Hardware Security Modules Market by Deployment and Geography - Forecast and Analysis 2022-2026

Hardware Security Modules Market Report Summary

The hardware security modules market share is expected to increase by USD 982.86 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 11.77%.

The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by deployment (on-premise and cloud) and geography (North America, APAC, Europe, MEA, and South America).

The hardware security modules market report also offers information on several market vendors, including Atos SE, Futurex, Hewlett Packard Enterprise Co., International Business Machines Corp., Infineon Technologies AG, Microchip Technology Inc., STMicroelectronics NV., Thales Group, Utimaco IS GmbH, and Yubico AB among others.

Atos SE - The company offers different types of data protection for companies and critical infrastructures. The infrastructure and data management segment offer cognitive IT solutions for data and infrastructure management.

What will the Hardware Security Modules Market Size be During the Forecast Period?

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Parent Market Analysis

Technavio categorizes the global hardware security modules market as a part of the global information technology (IT) spending market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period. 

Hardware Security Modules Market: Key Drivers, Trends, and Challenges

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Hardware Security Modules Market Driver

• One of the key factors driving growth in the hardware security modules market is the rising use of Internet banking and digital payments.
• Digital payments are gaining importance among individual consumers, as they are very easy, quick, and convenient to use when compared with traditional methods. Consumers are also using smartphones to make online transactions at any time. Moreover, digital wallets are becoming the most popular mode of payment due to features such as easy registration and login, robust merchant and consumer payment processing capability, and a user-friendly dashboard.
• The growing need for faster checkouts at retail outlets, the high adoption of EMV cards, effective information management among retailers, and the increased focus on secure payments contribute to the growth of the global hardware security market.

Key Hardware Security Modules Market Challenge

• The high preliminary acquisition cost will be a major challenge for the hardware security modules market during the forecast period. Hardware security modules developed with older generations of expertise pose significant barriers to adoption.
• Features such as secure cryptographic processing, a tamper-proof environment for key protection and management, and certification requirements to meet compliance standards lead to high prices for hardware security modules. Given the cost factors of hardware security modules, SMEs have insufficient IT budgets that make these solutions difficult to implement. Therefore, the costs associated with hardware security modules act as an impediment to deployment in budget-constrained enterprises. 

This hardware security modules market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Hardware Security Modules Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the hardware security modules market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report. 

Which are the Key Regions for Hardware Security Modules Market?

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35% of the market’s growth will originate from North America during the forecast period. The US is the key market for hardware security modules in North America. Market growth in this region will be faster than the growth of the market in the European regions. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What is the Fastest-Growing Deployment Segment in the Hardware Security Modules Market?

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The hardware security modules market share growth by the on-premise segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the hardware security modules market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Hardware Security Modules Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive hardware security modules market growth during the next five years
• Precise estimation of the hardware security modules market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the hardware security modules industry across North America, APAC, Europe, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive analysis of factors that will challenge the growth of hardware security modules market vendors

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