Global Hardware Security Modules Market to be Worth USD 1.8 Billion by 2026
The report published by Facts and Factors states that the global hardware security modules market is estimated at USD 0.93 Billion in 2020 and it is further projected to reach USD 1.8 Billion by the end of 2026, rising at a CAGR of about 11.6 % between 2021 and 2026.
A hardware security module is a physical computing device that protects and manages digital keys, conducts encryption and decryption processes for digital signatures, and performs other cryptographic functions. A device that is specially designed for the protection of the crypto lifecycle is a hardware security module. Most of the firms prefer this hardware secure module (HSM) device to secure their transactions, applications, and identities which can secure cryptographic keys, digital signing services, and authentication for an application. To increase the growth of the global hardware security modules market, some of the key drivers are the increase of data breaches and cyber-attacks, internal and external privacy and data security regulations, and effective management of cryptographic keys.
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Rise In The Use Of Security Systems And The Internet Of Things
Due to the increase in cyber-attacks and data breaches, internet banking, digital payments, communications, health care, and life sciences, cloud-based services, and cryptocurrency demand, there is a requirement for strong security systems to protect their identities, cryptographic keys, applications, data, etc. This process increases the growth factor of hardware security module solutions. The adoption of modern, innovative IoT and cloud computing technology gradually increases the growth of the hardware security module market. Moreover, there is a need for an increase in effective market management of cryptographic keys that drives market growth. In the future, providing the hardware protection module with efficient and personal working services according to the customer requirements is the best key for the hardware security modules market growth. For instance, on February 2020, Thales partnered with Fujitsu (Japan) to use Thales’ Cloud Hardware Security Modules (HSM) and Data Protection on Demand to provide a highly secure and convenient end-to-end service for enterprise public key infrastructure (PKI). In addition, Fujitsu integrated Thales’ Key Management platform with its new enterprise data encryption service to offer secure lifecycle management of cryptographic keys of customers. The partnership will ensure enhanced security, compliance, and a cost-effective encryption solution for clients. Again, in April 2020, Infineon Technologies acquired Cypress Semiconductor Corporation (US). The addition of Cypress lets Infineon further bolster its focus on structural growth drivers and on a broader range of applications. This will accelerate the company’s path of profitable growth. Cypress adds a differentiated portfolio of microcontrollers, connectivity components, software ecosystems, and high-performance memory. All this is highly beneficial to Infineon’s leading power semiconductors, automotive microcontrollers, sensors, and security solutions. In August 2019, Hewlett Packard Enterprise acquired the business assets of MapR (US), a leading data platform for artificial intelligence and analytics applications powered by scale-out, multi-cloud, and multi-protocol file system technology. This transaction included MapR’s technology, intellectual property, and domain expertise in artificial intelligence and machine learning (AI/ML), and analytics data management. Thereby, certain developments are expected to proliferate the market growth in recent years.
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North America Region Dominates the Market
North America dominated the global hardware security modules module market in 2020. The U.S. market accounted for the majority of the market in this region in 2020, which is expected to continue over the forecast period.
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