Current And Future Hardware Security Modules Market Size, Key Players, Analysis and Forecast

 The Hardware security modules market is expected to grow at a CAGR of 11.6 %, from USD 1.1 billion in 2021 to USD 1.8 billion in 2026. The primary reasons for this rise in demand for hardware security modules products in medical & life sciences and IT & telecommunications industry.

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Hardware Security Modules Market Dynamics

Driver: Requirement for effective management of cryptographic keys

Cryptography at hardware level is the root of providing security to many processes such as document signing, authentication, and application-level encryption. If these processes are not properly managed, they can become complex, expensive, and risk-prone. To manage the entire life cycle of keys, hardware security modules can be used. These modules are dedicated cryptographic hardware module, that create an isolated zone for the cryptographic functions. Key management is employed within an organization’s IT infrastructure to manage the number and diversity of keys.

Restraint: Costs associated with hardware security modules

Hardware security modules designed with older generation expertise present substantial barriers to adoption. First, they are developed using commercial hardware that has a high preliminary acquisition cost. Second, they bring substantial complexity and cost of operations. In many cases, the saff costs to handle and control these modules greatly surpass the module cost. The total cost and complexity prove to be unaffordable for many companies, leading to critical gaps in encryption key management for data protection.

Opportunity: Demand for data security in cloud environments

Adoption of cloud is rapidly increasing among the industries, giving rise to many security challenges for the providers of cloud services, especially in dealing with the complexity of privacy and data protection regulations. Companies are accumulating massive amounts of data, ranging from highly confidential financial, business, and customer data to fairly unimportant information. They are also moving more of their data to the cloud and collecting it in more places than ever – private, public, and hybrid clouds, software-as-a-service applications, and so on. 

Hardware security modules deployed on the cloud offer the dynamic and virtualized attributes of cloud computing environments. In cloud deployment, cloud service providers only manage the hardware security modules without access to the key. Cloud-based deployment ensures that neither the host CSP nor any external party can access or use cryptographic keys from any backup. With cloud-based hardware security modules, customers have absolute control and authority over keys through separation of duties.

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