Hardware Security Modules Market : Opportunity , Drivers and Challenges to 2027
According to MarketsandMarkets, the hardware security module market is projected to grow from USD 1.1 billion in 2022 to USD 2.0 billion by 2027, at a CAGR of 13.1 % from 2022 to 2027. Major factors driving the growth of the hardware security module market include the requirement for effective management of cryptographic keys, and the need to follow stringent data security compliances are driving the growth of the market during the forecast period.
Based on the deployment
type hardware security module market has been segmented into on-premise and
cloud. The cloud segment is expected to have a higher growth rate during the
forecast period. Cloud-based hardware security modules enable users to scale
quickly by adding and removing hardware security module capacity on-demand,
with no up-front costs. The increasing adoption of cloud services is driving
the segment’s growth.
Based on the type the hardware
security module market has been segmented into LAN Based/ Network Attached,
PCI-Based/ Embedded Plugins, USB Based/ Portable, and Smart Cards. The
LAN-based/ Network Attached segment is expected to hold the largest market
share during the forecast period. LAN-based hardware security modules protect
the entire lifecycle of cryptographic keys within various systems. Unlike other
methods of key storage, which move keys outside of the hardware security module
into a “trusted layer,” the keys-in-hardware approach ensures that
cryptographic keys always benefit from both physical and logical protections.
Based on the applications of hardware
security module market into Payment Processing, Code and Document Signing,
Authentication, Application-level encryption, Database Encryption, PKI and
Credential Management, and Security Sockets Layer (SSL) and Transport Security
Layer (TSL). The payment processing segment is expected to hold the largest
market share during the forecast period, primarily due to the replacement of
traditional modes of payment that involved personal contact between the sellers
and buyers. Payment processing systems utilize some form of a digital financial
device, such as e-tokens, e-cash, and checks. E-payment systems provide
benefits to both individuals and businesses.
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