Hardware Security Modules Market worth $1.8 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 6, 2021 /PRNewswire/ -- According to the new market research report "Hardware Security Modules Market with COVID-19 Impact Analysis by Deployment Type (On-premises, Cloud Based), Type (LAN Based/Network Attached, PCI Based, USB Based, Smart Cards), Applications, Verticals and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the overall Hardware Security Modules Market is expected to grow from USD 1.1 billion in 2021 to USD 1.8 billion by 2026, at a CAGR of 11.6%. A hardware security module (HSM) is a physical device that provides extra security to sensitive data. It manages cryptographic keys for critical functions such as encryption, decryption, and authentication and is deployed for different applications such as application-level encryption, decryption, payment processing, code and document signing, authentication, and database encryption. For instance, businesses may use an HSM to secure trade secrets that have significant value by ensuring only authorized individuals can access the HSM to complete a cryptography key transaction.

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A few key hardware security modules market players are Hewlett Packard Enterprise Development LP (US), Thales (US), Utimaco (Germany), International Business Machines Corporation (US), Microchip Technology (US), Infineon Technologies (Germany), Securosys (Switzerland), Spyrus (US), Futurex (US), SWIFT (Belgium), Atos SE (France), and Yubico (US).

On-premises segment to hold the largest share of the Hardware security modules market, by deployment type, in 2021

A hardware security module is a physical device that manages digital keys by providing secure storage and generation of keys required for authentication. Hardware security modules generate and store encryption keys used among various devices. They have special hardware to create entropy and generate high-quality random keys. The main features of an on-premise hardware security module include on-board key generation and storage, accelerated symmetric and asymmetric encryption, and backup of sensitive materials in encrypted form. In large organizations, multiple hardware security modules are deployed to support the network. A streamlined, centralized key management system based on external regulations and strong internal security policies improves security and ensures compliance.

Hardware security module systems act as hardware cryptographic accelerators for SSL connections and sometimes offer asymmetric key operations significant CPU offload. Most hardware security modules also support elliptic curve cryptography (ECC), which provides stronger encryption despite shorter key lengths. These modules adhere to internationally recognized standards and certifications such as FIPS 140, ANSSI Certification, eIDAS, EU Restricted, PCI-DSS, and GIE CB, among others, which relate to securing infrastructure and application. The highest achievable certification level of FIPS 140 security is Security Level 4. Hardware security modules are typically protected by tamper-resistant, tamper-evident, or tamper-responsive packaging and contain one or multiple cryptoprocessor chips or a module containing a combination of chips to prevent bus probing and tampering. These modules come in the form of a plug-in card or an external device attached directly to a computer or network server. The modules are available in multiple forms to support common deployment scenarios, ranging from portable devices to high-performance data center appliances.

Browse in-depth TOC on "Hardware Security Modules Market"

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The market for medical and life sciences sector to grow at the highest CAGR during the forecast period

In the field of healthcare, hardware security modules are significant primarily for the telematics infrastructure (TI), such as that of the new electronic health card (eGK) in Germany. The main objective of eGK was to enable cross-system registration and processing and transmission of patient data between trusted participants such as physicians, care providers, medical practices, hospitals, pharmacies, and health insurers within a secure network. It is mandatory for pharmaceuticals companies developing new medicines to follow the standards of security and privacy. These companies also undergo regular audits. In the case of remote secure access, a cloud-based solution allows pharmaceuticals companies to eliminate paper work, share documents easily, automate document handling, and capture regulatory-compliant signatures on handheld devices such as tablets and smartphones. Cloud signing solutions help pharmaceuticals companies save substantially on shipping charges and accelerate time to market and development of new drugs.

Europe to hold the largest share of Hardware security modules market by 2021

The European market for hardware security modules has been segmented into Germany, the UK, France, Italy, the Netherlands, and the Rest of Europe. The thriving BFSI, IT & Telecommunications, and medical and life sciences, along with the automotive industry in the region, act as an opportunity for the market. The growth of 4G LTE technology in the region and ongoing developments and smaller deployments of 5G infrastructure is expected to drive the need for enhanced network security, leading to increased demand for hardware security modules across the IT and telecommunications sector.

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Hardware Encryption Market by Product Type (External HDD, Internal HDD, Solid-state drive, Inline Network Encryptor, USB Flash Drive), Application (Consumer Goods, Aerospace And Defense, Transportation, Healthcare, and Others) and Region - Forecast to 2025

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