According to our latest study on "Hardware security module Market Size and Forecast (2020-2030), Global and Regional Share, Trend, and Growth Opportunity Analysis - By Type, Application, Industry, and Geography. The hardware security module market size 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.
Growing Adoption of HSM for Retail Payment Transactions to Drive Hardware security module Market Growth During Forecast Period
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.
Key Findings of Hardware security module Market Study:
The hardware security module market report emphasizes the key factors driving the market and showcases/exhibits/depicts the developments of prominent players. The hardware security module market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The hardware security module market analysis has been performed by considering the following segments: component, industry, application, and geography.
Based on component, the market is divided into software and services. Software segment held the largest hardware security module share in 2023. The demand for LAN based hardware security modules (HSMs) is growing due to an increased need for faster data transfer and communication. LAN-based HSMs are linked to the system via a local area network (LAN), providing centralized control and maintenance of cryptographic keys.
The Europe Hardware security module market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Germany held the largest hardware security module market share in 2023. The hardware security module market in Germany is expected to grow considerably owing to the rise in digitization, 5G implementation, and technological adoption. Also, the increasing number of cyberattacks in the country is raising the need for hardware security modules to protect the confidential data of different organizations and government bodies. In June 2021, German cooperative banks were hit by a distributed denial-of-service (DDoS) attack on an IT provider. The DDoS attack strengthened over the night, shutting down the websites of cooperative banks, such as Berliner Volksbank, throughout the country. Therefore, the rising cyberattacks, and cybersecurity threats influence the hardware security module market growth in the country.
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