Hardware Security Modules Market Will Reach USD 3,732 Million by 2030, Says P&S Intelligence

NEW YORK, May 9, 2023 /PRNewswire/ -- The hardware security modules market is projected to be worth USD 3,732 million by 2030, growing at a CAGR of 14.7%, according to P&S Intelligence.

A hardware security module is a dedicated device that conducts all main cryptographic processes, such as authentication, decryption, encryption, and key management.

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These safety devices guard and hide cryptographic resources and stock crypto keys in one location, rather than numerous different areas. They have limited network accessibility, protected through a firewall. HSMs are also tamper-resilient and tamper-evident devices.

Cybersecurity Worries with Cloud, AI, and Other Technologies 

The usage of the internet of things technology has multiplied in this contemporary, digital world. Smart devices and sensors are gathering enormous amounts of data and changing it to business insights more quickly, at a less price, and with advanced accuracy.

IoT has been changing several customer, government, industrial, and defense applications, with use cases across supply chains, customer relationship handling, operations, inventory handling, quality check, and HR.

Increasing Utilization of Mobile Banking 

The growth in the requirement for self-service and the personalization of items and services is the key reason for the development in the utilization of mobile banking applications.

Furthermore, the technical improvements in mobile banking, including the usage of smart bots for tailored real-time client service, and the surge in the utilization of smartphones boost the development in the count of people using banking services via mobile applications.

Cloud Deployment To Experience Faster Development

The cloud deployment category is projected to grow at the higher rate, of approximately 15%, during the forecast period. With cloud-based hardware security modules, businesses can make and store encryption keys on the cloud with convenience, without the requirement for having and maintaining on-premises servers.

The other advantages companies are provided by cloud services are scalability, flexibility, and the ease of updating systems so that businesses can spend their time on their core growth plans.

North America Generates Significant Revenue from HSM Sales

North America has a substantial industry share, because of the growing acceptance of such devices in several industries, including telecom, retail, and government, in Canada and the U.S.

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The recent years have experienced stable growth in the acceptance of cloud technologies by companies. Furthermore, the swift digitalization of business processes and the high internet usage have augmented the danger of data breaches and other cybercrimes, making companies accept strong cybersecurity solutions.

Fastest HSM Integration Rise To Be in BFSI Sector

The BFSI industry will witness a growth of about 15.1% in the revenue contribution for HSM manufacturers, due to the burgeoning adoption of 3D secure payments, digital baking, and e-wallets. Moreover, the BFSI sector is one of the biggest targets for cybercriminals, which makes comprehensive hardware and data security essential here.

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SOURCE P&S Intelligence