Hardware Security Modules Market Analysis

Deployment mode (On-premise, Cloud-based)

The cloud-based segment is expected to capture 64.5% of the global hardware security modules market share by 2037. The cost-effectiveness in terms of long returns and scalability is a prime factor accelerating the demand for cloud-based hardware security modules. The increasing demand for centralized key management is fueling the sales of cloud-based hardware security modules globally. The European Union Agency for Cybersecurity 2023 report reveals that small and medium-sized enterprises are increasingly shifting to cloud-based infrastructure. These developments are set to augment the installation of cloud-based hardware security modules in the years ahead.

Industry Vertical (Banking, Financial Services & Insurance (BFSI), Government & Defense, Healthcare, IT & Telecom, Manufacturing)

The banking, financial services, & insurance (BFSI) segment is anticipated to account for 38.5% of the global hardware security modules market share throughout the forecast period. The growing cases of cyberattacks and high risk of data breaches are fueling the installation of hardware security modules in BFSI companies. The strict regulations to comply with FIPS 140-3 and PCI-DSS standards are fueling the demand for hardware security module technologies. Furthermore, the study by the National Institute of Standards and Technology highlights that the hardware security modules are effective and efficient for the protection of cryptographic keys, particularly used in online banking and ATM transactions.

Our in-depth analysis of the global hardware security modules market includes the following segments: