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Concern over Data Breaches and Frequent Cyber

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Concern over Data Breaches and Frequent Cyber-attacks are Expected to Drive the Hardware Security Module (HSM) Market to a Value of US$ 5,932.4 Mn by 2026
Concern over Data Breaches and
Frequent Cyber-attacks are Expected to
Drive the Hardware Security Module
(HSM) Market to a Value of US$ 5,932.4
Mn by 2026
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.
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.
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Increased spending on cyber security driving the global hardware security module
(HSM) market
Hardware Security Module (HSM) Market: Scope of the Report
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 costefficient 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.
North America led the global hardware security module Smarket with a substantial
share in 2016, primarily due to rising deployment of HSM devices for various
applications across organizations operating in North America, particularly in the U.S.
which hasgiven impetus to the HSM market.Furthermore, many new vendors are
entering the HSM market in North America, thereby adding to the growth of HSM
devices. Additionally, attempts made by developed economies to improve their
security infrastructure and protect data from malicious attacks arealso supporting the
growth in the North America region.The growth in the HSM market is also witnessing
the formulation of stringent regulatory standards in North America and around the
world, specifically for the vendors. The Federal Information Processing Standards
(FIPS) (FIPS PUB 140-2) are the set of quality standards that approves cryptographic
modules. FIPS 140-2 defines several levels of security, namely level 1, level 2, level
3, and level 4. The standard helps end-users to efficiently select the HSM device
based on their requirement for data security.
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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Global Hardware Security Module (HSM) Market: Competitive Dynamics
Vendors of HSM devices are continuously improving their products in terms of the
function and other features. Vendors are developing advanced HSM solutions that are
in accordance with regulatory standards. Moreover, some of the major players in the
HSM market are collaborating with integrators and other small vendors to provide
advanced HSMs that are feasible, scalable, and can be customized as per the security
requirement of end-users. Some of the players are investing in research and
development to offer innovative HSM devices.
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Mayurideore
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