for advanced security solutions, prompting organizations to adopt HSMs for their superior encryption and key management capabilities. Additionally, the proliferation of digital transactions and the rise of cryptocurrencies necessitate secure cryptographic operations, bolstering the market. The expansion of cloud services also contributes significantly, as cloud providers integrate HSMs to enhance security and ensure trustworthiness.
The growing incidences of data breaches and cyber-attacks drive the hardware security modules (HSM) market by underscoring the critical need for enhanced security measures to protect sensitive information. According to the Identity Theft Resource Center’s 2023 Data Breach Report, in 2023, there were 2,365 cyberattacks, resulting in 343,338,964 victims. The year 2023 also witnessed a 72% increase in data breaches compared to 2021, which previously held the record. As cyber threats become more sophisticated and pervasive, organizations increasingly prioritize implementing robust encryption and key management solutions to safeguard their data assets. HSMs, with their capability to provide a high level of security through tamper-resistant hardware, are becoming essential in mitigating the risks associated with unauthorized data access and breaches. The heightened awareness of the potential financial and reputational damage from cyber-attacks further compels businesses to invest in HSMs as a proactive defense strategy. Consequently, the escalating frequency and severity of cyber threats catalyze the adoption of HSMs, fostering market growth by driving demand for these advanced security solutions.
Gather more insights about the market drivers, restrains and growth of the Hardware Security Modules Market
Key Hardware Security Modules Company Insights
The HMS market companies are focusing on various strategic initiatives, including new product development, partnerships & collaborations, and agreements to gain a competitive advantage over their rivals. The following are some instances of such initiatives.
Recent Developments
• In October 2023, Microchip Technology introduced a new family of PIC32CZ CA 32-bit microcontrollers, featuring a 300 MHz Arm Cortex-M7 processor, integrated Hardware Security Module (HSM), and Flash memory options and a diverse array of connectivity for enhanced flexibility. This new family includes the PIC32CZ CA90, equipped with an HSM, and the PIC32CZ CA80, which does not include the integrated HSM. The HSM in the PIC32CZ CA90 offers a comprehensive security solution for consumer and industrial applications. Functioning as a secure subsystem, the HSM incorporates a separate MCU that operates the firmware and security features, such as key storage, hardware secure boot, a true random number generator, and cryptographic acceleration, among others.
• In June 2023, Thales Trusted Cyber Technologies (TCT) announced the release of version 7.13.0 of the Luna Network and PCIe HSMs. This release marks the first Luna HSM version to incorporate post-quantum cryptographic (PQC) algorithms and stateful hash-based signature algorithms. In accordance with directives from multiple U.S. Federal policies, agencies are instructed to begin testing PQC implementations. This HSM release consists of pre-standard implementations of NIST-selected PQC algorithms to support agency and technology partner testing of PQC.
Global Hardware Security Modules Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the hardware security modules market report based on type, deployment, application, end use, and region.
Hardware Security Modules Type Outlook (Revenue, USD Billion, 2018 - 2030)
• LAN Based
• PCIE Based
• USB Based
• Cloud-Based HSMs
Hardware Security Modules Deployment Outlook (Revenue, USD Billion, 2018 - 2030)
• Cloud
• On-premises
Hardware Security Modules Application Outlook (Revenue, USD Billion, 2018 - 2030)
• Payment Processing
• Authentication
• Public Key Infrastructure (PKI) Management
• Database Encryption
• IoT Security
• Others
Hardware Security Modules End Use Outlook (Revenue, USD Billion, 2018 - 2030)
• BFSI
• Government
• Healthcare and Life Sciences
• Retail and Consumer Products
• Technology and Communication
• Industrial and Manufacturing
• Automotive
• Others
Hardware Security Modules Regional Outlook (Revenue, USD Billion, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
• Latin America
o Brazil
• Middle East & Africa
o U.A.E
o Saudi Arabia
o South Africa
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