New Jersey, United States – Analysis of Hardware Security Modules Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast
The market for hardware security modules is expected to rise from its current value of USD 1.1 billion in 2022 to USD 2.0 billion by 2028, at a CAGR of 13.1%. During the projection period, factors such as the rise in data breaches and cyberattacks and the expanding use of digital payments are propelling the market’s expansion. A data breach is a situation in which information is taken from a system without the owner’s knowledge or consent. Large businesses or organizations are frequently the targets of data breaches. The information that was taken could be delicate, exclusive, or private (such as credit card numbers, customer data, trade secrets, or national security information). Government and healthcare institutions continue to be the main targets of cyberattacks despite better security because of the priceless personal information they gather and may sell.
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For regular company operations, securing hardware is just as crucial as securing software. Security on physical devices, however, is commonly disregarded. Due to the high cost of hardware security module updates, vulnerabilities exist. To keep up with changing technology, businesses must continuously update their cybersecurity systems. If a weakness is found in the cryptographic algorithm of hardware security modules, it will be expensive to upgrade it. Due to irregular security updates, a lengthy device lifecycle, remote deployment, and attack replication, hardware security modules are vulnerable to cyberattacks.
Integrating hardware security modules with widely used tools and platforms is difficult. Despite the fact that client integrations differ between hardware security module manufacturers, they frequently do not offer all the capabilities required in a corporate setting. Because one solution cannot be used to secure the entire system and all of its components, hardware security, such as hardware encryption, is frequently connected to a specific device, making it less versatile than its software counterpart. There is a lot of money to be made, which is why many businesses are entering the global market for hardware security modules. To improve the protection of data and information online, they are spending millions of dollars to create a new generation of modules that can produce keys and devices/applications.
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Segmentation
The services and procedures that automate payment transactions between a retailer and a customer are referred to as payment processing. A system or computer processes validates and approves or rejects the transactions on behalf of the merchant using a secure Internet connection in most cases as a third-party service. Electronic transactions are becoming more significant and prevalent across industries. Security procedures must be properly adhered to in order to stop fraud.
A vast range of commodities in the consumer goods and retail vertical are manufactured using manufacturers’ intellectual property. Since inadequate security of code updates allows hackers to enter software code or steal data from the manufacturing line, the security of such information cannot be exclusively reliant on a software system. They may also be able to falsify client data, steal production or usage data, and take control of manufacturing software. In this industry, managing digital rights is essential since the black market sale of copies of unlicensed products bearing authentic branding or white labelling can result in significant financial losses and harm to the reputation of the business.
Regional analysis
During the forecast period, Europe is anticipated to dominate the market for hardware security modules. Hardware security modules have a huge, unrealized potential in the area. The European Union funded the E-Safety Vehicle Intrusion Protected Applications (EVITA) project, a cybersecurity initiative for the automotive industry that aimed to fortify the on-board network’s defences against physical attacks as well as attacks from emerging V2X applications that take advantage of attackers’ physical access to vehicles in a public setting. The Secure Hardware Extension (SHE) and Trusted Platform Module (TPM) specifications have various capabilities that are shared by the three HSM security levels the consortium defined (Light, Medium, and Full). Throughout the upcoming years, it is anticipated that the regional governments’ biometric initiatives and national ID card contracts, which are motivated by concerns about identity and security, will increase demand for hardware security modules used for authentication in Europe.
Out of all the regions in the world, North America has the largest market share for hardware security modules. As a result of Canada and America’s more advanced Internet infrastructure, this is anticipated to persist during the time covered by the report’s forecast. Additionally, they are more likely to run digital businesses that require the use of different hardware security module services.
Key Players
Thales, Utimaco, Futurex, IBM, STMicroelectronics, ATOS SE, Yubico, Infineon Technologies, Microchip Technology, and Swift
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