Hardware Security Module (HSM) Market - Adoption and Penetration of Security Modules as well as Presence of Large Number of Vendors

According to a new market report published by Transparency Market Research, the global hardware security module market is expected to reach a value of US$ 5,932.4 Mn by 2026 on account of rising security concerns across a number of industries. The market is projected to expand at a CAGR of 11.5% during the forecast period from 2018 to 2026.Growth of the hardware security module market is due to concerns over data breaches as well as increased spending on cyber security. Demand for HSM solutions is expected to surge in the coming years with more small and medium scale organizations involving in formulating encryption strategies.

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Spending on cyber security has increased over the years. Organizations are strategically allocating a significant share of their budget in deploying cyber security solutions. According to a study conducted by SANS Institute on 'IT Security Spending Trends' in February 2016, more than 50% of the total cyber security budget of organizations is spent on tools supporting access and authentication, followed by advanced malware and endpoint security, and data protection technologies.

The hardware security module (HSM) market is segmented based on type, application, and industry vertical. According to the research study, remote interface HSM held the significant share in 2016 in the global hardware security module market. However, smart cards and USB tokens are expected to show strong growth during the forecast period. This is largely due to the embedded features that these HSMs have. Since USB tokens and smart cards are lightweight, portable, and cost-efficient HSM types, they are heavily being deployed among medium and small enterprises around the world.

Moreover, these HSMs do not require additional hardware, that makes them simple to install and operate, thereby making them popular among various organizations. The use cases of hardware security modules are plentiful, ranging from authentication to application level encryption. However, the most prominent application for which HSMs are largely being deployed is for authentication followed by Secure Sockets Layer (SSL) and document signing. Moreover, use of HSM devices for applications such as database encryption and credential management are expected to witness growth in the coming years.

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The global hardware security module market in Europe is expected to contribute significant share in 2018which is closely followed by the Asia Pacific region. In Europe, Germany and the U.K. are anticipated to drive the growth of the hardware security module (HSM) market. The strong deployment of HSM devices in European countries are largely due to frequent cyber-attacks in various institutions such as governments, and banking and financial enterprises.

Asia Pacific is anticipated to observe highest growth in terms of adoption of HSMs during the forecast period.Across Asia Pacific, Japan, China, and India are anticipated to drive the growth of the hardware security module market. Japan dominated the market in 2016 and is expected to continue its dominance over the forecast period from 2018 to 2026. The pace of deployment of HSM devices is expected to grow with the growing need to efficiently protect cryptographic keys from any kind of malicious attacks.The global hardware security module (HSM) market in South America and Middle East & Africaare anticipated to witness relatively stable growth.

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