DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Hardware Security Modules Market by Type, Application, Industry, and Geography - Global Forecast to 2022" report to their offering.
The hardware security modules market is expected to reach USD 1,101.2 million by 2022, at a CAGR of 12.87% during the forecast period.
The growth of the market is driven by various factors such as the increase in data breaches and cyberattacks, mandates for HSM manufacturers to comply with internal and external privacy and data security regulations, and effective management of cryptographic keys. However, factors such as the cost associated with the hardware security modules is expected to limit the market growth for a short period of time.
The market for USB-based/portable HSM is expected to grow at the highest CAGR between 2017 and 2022. The USB-based/portable HSMs are ideally suitable for offline situations where the HSM is stored in a physical safe when not in use, or where the HSM is required to be portable. USB-based HSMs enable organizations to provide high-assurance cryptographic solutions in a cost-effective way. Portability and USB connectivity make USB-based HSMs especially suitable for use with laptops, workstations, or desktops, resulting in the highest growth rate during the forecast period.
The payment processing type application held the largest market size during the forecast period. The emergence of digital transactions, electronic payments, and the need to safeguard the most sensitive financial data results in the largest market share of the payment processing application. To keep systems and internal processes flexible and scalable, HSMs have been specially designed to meet the industry standards and regulatory requirement with respect to the payment processing, resulting in the high growth rate for payment processing application during the forecast period.
- Increase in Data Breaches and Cyberattacks
- Mandate for HSMs Manufacturers to Comply With Internal and External Privacy and Data Security Regulations
- Effective Management of Cryptographic Keys
- Cost Associated With Hardware Security Modules
- Demand for HSMs for Data Security in the Cloud Environment
- Achieve Point-To-Point Encryption By Complying With PCI Standards
- Discovering Sensitive Data and Understanding the Importance of Protecting This Data By Organizations
- Inability to Control the Key Management From Outside HSM Physical Protection Boundary
- Atos SE
- CardContact Systems GmbH
- Gemalto NV
- Hewlett Packard Enterprise Company
- International Business Machines Corporation
- Securosys SA
- Spyrus Inc.
- Thales E-Security Inc.
- Ultra Electronics
- Utimaco GmbH
For more information about this report visit http://www.researchandmarkets.com/research/dqblj3/hardware_security.