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", 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.



Browse 179 market data Tables and 57 Figures spread through 233 Pages and in-depth TOC on "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"



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The business for hardware security modules specific to medical and telecommunications verticals is less affected compared with other verticals. Maintaining a safe, consistent, and efficient manufacturing process is the basic requirement to ensure the highest quality of products. Growing cost pressures, regulatory and safety guidelines, and increasingly diverse product portfolios are a few of the challenges faced by the manufacturers of hardware security modules. Hardware security modules are used in various verticals such as retail, BFSI, and transportation, and owing to COVID-19, the need for contactless payments has increased for maintaining social distancing, which is further expected to boost the demand for these modules across different sectors. Other verticals are expected to cover up the supply-demand gap within a time span of 2–3 years, and the hardware security modules market is expected to grow gradually until 2026.





Technology will continue to play a critical role in the Hardware security modules ecosystem. Key players operating in the Hardware security modules marketplace are integrating emerging technologies within their existing ecosystem, which has helped to improve Hardware security modules services.



Recent Developments

In February 2020, Thales partnered with Fujitsu (Japan) to use Thales’ Cloud Hardware Security Modules (HSM) and Data Protection on Demand to provide a highly secure and convenient end-to-end service for enterprise public key infrastructure (PKI). In addition, Fujitsu integrated Thales’ Key Management platform with its new enterprise data encryption service to offer secure lifecycle management of cryptographic keys of customers. The partnership will ensure enhanced security, compliance, and a cost-effective encryption solution to clients.
In April 2020, Infineon Technologies acquired Cypress Semiconductor Corporation (US). The addition of Cypress lets Infineon further bolster its focus on structural growth drivers and on a broader range of applications. This will accelerate the company’s path of profitable growth. Cypress adds a differentiated portfolio of microcontrollers, connectivity components, software ecosystems, and high-performance memory. All this is highly beneficial to Infineon’s leading power semiconductors, automotive microcontrollers, sensors, and security solutions.


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.



Key Players :

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).



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