Product Code: BMIRE00030843
The Europe hardware security module market was valued at US$ 471.97 million in 2023 and is projected to reach US$ 1,371.76 million by 2031; it is estimated to register a CAGR of 14.3% from 2023 to 2031.
Growing Adoption of HSM for Retail Payment Transactions Drives Europe Hardware Security Module Market
The popularity of online data-sharing applications, as well as digital technologies, is increasing due to the trend of remote working. This trend promotes digital transition, particularly for financial institutions such as banks, as e-banking usage and online sales have significantly increased. Digital transactions and payments have also risen as a result of mobile banking and third-party payment apps such as Google Pay or Amazon Pay that are connected to open banking platforms. Financial institutions are implementing hardware security modules for payments in an effort to streamline cryptography processes. They consistently manage numerous security apps and safeguard important payment information and transactions with a single hardware security module (HSM). For retail payment transactions, hardware security modules are implemented to protect the sensitive data of customers. As a result, market players are increasingly focusing on product development in the retail payment ecosystem. For instance, in September 2023, Thales announced the launch of the payShield Cloud HSM service to make it easy and flexible for payment HSMs to migrate to the cloud. Similarly, in June 2023, AWS announced a new service, AWS Payment Cryptography. This service simplifies cryptography operations, which help secure data in payment processing applications for credit, debit, and stored-value cards in accordance with the network, payment card industry (PCI), and American National Standards Institute (ANSI) standards and regulations. Financial service providers can replace their on-premises hardware security modules with shift payments-specific cryptography and major management functions to the cloud. Therefore, the growing adoption of HSM for retail payment transactions fuels the hardware security module market growth.
Europe Hardware Security Module Market Overview
Europe held the largest hardware security module market share in 2022. The Europe market is expected to grow considerably during the projected period due to the increasing awareness of the data security benefits provided by HSMs. The growing BFSI, IT & telecommunication, healthcare, and other industries in the region are raising the need for hardware security modules to protect their business information. Furthermore, the increasing digital advancements in Germany, the UK, and other European countries and the growing adoption of cloud-based technologies are creating an opportunity for the hardware security module market in Europe.
Europe Hardware Security Module Market Revenue and Forecast to 2031 (US$ Million)
Europe Hardware Security Module Market Segmentation
The Europe hardware security module market is categorized into type, application, industry, and country.
Based on type, the Europe hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held the largest market share in 2023.
In terms of application, the Europe hardware security module market is categorized into payment processing, secure socket layer, authentication, code and document signing, database encryption, credential management, and application-level encryption. The payment processing segment held the largest market share in 2023.
By industry, the Europe hardware security module market is segmented into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held the largest market share in 2023.
By country, the Europe hardware security module market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the Europe hardware security module market share in 2023.
Thales SA, STMicroelectronics NV, Atos SE, International Business Machines Corp, Futurex LP, Swift SC, Infineon Technologies AG, Hewlett Packard Enterprise Development LP, Utimaco Management Services GmbH, and Marvell Technology Inc are some of the leading companies operating in the Europe 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. Europe Hardware Security Module Market Landscape
- 4.1 Overview
- 4.2 Ecosystem Analysis
- 4.2.1 List of Vendors in the Value Chain
5. Europe Hardware Security Module Market - Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Rising Cases of Data Breach
- 5.1.2 Growing Adoption of HSM for Retail Payment Transactions
- 5.2 Market Restraints
- 5.2.1 High Installation Cost of Hardware Security Module and Other Associated Issues
- 5.3 Market Opportunities
- 5.3.1 Growing Adoption of Cloud-based HSMs
- 5.4 Future Trends
- 5.4.1 Rising Adoption of 5G Network
- 5.5 Impact of Drivers and Restraints:
6. Hardware Security Module Market - Europe Analysis
- 6.1 Hardware Security Module Market Revenue (US$ Million), 2021-2031
- 6.2 Hardware Security Module Market Forecast Analysis
7. Europe 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. Europe 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. Europe 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. Europe Hardware Security Module Market - Country Analysis
- 10.1 Europe
- 10.1.1 Europe: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.1.1.1 Europe: Hardware Security Module Market - Revenue and Forecast Analysis - by Country
- 10.1.1.2 France: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.2.1 France: Hardware Security Module Market Breakdown, by Type
- 10.1.1.2.2 France: Hardware Security Module Market Breakdown, by Application
- 10.1.1.2.3 France: Hardware Security Module Market Breakdown, by Industry
- 10.1.1.3 Germany: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.3.1 Germany: Hardware Security Module Market Breakdown, by Type
- 10.1.1.3.2 Germany: Hardware Security Module Market Breakdown, by Application
- 10.1.1.3.3 Germany: Hardware Security Module Market Breakdown, by Industry
- 10.1.1.4 United Kingdom: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.4.1 United Kingdom: Hardware Security Module Market Breakdown, by Type
- 10.1.1.4.2 United Kingdom: Hardware Security Module Market Breakdown, by Application
- 10.1.1.4.3 United Kingdom: Hardware Security Module Market Breakdown, by Industry
- 10.1.1.5 Italy: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.5.1 Italy: Hardware Security Module Market Breakdown, by Type
- 10.1.1.5.2 Italy: Hardware Security Module Market Breakdown, by Application
- 10.1.1.5.3 Italy: Hardware Security Module Market Breakdown, by Industry
- 10.1.1.6 Russia: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.6.1 Russia: Hardware Security Module Market Breakdown, by Type
- 10.1.1.6.2 Russia: Hardware Security Module Market Breakdown, by Application
- 10.1.1.6.3 Russia: Hardware Security Module Market Breakdown, by Industry
- 10.1.1.7 Rest of Europe: Hardware Security Module Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.1.7.1 Rest of Europe: Hardware Security Module Market Breakdown, by Type
- 10.1.1.7.2 Rest of Europe: Hardware Security Module Market Breakdown, by Application
- 10.1.1.7.3 Rest of Europe: 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