Hardware Security Module Market to Reach $5.2 billion, Globally, by 2032 at 14.7% CAGR: Allied Market Research
The increase in demand for digital banking solutions and surge in adoption of cloud-based solutions is boosting the growth of the global banking software market. In addition, increase in use of mobile banking positively impacts growth of the banking software market
PORTLAND, Ore., Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hardware security module Market by Type (LAN based/ Network Attached, PCI-Based/ Embedded Plugins, USB-Based/ Portable, and Smart Cards), Deployment Mode (On-premise, and Cloud), Application (Payment Processing, Code and Document Signing, Security Sockets Layer (SSL) and Transport Security Layer (TSL), Authentication, Application-Level Encryption, and Others) and Industry Vertical (BFSI, IT & Telecommunication, Government, Consumer Goods & Retail, Transportation, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hardware security module market was valued at $ 1.3 billion in 2022, and is projected to reach $ 5.2 billion by 2032, registering a CAGR of 14.7% from 2023 to 2032.
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Prime determinants of growth
Increase in demand for digital banking solutions and surge in adoption of cloud-based solutions is boosting the growth of the global banking software market. in addition, increase in use of mobile banking positively impacts the growth of the banking software market. However, security issues, privacy concerns and high implementation cost are hampering the banking software market growth. On the contrary, increase in adoption of artificial Intelligence based banking system is expected to offer remunerative opportunities for expansion of the banking software market during the forecast period.
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The USB-based/portable segment to maintain its leadership status throughout the forecast period.
Based on product type, the LAN based/network-attached segment held the highest market share in 2022, accounting for nearly one-third of the global hardware security module market revenue, as it acts as a centralized key management system. In addition, increase in demand for real-time data collecting. However, the USB-based/ portable segment is projected to attain the highest CAGR of 17.9% from 2023 to 2032, due to their suitability for offline situations, where the modules are stored safely in USB when not in use. Organizations can offer high-assurance cryptographic solutions at low cost using USB-based hardware security modules.
The transportation segment to maintain its leadership status throughout the forecast period
Based on end user, the BFSI segment held the highest market share in 2022, accounting for more than one-fourth of the global hardware security module market revenue, owing to surge in volume of user data and the rise in incidence of cybersecurity threats. However, the transportation segment is projected to attain the highest CAGR of 13.5% from 2023 to 2032, owing to increase in reliance on digital technology and data in the industry, as well as the surge in need for security and compliance.
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Asia-Pacific maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global hardware security module market revenue, owing to increase in demand for colocation data centers among SMEs and rise in adoption of machine-to-machine (M2M) communication, further contributing to the market growth within the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.1% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the surge in government projects for smart city development coupled with surge in need to monitor network violations and offences in this region.
Leading Market Players: -
The report provides a detailed analysis of these key players of the global hardware security module market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits For Stakeholders
Hardware Security Module Market Key Segments:
By Product Type
By Deployment Mode
By Industry Vertical
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