A hardware security module (HSM) is a crypto processor that is specially designed and dedicated to protect crypto key lifecycle. It is a hardware device that manages and safeguards the cryptographic authentication process. Organizations that require high levels of security to manage, process, and store cryptographic keys use these modules. A hardware security module provides logical and physical protection to digital keys from unauthorized user.
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The global hardware security module market is expected to reach US$ 1020.1 Mn during the forecast period. The demand for HSM is increasing due to its ability to encrypt data and provide message authentication. Increasing incidences of cyber-attacks over the years have increased the demand for security modules. Digitization in various industries such as BFSI, healthcare, government, retail & e-commerce, and others has increased incidents of data breaches, which mandates organizations to adopt hardware security modules. However, the initial cost associated with the hardware security module may hamper the market demand. The use of cloud-based services is further generating opportunities for hardware security modules, for securing cryptographic data.
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The hardware security market is segmented on the basis of type, deployment type, application, end-use industry, and region. Based on the end-use industry, the market is segmented as BFSI, healthcare, automotive and transportation, government, IT and telecom, and others. The BSFI industry captured the highest share in the market in the year 2018, owing to the increasing number of cyber-attacks and data breaches. In addition to these, digital payments processing requires high security and this will further accelerate the market demand. Based on the regions, North America is expected to dominate the market during the forecast period, owing to the presence of key vendors such as FutureX, Thales e-Security, Inc., and others in the region. The demand will increase further due to the adoption of innovative technologies and cloud-based services in the region.
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