by The global hardware security module (HSM) market achieved a significant milestone in 2021, exceeding one billion dollars in revenue. According to Fairfield Market Research, the market is on track for promising growth as it continues to evolve, offering vital security solutions for modern businesses.
Securing Sensitive Data in the Digital Age
In an era where businesses collect and store sensitive customer data, the risk of data breaches and misuse is ever-present. Even encrypted data can be compromised if the private key is stolen or hacked. Hardware Security Modules (HSM) have emerged as a crucial cryptographic hardware system designed to safeguard data from leaks or tampering. The importance of data security has transcended mere regulatory compliance; it has become a cornerstone of business success and a potent marketing strategy. This heightened focus on data security is expected to drive the growth of the HSM market.
Elevated Demand Driven by IoT and Cloud Adoption
With the proliferation of Internet of Things (IoT) and cloud computing technologies, the demand for HSM solutions has steadily risen. The adoption of over 10 billion IoT devices in 2021, as reported by DataProt, has further accelerated market expansion. Additionally, the need for efficient cryptographic key management has fueled the growth of the HSM market. The key to future market expansion lies in offering HSM solutions tailored to individual customer requirements.
Cryptography at the Hardware Level
Cryptography is at the core of securing various processes, including document signatures, authentication, and application-level encryption. Mishandling these processes can lead to complexity, high costs, and risks. HSMs are specialized hardware components that create secure environments for cryptographic operations, managing the entire lifecycle of cryptographic keys. By using tamper-resistant hardware to secure keys and functions, HSMs enhance data encryption and digital signature procedures, making them more secure. This capacity to facilitate effective key management is expected to drive the HSM market.
Telematics Infrastructure in Healthcare
The healthcare and life sciences sector is expected to be a major driver of HSM adoption, particularly in telematics infrastructure (TI) projects like Germanys electronic health card (eGK). eGK aims to enable trusted participants in the healthcare ecosystem to securely process and transmit patient data within a secure network. Pharmaceutical companies, which must adhere to strict security and privacy regulations, can benefit from cloud-based systems that provide secure remote access and compliance with regulatory requirements.
Europes Growing HSM Market
In Europe, the expansion of 4G LTE and ongoing 5G infrastructure projects are expected to boost demand for HSMs in the IT and telecommunications sectors. According to Ericsson, the rapid deployment of 5G will drive IoT growth, with a substantial portion expected to come from the European market. The UKs retail banking sector is also witnessing increased investments in HSMs to protect sensitive data and enable secure transactions.
Competitive Landscape
Key players in the global HSM market include Thales Group (Gemalto), Utimaco GmbH, Adweb Technologies, Yubico, Futurex, Ultra Electronics, Securosys, Entrust Corporation, SPYRUS, Inc., Kryptoagile, Atos, Nitrokey, and IBM Corporation.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/hardware-security-module-market
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This press release first seen on Brilad
COMTEX_442125944/2840/2023-10-19T10:52:22
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.