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Hardware Security Modules Market Size Forecast to Reach $2.8 Billion by 2026

(, September 25, 2021 ) The global Market for Hardware Security Modules is poised to reach $2.8 Billion by 2026, advancing at a CAGR of 11.9% during the forecast period 2021-2026. Hardware Security Module is highly tamper-resistant device designed to protect and secure cryptographic devices and secure cryptoprocessor chips. It is also used to handle transparent database encryption key for data privacy. To secure private and sensitive data from cyber attacks, hacking and data breaches, the demand for hardware security module is increasing among all industries, resulting in the growth of the market during the forecast period 2021-2026. Moreover growing adoption of cloud based Hardware Security Modules in recent years accelerate the market growth.

Hardware Security Modules Market Segment Analysis - by Deployment

Based on Deployment, Hardware Security Module Market is segmented into Cloud and On-Premise. Cloud segment held the market share with a value of 15.9% and it is anticipated to witness the significant market growth during the forecast period 2021-2026. By using Cloud based HSM one can easily generate own encryption keys on the cloud. Cloud HSM provides the flexibility to integrate with applications such as APIs, Java Cryptographic Extension and so on. In January 2021, Futurex LP announced the launch of Industry’s first web API for payment HSM. It is designed to integrate Payment application with Futurex enterprise encryption and key management technology i.e. Futurex’s VirtuCrypt cloud payment HSM.

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Hardware Security Modules Market Segment Analysis - by End-User

BFSI held the highest market share with a share of 28.2% in 2020 and it is anticipated to witness the significant market growth during the forecast period 2021-2026. With the growing use of online banking, mobile & e-wallet payment as well as 3-D secure payment, the adoption of hardware security module increased significantly. In September 2019, Utimaco GmbH, a global provider of IT security solutions announced Atalla AT1000, a PCI 3.0 (PCI PTS HSM v3.0)-compliant Hardware Security Module (HSM) to secure sensitive data and associated keys for non-cash retail payment transactions as well as for cryptographic keys.

Hardware Security Modules Market Segment Analysis - By Geography

North America dominated the Hardware Security Modules market in 2020 with a share in excess of 37.2%, owing to the early adoption of advanced Security Modules as well as presence of key vendors across the region. High investment along with stringent government regulation influences growth of the market in this region. According to Statista, USA Government announced a cybersecurity budget of 18.78 Billion US Dollar for the Financial Year 2021. According to USA Federal Trade Commission 2019 data Privacy and Database encryption Security update, FTC can enforce action to protect data and privacy of the consumers against unfair or decisive practices further leading the organization to adopt hardware security module to protect data privacy.

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Hardware Security Modules Market Drivers

Rising Demand for Cyber Security Solutions

With the rise in incidents of data security theft, there is surge in adoption rate of HSM across all industries. HSM helps in protecting user personal information, digital transactions and organizations valuable digital assets from exposure. In 2019, Yubico, the global provider of encryption hardware devices and authentication for the modern web, announced the launch of YubiHSM 2, a brand new cost-effective Hardware Security Module (HSM) for servers and IoT gateways primarily designed to deliver the highest levels of security for storage and management, cryptographic digital key generation along with supporting an extensive range of enterprise environments and application.

Increase in Adoption of IOT and cloud

Increase in demand for information and data security, resulting from the adoption of modern technologies such as IOT and cloud computing, spurs the growth of the Hardware Security Module Market. With IOT, the protection of authenticity, customer privacy as well as data and communication become the key areas to focus. To secure these HSM is the priority for all industries. In 2019 ATOS SE announced the launch of latest HSM i.e. new Horus HSM, a highly performed security device, designed primarily to secure IOT ecosystem by using cryptographic features.

Hardware Security Modules Market Challenges

High Cost of Implementation

Hardware Security Modules secure data against insider and external threats by providing confidentiality for encryption keys in a physically hardened device. Despite their security benefits, HSM built with older technology are difficult to adopt as they are made up of propriety hardware which is costly. Secondly, operating and maintenance cost of HSM exceeds device cost, thereby decelerating the growth of the market.

Hardware Security Modules Market Landscape

Partnerships, Acquisitions, Collaboration, and technology launches are key strategies adopted by players in the Hardware Security Modules Market .The top 10 companies in the Hardware Security Module Market include Utimaco GmbH, FutureX, Thales e-Security Inc, Ultra Electronics, Swift SCRL, Yubico, ATOS SE, Ledger, Hewlett Packard Enterprise Development LP and International Business Machine Corporation.

Acquisitions/Technology Launches

In March 2021, FutureX, a global leader in hardened enterprise class data security solutions announced that its payment HSM are integrated with jPOS to drive jPOS based payment and expand their abilities.

In December 2019, Thales e-Security Inc launched Safe Net Luna Network HSM version 7.4 with new features like functionalist module, utilization metrics and support for the ed25519ph curve variant.

Key Takeaways

The top 10 companies in the Hardware Security Module Market are Ultimaco GmbH, Futurex , IBM Corporation, Thales e-Security Inc, Ultra Electronics, Swift, Spyrus Inc, Yubico, ATOS SE and Ledger.

Cloud segment held the highest market share, owing to growing adoption among SMEs.

Banking and Financial Institution held the highest market share in 2020 and is estimated to witness a notable growth during the forecast period 2021-2026, due to rise in digital payment processing.

North America held the highest market share in 2020 owing to the adoption of advanced payment method and high investment in them.

Related Reports:

A. Hardware Reconfigurable Devices Market

B. Hardware Security Module Procurement Prospects Market

For more Electronics Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to to discuss more about our consulting services.


Venkat Reddy

(+1) 970-236-3677

Source: EmailWire.Com

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