The hardware security modules market was USD 1,250 million in 2022, and it will touch USD 3,732 million, advancing at a 14.7% CAGR, by 2030.
The advancement of this industry is attributed to the increasing cases of cyberattacks and security breaches, the employment of user-friendly interfaces to integrate blockchain transaction security systems for consumers, and the acceptance of modern technologies, for instance, cloud computing, big data analytics, and IoT.
In 2022, the payment processing category, based on application, accounted for the largest share in the industry. This is because of the mounting requirement for secure payment transaction methods, because of the surging penetration of mobile banking and e-commerce.
The cloud category, based on deployment, will observe faster growth, of approximately 15%, in the years to come. With cloud-based hardware security modules, businesses can easily create encryption keys on the cloud, without requiring maintaining and hosting on-premises servers.
Moreover, cloud services also offer businesses scalability, flexibility, and the suitability to update systems so that businesses can utilize their time in their main business strategies.
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The USB-based/portable category, based on type, is expected to observe the fastest hardware security modules market growth, of approximately 14.8%, in the years to come. These devices are small and portable, hence they can be utilized for numerous functions, for instance, digital signatures, secure key storage, and coding & signing. Moreover, these devices are favored by all businesses as they provide cost-efficiency, easier deployment, and superior security.
The banking, financial services, and insurance category, based on industry vertical, will advance at the highest rate, of approximately 15.1%, in the years to come. This is mainly because of the surging requirement for 3D secure payments, e-wallet payment solutions, and digital banking.
Whereas, the consumer goods & retail category is expected to observe the second-fastest growth in the years to come. This is because of the increasing utilization of hardware security modules in the retail sector to offer high levels of protection, to avoid the loss or theft of important product information.
The North American industry accounted for a significant share, owing to the rising acceptance of these devices in numerous sectors, for instance, telecom, government, and retail, in Canada and the U.S. Moreover, over the last few years, the region has observed a steady increase in the acceptance of cloud technologies by organizations.
The APAC hardware security modules industry will advance at a high rate in the years to come. This is because of the digitalization of businesses, advancement in technologies, and surging occurrence of cyberattacks, particularly in Japan, India, and China.
It is because of the increasing utilization of online banking and the surging incidence of data breaches and cyberattacks across the globe, the hardware security modules industry will continue to grow in the years to come.
