Product Code: TIPRE00004282
The hardware security module market is expected to grow from US$ 1.36 billion in 2023 to US$ 3.85 billion by 2031; it is estimated to record a CAGR of 13.9% from 2023 to 2031.
Healthcare institutions are undergoing a significant digital transformation involving a mounting reliance on technology to deliver patient care and critical services. The rising digitalization in the healthcare industry offers access to medical information and services from anytime, anywhere, and ensures timely and efficient patient care. Digitalization has resulted in the introduction of several tools and methods for enhancing healthcare services. These tools help to keep the record of patients' information and health-related data accessible to doctors as well as patients. However, due to growing digitalization in healthcare systems, the industry has become prone to various kinds of cyberattacks and threats. For instance, according to Check Point Software Technologies Ltd's Check Point Research (CPR), healthcare institutions experienced 1,426 weekly attacks in 2022, an increase of over 60% compared to 2021. Thus, the rising threats of cyberattacks due to growing digitalization in the healthcare industry can generate the demand for enhanced security solutions such as hardware security modules. The hardware security modules can protect healthcare institutions from attacks such as distributed denial of service (DDoS), ransomware, phishing, and malware. Thus, the growing digitalization in the healthcare system creates lucrative opportunities for the hardware security module market growth.
China is witnessing an increase in cyberattacks. For instance, in April 2023, StormWall s.r.o-the leading cybersecurity provider-published a report on the state of attacks for Q1 2023. The report was based on the analysis of attacks on StormWall s.r.o's client across various industries, revealing a significant increase of 47% in DDoS attacks compared to Q1 2022. China, with an 11.7% attack share, remains the most targeted country. Additionally, in August 2023, cybercriminals allegedly sold a stolen dataset from China's Government. The complete data set supposedly included personal identification information for about half a billion Chinese citizens and classified documents according to the criminals' posts about the sale. Also, in July 2023, China claimed that US cybercriminals hacked an earthquake monitoring station in Wuhan. As per the Public Security Bureau, this Trojan horse program has the capacity to illegally control and steal seismic data, which the front-end stations collect. Hence, such attacks are expected to fuel the hardware security module market growth during the forecast period.
Thales, STMicroelectronics, Utimaco Management GmbH, Atos SE, IBM Corporation, Futurex, SWIFT, Ultra Electronics Holdings plc, Infineon Technologies AG, and Hewlett Packard Enterprise Development LP are among the key players profiled in this hardware security module market report. Several other essential players were also analyzed for a holistic view of the market and its ecosystem. The hardware security module market report provides detailed insights to help major players strategize their growth.
The overall hardware security module market size has been derived using both primary and secondary sources. To begin the market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the hardware security module market.
Table Of Contents
1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
4. Hardware Security Module Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain
5. Hardware Security Module Market - Key Market Dynamics
- 5.1 Hardware Security Module Market - Key Market Dynamics
- 5.2 Market Drivers
- 5.2.1 Rising Cases of Data Breach
- 5.2.2 Growing Adoption of HSM for Retail Payment Transactions
- 5.3 Market Restraints
- 5.3.1 High Installation Cost of Hardware Security Module and Other Associated Issues
- 5.4 Market Opportunities
- 5.4.1 Growing Adoption of Cloud-based HSMs
- 5.5 Future Trends
- 5.5.1 Rising Adoption of 5G Network
- 5.6 Impact of Drivers and Restraints:
6. Hardware Security Module Market - Global Market Analysis
- 6.1 Hardware Security Module Market Revenue (US$ Million), 2021-2031
- 6.2 Hardware Security Module Market Forecast Analysis
7. Hardware Security Module Market Analysis - by Type
- 7.1 LAN based
- 7.1.1 Overview
- 7.1.2 LAN based: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 7.2 PCIe based
- 7.2.1 Overview
- 7.2.2 PCIe based: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 7.3 USB Based
- 7.3.1 Overview
- 7.3.2 USB Based: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
8. Hardware Security Module Market Analysis - by Application
- 8.1 Payment Processing
- 8.1.1 Overview
- 8.1.2 Payment Processing: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 8.2 Secure Socket Layer
- 8.2.1 Overview
- 8.2.2 Secure Socket Layer: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 8.3 Authentication
- 8.3.1 Overview
- 8.3.2 Authentication: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 8.4 Code and Document Signing
- 8.4.1 Overview
- 8.4.2 Code and Document Signing: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 8.5 Database Encryption
- 8.5.1 Overview
- 8.5.2 Database Encryption: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 8.6 Credential Management
- 8.6.1 Overview
- 8.6.2 Credential Management: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 8.7 Application-Level Encryption
- 8.7.1 Overview
- 8.7.2 Application-Level Encryption: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
9. Hardware Security Module Market Analysis - by Industry
- 9.1 BFSI
- 9.1.1 Overview
- 9.1.2 BFSI: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 9.2 Government
- 9.2.1 Overview
- 9.2.2 Government: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3 IT and Telecom
- 9.3.1 Overview
- 9.3.2 IT and Telecom: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4 Healthcare
- 9.4.1 Overview
- 9.4.2 Healthcare: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 9.5 Manufacturing
- 9.5.1 Overview
- 9.5.2 Manufacturing: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 9.6 Retail and Consumer Goods
- 9.6.1 Overview
- 9.6.2 Retail and Consumer Goods: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 9.7 Others
- 9.7.1 Overview
- 9.7.2 Others: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
10. Hardware Security Module Market - Geographical Analysis
- 10.1 Overview
- 10.2 North America
- 10.2.1 North America Hardware Security Module Market Overview
- 10.2.2 North America: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.2.3 North America: Hardware Security Module Market Breakdown, by Type
- 10.2.3.1 North America: Hardware Security Module Market - Revenue and Forecast Analysis - by Type
- 10.2.4 North America: Hardware Security Module Market Breakdown, by Application
- 10.2.4.1 North America: Hardware Security Module Market - Revenue and Forecast Analysis - by Application
- 10.2.5 North America: Hardware Security Module Market Breakdown, by Industry
- 10.2.5.1 North America: Hardware Security Module Market - Revenue and Forecast Analysis - by Industry
- 10.2.6 North America: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.2.6.1 North America: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.2.6.2 United States: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.2.6.2.1 United States: Hardware Security Module Market Breakdown, by Type
- 10.2.6.2.2 United States: Hardware Security Module Market Breakdown, by Application
- 10.2.6.2.3 United States: Hardware Security Module Market Breakdown, by Industry
- 10.2.6.3 Canada: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.2.6.3.1 Canada: Hardware Security Module Market Breakdown, by Type
- 10.2.6.3.2 Canada: Hardware Security Module Market Breakdown, by Application
- 10.2.6.3.3 Canada: Hardware Security Module Market Breakdown, by Industry
- 10.2.6.4 Mexico: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.2.6.4.1 Mexico: Hardware Security Module Market Breakdown, by Type
- 10.2.6.4.2 Mexico: Hardware Security Module Market Breakdown, by Application
- 10.2.6.4.3 Mexico: Hardware Security Module Market Breakdown, by Industry
- 10.3 Europe
- 10.3.1 Europe Hardware Security Module Market Overview
- 10.3.2 Europe: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.3 Europe: Hardware Security Module Market Breakdown, by Type
- 10.3.3.1 Europe: Hardware Security Module Market - Revenue and Forecast Analysis - by Type
- 10.3.4 Europe: Hardware Security Module Market Breakdown, by Application
- 10.3.4.1 Europe: Hardware Security Module Market - Revenue and Forecast Analysis - by Application
- 10.3.5 Europe: Hardware Security Module Market Breakdown, by Industry
- 10.3.5.1 Europe: Hardware Security Module Market - Revenue and Forecast Analysis - by Industry
- 10.3.6 Europe: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.3.6.1 Europe: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.3.6.2 France: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.6.2.1 France: Hardware Security Module Market Breakdown, by Type
- 10.3.6.2.2 France: Hardware Security Module Market Breakdown, by Application
- 10.3.6.2.3 France: Hardware Security Module Market Breakdown, by Industry
- 10.3.6.3 Germany: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.6.3.1 Germany: Hardware Security Module Market Breakdown, by Type
- 10.3.6.3.2 Germany: Hardware Security Module Market Breakdown, by Application
- 10.3.6.3.3 Germany: Hardware Security Module Market Breakdown, by Industry
- 10.3.6.4 United Kingdom: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.6.4.1 United Kingdom: Hardware Security Module Market Breakdown, by Type
- 10.3.6.4.2 United Kingdom: Hardware Security Module Market Breakdown, by Application
- 10.3.6.4.3 United Kingdom: Hardware Security Module Market Breakdown, by Industry
- 10.3.6.5 Italy: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.6.5.1 Italy: Hardware Security Module Market Breakdown, by Type
- 10.3.6.5.2 Italy: Hardware Security Module Market Breakdown, by Application
- 10.3.6.5.3 Italy: Hardware Security Module Market Breakdown, by Industry
- 10.3.6.6 Russian Federation: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.6.6.1 Russian Federation: Hardware Security Module Market Breakdown, by Type
- 10.3.6.6.2 Russian Federation: Hardware Security Module Market Breakdown, by Application
- 10.3.6.6.3 Russian Federation: Hardware Security Module Market Breakdown, by Industry
- 10.3.6.7 Rest of Europe: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.6.7.1 Rest of Europe: Hardware Security Module Market Breakdown, by Type
- 10.3.6.7.2 Rest of Europe: Hardware Security Module Market Breakdown, by Application
- 10.3.6.7.3 Rest of Europe: Hardware Security Module Market Breakdown, by Industry
- 10.4 Asia Pacific
- 10.4.1 Asia Pacific Hardware Security Module Market Overview
- 10.4.2 Asia Pacific: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.3 Asia Pacific: Hardware Security Module Market Breakdown, by Type
- 10.4.3.1 Asia Pacific: Hardware Security Module Market - Revenue and Forecast Analysis - by Type
- 10.4.4 Asia Pacific: Hardware Security Module Market Breakdown, by Application
- 10.4.4.1 Asia Pacific: Hardware Security Module Market - Revenue and Forecast Analysis - by Application
- 10.4.5 Asia Pacific: Hardware Security Module Market Breakdown, by Industry
- 10.4.5.1 Asia Pacific: Hardware Security Module Market - Revenue and Forecast Analysis - by Industry
- 10.4.6 Asia Pacific: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.4.6.1 Asia Pacific: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.4.6.2 Australia: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.6.2.1 Australia: Hardware Security Module Market Breakdown, by Type
- 10.4.6.2.2 Australia: Hardware Security Module Market Breakdown, by Application
- 10.4.6.2.3 Australia: Hardware Security Module Market Breakdown, by Industry
- 10.4.6.3 China: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.6.3.1 China: Hardware Security Module Market Breakdown, by Type
- 10.4.6.3.2 China: Hardware Security Module Market Breakdown, by Application
- 10.4.6.3.3 China: Hardware Security Module Market Breakdown, by Industry
- 10.4.6.4 India: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.6.4.1 India: Hardware Security Module Market Breakdown, by Type
- 10.4.6.4.2 India: Hardware Security Module Market Breakdown, by Application
- 10.4.6.4.3 India: Hardware Security Module Market Breakdown, by Industry
- 10.4.6.5 Japan: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.6.5.1 Japan: Hardware Security Module Market Breakdown, by Type
- 10.4.6.5.2 Japan: Hardware Security Module Market Breakdown, by Application
- 10.4.6.5.3 Japan: Hardware Security Module Market Breakdown, by Industry
- 10.4.6.6 South Korea: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.6.6.1 South Korea: Hardware Security Module Market Breakdown, by Type
- 10.4.6.6.2 South Korea: Hardware Security Module Market Breakdown, by Application
- 10.4.6.6.3 South Korea: Hardware Security Module Market Breakdown, by Industry
- 10.4.6.7 Rest of APAC: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.6.7.1 Rest of APAC: Hardware Security Module Market Breakdown, by Type
- 10.4.6.7.2 Rest of APAC: Hardware Security Module Market Breakdown, by Application
- 10.4.6.7.3 Rest of APAC: Hardware Security Module Market Breakdown, by Industry
- 10.5 Middle East and Africa
- 10.5.1 Middle East and Africa Hardware Security Module Market Overview
- 10.5.2 Middle East and Africa: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.5.3 Middle East and Africa: Hardware Security Module Market Breakdown, by Type
- 10.5.3.1 Middle East and Africa: Hardware Security Module Market - Revenue and Forecast Analysis - by Type
- 10.5.4 Middle East and Africa: Hardware Security Module Market Breakdown, by Application
- 10.5.4.1 Middle East and Africa: Hardware Security Module Market - Revenue and Forecast Analysis - by Application
- 10.5.5 Middle East and Africa: Hardware Security Module Market Breakdown, by Industry
- 10.5.5.1 Middle East and Africa: Hardware Security Module Market - Revenue and Forecast Analysis - by Industry
- 10.5.6 Middle East and Africa: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.5.6.1 Middle East and Africa: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.5.6.2 South Africa: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.5.6.2.1 South Africa: Hardware Security Module Market Breakdown, by Type
- 10.5.6.2.2 South Africa: Hardware Security Module Market Breakdown, by Application
- 10.5.6.2.3 South Africa: Hardware Security Module Market Breakdown, by Industry
- 10.5.6.3 Saudi Arabia: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.5.6.3.1 Saudi Arabia: Hardware Security Module Market Breakdown, by Type
- 10.5.6.3.2 Saudi Arabia: Hardware Security Module Market Breakdown, by Application
- 10.5.6.3.3 Saudi Arabia: Hardware Security Module Market Breakdown, by Industry
- 10.5.6.4 United Arab Emirates: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.5.6.4.1 United Arab Emirates: Hardware Security Module Market Breakdown, by Type
- 10.5.6.4.2 United Arab Emirates: Hardware Security Module Market Breakdown, by Application
- 10.5.6.4.3 United Arab Emirates: Hardware Security Module Market Breakdown, by Industry
- 10.5.6.5 Rest of Middle East and Africa: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.5.6.5.1 Rest of Middle East and Africa: Hardware Security Module Market Breakdown, by Type
- 10.5.6.5.2 Rest of Middle East and Africa: Hardware Security Module Market Breakdown, by Application
- 10.5.6.5.3 Rest of Middle East and Africa: Hardware Security Module Market Breakdown, by Industry
- 10.6 South and Central America
- 10.6.1 South and Central America Hardware Security Module Market Overview
- 10.6.2 South and Central America: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.6.3 South and Central America: Hardware Security Module Market Breakdown, by Type
- 10.6.3.1 South and Central America: Hardware Security Module Market - Revenue and Forecast Analysis - by Type
- 10.6.4 South and Central America: Hardware Security Module Market Breakdown, by Application
- 10.6.4.1 South and Central America: Hardware Security Module Market - Revenue and Forecast Analysis - by Application
- 10.6.5 South and Central America: Hardware Security Module Market Breakdown, by Industry
- 10.6.5.1 South and Central America: Hardware Security Module Market - Revenue and Forecast Analysis - by Industry
- 10.6.6 South and Central America: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.6.6.1 South and Central America: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.6.6.2 Brazil: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.6.6.2.1 Brazil: Hardware Security Module Market Breakdown, by Type
- 10.6.6.2.2 Brazil: Hardware Security Module Market Breakdown, by Application
- 10.6.6.2.3 Brazil: Hardware Security Module Market Breakdown, by Industry
- 10.6.6.3 Argentina: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.6.6.3.1 Argentina: Hardware Security Module Market Breakdown, by Type
- 10.6.6.3.2 Argentina: Hardware Security Module Market Breakdown, by Application
- 10.6.6.3.3 Argentina: Hardware Security Module Market Breakdown, by Industry
- 10.6.6.4 Rest of South and Central America: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.6.6.4.1 Rest of South and Central America: Hardware Security Module Market Breakdown, by Type
- 10.6.6.4.2 Rest of South and Central America: Hardware Security Module Market Breakdown, by Application
- 10.6.6.4.3 Rest of South and Central America: Hardware Security Module Market Breakdown, by Industry
11. Competitive Landscape
- 11.1 Heat Map Analysis By Key Players
- 11.2 Company Positioning & Concentration
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 Product Development
13. Company Profiles
- 13.1 Thales SA
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 STMicroelectronics NV
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Atos SE
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 International Business Machines Corp
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Futurex LP
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Swift SC
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 Infineon Technologies AG
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Hewlett Packard Enterprise Development LP
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Utimaco Management Services GmbH
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 Marvell Technology Inc
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
14. Appendix
- 14.1 About The Insight Partners