The Global market for Hardware Security Modules is anticipated to grow with a CAGR of 12.87% and reach around USD 1370 Million by 2024.
The growth of this market is attributed to the rise in the adoption of IoT (Internet of Things) and cloud-based services by various industries and an increase in the utilization of internet banking, digital payments, and the popularity of bitcoins or cryptocurrency.

Hardware Security Module (HSM) is a physical device that provides additional security for sensitive data that needs authentication. These type of devices uses the provision cryptographic keys for critical functions such as encryption, authentication, and decryption. The encryption is the process to transfer information by making it unreadable for unauthorized users. At the same time, decryption is the process of conversion of encrypted data into its original form, and authentication is the process that ensures and confirms users.

Recent developments
• Utimaco Inc., a US subsidiary of German-based Company and developer of hardware-based, high-security appliances and compliance solutions for telecommunication provider regulations, has acquired Atalla HSM product line, the Enterprise Security Manager ("ESKM") product line, and related supporting assets, including applicable patents and other IP.

• Atos, a giant in digital transformation, today announced the acquisition of Maven Wave, a U.S.-based cloud and technology consulting firm specialized in delivering digital transformation solutions for large enterprises which leads Atos to reinforce its global leadership in cloud-solutions for applications, data analytics and machine learning in hybrid and multi-cloud platforms.
Market drivers and restraints
Due to the rise in the adoption of internet banking, digital payments, and the range of cryptocurrency, the growth of the global hardware security modules market is boosting. Also, advancements in the IoT (Internet of Things) and cloud-based services' technologies and applications are one of the primary growth factors for the hardware security module market across the globe.

But the prices of the initial installations of these modules, which are expensive for the small scale industries are the restraints that are hampering the hardware security modules market
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Report Segmented as
By type
• LAN based
• PCIE based
• USB based
By applications
• Payment processing
• Code & Document signing
• Secure sockets layer
• Transport layer security
• Authentication
• Database encryption
• Credential management
• Application-level encryption
By end-users
• BFSI
• Healthcare
• Telecommunication & IT
• Energy & Utilities
• Transportation
• Education
• Entertainment & Media
• Manufacturing
Geographical Analysis
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa
North America and Europe jointly account for the dominant share of the global market, owing to the increasing cyber threats and rising adoption of advanced security modules. The Asia Pacific is another promising region for investments in the global hardware security modules market.

Key market players
• Gemalto NV
• Thales e-security Inc.
• Utimaco GmbH
• International Business Machines Corporation
• Futurex
• Helwett Packard Enterprise Company
• ATOS SE
• Yubico
• Ultra Electronics
• Swift
• Securosys Sa
• Cardcontact Systems GmbH
• Ledger & Spyrus, Inc.

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