The global hardware security module market size was US$ 1.3 billion in 2021. The global hardware security market is forecast to grow to US$ 3.12 billion by 2030 by growing at a compound annual growth rate (CAGR) of 11.8% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The wide applications of the hardware security module in the automotive and transportation segment are forecast to drive the growth of the global hardware security module market. The global hardware security module market is forecast to gain traction, owing to the rising cases of data breaches and cyber-attacks. The service providers in the hardware security module (HSM) have mandatory compliance with the internal and external privacy laws. Thus, strict data protection regulations are forecast to boost the market growth.
The rising demand for digital payment methods is forecast to propel the hardware security module market forward. Many firms and corporations aspire to achieve point-to-point encryption by complying with PCI rules, opening up new potential for the global market.
The high cost of implementation may limit the growth of the global hardware security module market during the study period.
COVID-19 Impact Analysis
The global market for hardware security modules is forecast to be negatively impacted by the COVID-19 epidemic. The COVID-19 outbreak has pushed a number of businesses and organizations to stop the operations. Moreover, the pandemic has caused severe supply chain disruptions, which ultimately hampered the growth of the global hardware security module market.
Regional Analysis
North America is forecast to dominate the global hardware security module market. The growth of the market is attributed to the high adoption and penetration of security modules in the region. In addition, the growing engagement of a significant number of organizations across the region will benefit the hardware security module market. Furthermore, Asia Pacific is forecast to register significant growth, owing to the growing demand for hardware security modules from end-use industries like banking and financial services, government, manufacturing, technology, communications, industrial, energy, etc.
Competitors in the Market
Market Segmentation
The global hardware security module market segmentation focuses on Type, Deployment, Applications, End-Use, and Region.
Based on the type, the hardware security module market has been segmented into –
Based on the deployment type, the hardware security module market has been segmented into –
Based on the applications, the hardware security module market has been segmented into –
Based on the end-use industry, the hardware security module market has been segmented into –
Based on the end-use industry, the hardware security module market has been segmented into –
