Table of Content

1 INTRODUCTION (Page No. - 31)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
           1.2.2 COMPANY: INCLUSIONS AND EXCLUSIONS
           1.2.3 TYPE: INCLUSIONS AND EXCLUSIONS
           1.2.4 DEPLOYMENT TYPE: INCLUSIONS AND EXCLUSIONS
           1.2.5 APPLICATION: INCLUSIONS AND EXCLUSIONS
           1.2.6 VERTICAL: INCLUSIONS AND EXCLUSIONS
           1.2.7 REGION: INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                    FIGURE 1 HARDWARE SECURITY MODULES MARKET: SEGMENTATION
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED
           TABLE 1 CURRENCY CONVERSION RATES
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 38)
    2.1 RESEARCH DATA
           FIGURE 2 PROCESS FLOW: HARDWARE SECURITY MODULE MARKET SIZE ESTIMATION
           FIGURE 3 HARDWARE SECURITY MODULES MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 List of major secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
           2.1.3 PRIMARY INTERVIEWS
           2.1.4  MARKET: BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.4.1 Primary interviews with experts
                    2.1.4.2 Key data from primary sources
           2.1.5 SECONDARY AND PRIMARY RESEARCH
                    2.1.5.1 Key industry insights
                    2.1.5.2 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION
           FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE)—REVENUE GENERATED BY KEY PLAYERS IN  MARKET
           FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—ILLUSTRATION OF REVENUE ESTIMATION OF KEY PLAYER IN HARDWARE SECURITY MODULES MARKET
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for deriving market size by bottom-up analysis (demand side)
                               FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for deriving market size by top-down analysis (supply side)
                               FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 8 DATA TRIANGULATION
    2.4 RISK ASSESSMENT
           TABLE 2 RISK ASSESSMENT
    2.5 RESEARCH ASSUMPTIONS
           FIGURE 9 ASSUMPTIONS
           2.5.1 RESEARCH LIMITATIONS
                    FIGURE 10 LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 51)
    FIGURE 11 LAN BASED/NETWORK ATTACHED SEGMENT TO LEAD HARDWARE SECURITY MODULES MARKET, BY TYPE, FROM 2022 TO 2027
    FIGURE 12 CLOUD SEGMENT TO ACCOUNT FOR LARGER SHARE OF MARKET, BY DEPLOYMENT TYPE, FROM 2022 TO 2027
    FIGURE 13 PAYMENT PROCESSING SEGMENT TO ACCOUNT FOR LARGEST SHARE OF  MARKET, BY APPLICATION, IN 2027
    FIGURE 14 BFSI SEGMENT TO HOLD LARGEST MARKET SHARE, BY VERTICAL, DURING FORECAST PERIOD
    FIGURE 15 EUROPE ACCOUNTED FOR LARGEST SHARE OF MARKET IN 2021

4 PREMIUM INSIGHTS (Page No. - 55)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS OPERATING IN HARDWARE SECURITY MODULES MARKET
           FIGURE 16 ADVANCEMENTS IN NETWORKING AND COMMUNICATION TECHNOLOGIES
    4.2 HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE
           FIGURE 17 CLOUD SEGMENT TO HOLD LARGER MARKET SHARE IN 2027
    4.3  MARKET FOR MEDICAL & LIFE SCIENCES VERTICAL, BY REGION
           FIGURE 18 EUROPE TO HOLD LARGEST SHARE OF MARKET FOR MEDICAL & LIFE SCIENCES VERTICAL DURING FORECAST PERIOD
    4.4 MARKET, BY VERTICAL AND REGION
           FIGURE 19 BFSI SEGMENT AND EUROPE ACCOUNTED FOR LARGEST SHARES OF MARKET IN 2021
    4.5 MARKET, BY REGION
           FIGURE 20 NORTH AMERICAN MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 58)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 21 HARDWARE SECURITY MODULES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    FIGURE 22 MARKET: DRIVERS AND THEIR IMPACT
                    5.2.1.1 Increasing data breaches and cyberattacks
                               FIGURE 23 NUMBER OF CYBERATTACKS IN US, 2015–2021
                    5.2.1.2 Need to follow stringent data security compliances
                    5.2.1.3 Requirement for effective management of cryptographic keys
                    5.2.1.4 Growing preference for digital payments
           5.2.2 RESTRAINTS
                    FIGURE 24 MARKET: RESTRAINTS AND THEIR IMPACT
                    5.2.2.1 High ownership costs associated with hardware security modules
                    5.2.2.2 Vulnerability to cyberattacks and security breaches
           5.2.3 OPPORTUNITIES
                    FIGURE 25 MARKET: OPPORTUNITIES AND THEIR IMPACT
                    5.2.3.1 Rising demand for data security in cloud environments
                    5.2.3.2 Increased adoption of connected devices and Internet of Things (IoT) technologies in smart cities
                    5.2.3.3 Increased demand for hardware security modules with advent of 5G
           5.2.4 CHALLENGES
                    FIGURE 26 MARKET: CHALLENGES AND THEIR IMPACT
                    5.2.4.1 Discovering and protecting sensitive data
                    5.2.4.2 Inability to control key management from outside physical protection boundary of hardware security modules
                    5.2.4.3 Complex integration process
    5.3 VALUE CHAIN ANALYSIS
           FIGURE 27 HARDWARE SECURITY MODULES MARKET: VALUE CHAIN
           5.3.1 RESEARCH, DESIGN, AND DEVELOPMENT
           5.3.2 RAW MATERIAL SUPPLIERS
           5.3.3 ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)
           5.3.4 SYSTEM INTEGRATORS
           5.3.5 SUPPLIERS AND DISTRIBUTORS
           5.3.6 VERTICALS
    5.4 ECOSYSTEM ANALYSIS
           TABLE 3 MARKET: ECOSYSTEM
           FIGURE 28 KEY PLAYERS IN HARDWARE SECURITY MODULES ECOSYSTEM
    5.5 TECHNOLOGY ANALYSIS
           5.5.1 COMMERCIALIZATION OF INTERNET OF THINGS (IOT)
           5.5.2 EMERGENCE OF 5G
           5.5.3 INTEGRATION OF HARDWARE SECURITY MODULES INTO CONTACTLESS SMART CARDS
           5.5.4 DIGITAL SIGNATURE
    5.6 AVERAGE SELLING PRICE (ASP) ANALYSIS
           FIGURE 29 AVERAGE SELLING PRICE (USD) OF HARDWARE SECURITY MODULES
    5.7 PATENTS ANALYSIS
           TABLE 4 PATENTS RELATED TO HARDWARE SECURITY MODULES MARKET
           FIGURE 30 NUMBER OF PATENTS RELATED TO MARKET, 2012–2021
           TABLE 5 TOP 10 PATENT OWNERS IN  MARKET
           FIGURE 31 TOP 10 PATENT OWNERS IN MARKET
    5.8 TRADE DATA
           TABLE 6 EXPORT DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY, 2017–2021 (USD THOUSAND)
           TABLE 7 IMPORT DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY, 2017–2021 (USD THOUSAND)
    5.9 REGULATORY LANDSCAPE
           5.9.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.9.2 GLOBAL REGULATIONS FOCUSED ON FRAUD PREVENTION AND STANDARDIZATION
           5.9.3 REGULATIONS IN NORTH AMERICA FOCUSED ON CONSUMER PROTECTION
           5.9.4 REGULATIONS IN EUROPE FOCUSED ON STANDARDIZATION
           5.9.5 REGULATIONS IN ASIA PACIFIC FOCUSED ON DOMESTIC PAYMENT NETWORKS
    5.10 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 32 MARKET: PORTER’S FIVE FORCES ANALYSIS
           TABLE 12 IMPACT OF EACH OF PORTER’S FIVE FORCES
           5.10.1 THREAT OF NEW ENTRANTS
           5.10.2 THREAT OF SUBSTITUTES
           5.10.3 BARGAINING POWER OF SUPPLIERS
           5.10.4 BARGAINING POWER OF BUYERS
           5.10.5 INTENSITY OF COMPETITIVE RIVALRY
    5.11 CASE STUDY ANALYSIS
           5.11.1 FARMERS & MERCHANTS BANK IMPLEMENTS CARDONCE SOLUTION OFFERED BY CPI CARD GROUP
           5.11.2 RBS DEPLOYS FINGERPRINT BIOMETRIC CARDS FOR PAYMENTS
           5.11.3 MASTERCARD, IDEMIA, AND MATCHMOVE PARTNERED TO LAUNCH BIOMETRIC CARDS IN ASIA
           5.11.4 NASDAQ OMX PARTNERED WITH THALES TO DELIVER SECURE CLOUD FOR FINANCIAL SERVICES
           TABLE 13 MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.12 KEY STAKEHOLDERS AND BUYING PROCESS
           5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 33 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE APPLICATIONS
                    TABLE 14 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE APPLICATIONS (%)
           5.12.2 BUYING CRITERIA
                    FIGURE 34 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
                    TABLE 15 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
    5.13 REVENUE SHIFT AND NEW REVENUE POCKETS FOR CUSTOMERS’ BUSINESSES
           FIGURE 35 REVENUE SHIFT IN HARDWARE SECURITY MODULES MARKET

6 HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE (Page No. - 91)
    6.1 INTRODUCTION
           FIGURE 36 CLOUD SEGMENT TO EXHIBIT HIGHER CAGR IN HARDWARE SECURITY MODULES MARKET DURING FORECAST PERIOD
           TABLE 16 MARKET, BY DEPLOYMENT TYPE, 2018–2021 (USD MILLION)
           TABLE 17 MARKET, BY DEPLOYMENT TYPE, 2022–2027 (USD MILLION)
    6.2 ON-PREMISE
           6.2.1 GROWING NEED FOR COMPLETE CONTROL DRIVES
                    TABLE 18 ON-PREMISE: MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
                    TABLE 19 ON-PREMISE: MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
    6.3 CLOUD
           6.3.1 COST-EFFECTIVENESS ASSOCIATED WITH CLOUD-BASED HARDWARE SECURITY MODULES
                    TABLE 20 CLOUD: MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
                    TABLE 21 CLOUD: MARKET, BY VERTICAL, 2022–2027 (USD MILLION)

7 HARDWARE SECURITY MODULES MARKET, BY APPLICATION (Page No. - 97)
    7.1 INTRODUCTION
           FIGURE 37 SECURE SOCKETS LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS) SEGMENT TO EXHIBIT HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
           TABLE 22 HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
           TABLE 23 MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
           TABLE 24 NORTH AMERICA: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
           TABLE 25 NORTH AMERICA: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
           TABLE 26 EUROPE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
           TABLE 27 EUROPE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
           TABLE 28 ASIA PACIFIC: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
           TABLE 29 ASIA PACIFIC: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
           TABLE 30 ROW: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
           TABLE 31 ROW: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
    7.2 PAYMENT PROCESSING
           7.2.1 HIGH DEMAND FOR SOPHISTICATED PAYMENT PROCESSING METHODS TO IMPROVE ELECTRONIC TRANSACTIONS
    7.3 CODE AND DOCUMENT SIGNING
           7.3.1 HIGH ADOPTION OF HARDWARE SECURITY MODULES FOR CODE AND DOCUMENT SIGNING
    7.4 SECURITY SOCKETS LAYER (SSL) AND TRANSPORT SECURITY LAYER (TSL)
           7.4.1 INCREASED DEMAND FOR SECURITY SOCKETS LAYER (SSL) AND TRANSPORT SECURITY LAYER (TSL) IN IT & TELECOMMUNICATIONS VERTICAL
    7.5 AUTHENTICATION
           7.5.1 GROWING NEED FOR HARDWARE SECURITY MODULES IN AUTHENTICATION APPLICATIONS
    7.6 DATABASE ENCRYPTION
           7.6.1 RISING FOCUS ON PROTECTING DATA THROUGH ENCRYPTION
    7.7 PUBLIC KEY INFRASTRUCTURE (PKI) AND CREDENTIAL MANAGEMENT
           7.7.1 INCREASING DEMAND FOR HARDWARE SECURITY MODULES IN CREDENTIAL MANAGEMENT TO ENABLE USERS TO TRANSMIT DATA SAFELY
    7.8 APPLICATION-LEVEL ENCRYPTION
           7.8.1 INCREASING REQUIREMENT FOR ENHANCING EFFICIENCY AND ACCURACY OF APPLICATION-LEVEL ENCRYPTION

8 HARDWARE SECURITY MODULES MARKET, BY TYPE (Page No. - 106)
    8.1 INTRODUCTION
           FIGURE 38 USB BASED/PORTABLE SEGMENT TO EXHIBIT HIGHEST CAGR IN HARDWARE SECURITY MODULES MARKET DURING FORECAST PERIOD
           TABLE 32 MARKET, BY TYPE, 2018–2021 (USD MILLION)
           TABLE 33 MARKET, BY TYPE, 2022–2027 (USD MILLION)
           TABLE 34 NORTH AMERICA: MARKET, BY TYPE, 2018–2021 (USD MILLION)
           TABLE 35 NORTH AMERICA: MARKET, BY TYPE, 2022–2027 (USD MILLION)
           TABLE 36 EUROPE: MARKET, BY TYPE, 2018–2021 (USD MILLION)
           TABLE 37 EUROPE: MARKET, BY TYPE, 2022–2027 (USD MILLION)
           TABLE 38 ASIA PACIFIC: MARKET, BY TYPE, 2018–2021 (USD MILLION)
           TABLE 39 ASIA PACIFIC: MARKET, BY TYPE, 2022–2027 (USD MILLION)
           TABLE 40 ROW: MARKET, BY TYPE, 2018–2021 (USD MILLION)
           TABLE 41 ROW: MARKET, BY TYPE, 2022–2027 (USD MILLION)
    8.2 LAN BASED/NETWORK ATTACHED
           8.2.1 LAN-BASED HARDWARE SECURITY MODULE ACT AS CENTRALIZED KEY MANAGEMENT SYSTEM
    8.3 PCI BASED OR EMBEDDED PLUGIN
           8.3.1 PCI-BASED HARDWARE SECURITY MODULES CAN SECURE ENTIRE ELECTRONIC CONTROL UNIT (ECU)
    8.4 USB BASED OR PORTABLE
           8.4.1 PORTABLE HARDWARE SECURITY MODULES CAN PERFORM ENCRYPTION AND KEY PROTECTION FUNCTIONS
    8.5 SMART CARDS
           8.5.1 SMART CARDS REDUCE RISK OF CYBERCRIMES BY PROTECTING DIGITAL ASSETS

9 HARDWARE SECURITY MODULES MARKET, BY VERTICAL (Page No. - 113)
    9.1 INTRODUCTION
           FIGURE 39 BFSI VERTICAL TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
           TABLE 42 HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 43 MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
    9.2 BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)
           9.2.1 RISING USE OF HARDWARE SECURITY MODULES TO MITIGATE RISKS OF ONLINE FINANCIAL FRAUD
                    TABLE 44 BFSI: NORTH AMERICA MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 45 BFSI: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 46 BFSI: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 47 BFSI: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 48 BFSI: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 49 BFSI: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 50 BFSI: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 51 BFSI: ROW MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
    9.3 IT & TELECOMMUNICATIONS
           9.3.1 GROWING NEED FOR HIGH AUTHENTICATION AND DEVICE SECURITY AND RISING DEVELOPMENTS IN 5G INFRASTRUCTURE
                    TABLE 52 IT & TELECOMMUNICATIONS: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 53 IT & TELECOMMUNICATIONS: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 54 IT & TELECOMMUNICATIONS: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 55 IT & TELECOMMUNICATIONS: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 56 IT & TELECOMMUNICATIONS: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 57 IT & TELECOMMUNICATIONS: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 58 IT & TELECOMMUNICATIONS: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 59 IT & TELECOMMUNICATIONS: ROW MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.4 PUBLIC SECTOR/GOVERNMENT
           9.4.1 RISING NEED FOR PROLONGED DATA PROTECTION IRRESPECTIVE OF LOCATION
                    TABLE 60 PUBLIC SECTOR/GOVERNMENT: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 61 PUBLIC SECTOR/GOVERNMENT: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 62 PUBLIC SECTOR/GOVERNMENT: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 63 PUBLIC SECTOR/GOVERNMENT: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 64 PUBLIC SECTOR/GOVERNMENT: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 65 PUBLIC SECTOR/GOVERNMENT: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 66 PUBLIC SECTOR/GOVERNMENT: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 67 PUBLIC SECTOR/GOVERNMENT: ROW MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.5 INDUSTRIAL MANUFACTURING
           9.5.1 ADOPTION OF HARDWARE SECURITY MODULES TO EXCHANGE DATA ACROSS MULTIPLE BUSINESS LEVELS
                    TABLE 68 INDUSTRIAL MANUFACTURING: NORTH AMERICA MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 69 INDUSTRIAL MANUFACTURING: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 70 INDUSTRIAL MANUFACTURING: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 71 INDUSTRIAL MANUFACTURING: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 72 INDUSTRIAL MANUFACTURING: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 73 INDUSTRIAL MANUFACTURING: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 74 INDUSTRIAL MANUFACTURING: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 75 INDUSTRIAL MANUFACTURING: ROW MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.6 ENERGY & POWER
           9.6.1 INTEGRATION OF HARDWARE SECURITY MODULES INTO CRITICAL INFRASTRUCTURES TO ENHANCE SECURITY PROTOCOLS
                    TABLE 76 ENERGY & POWER: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 77 ENERGY & POWER: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 78 ENERGY & POWER: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 79 ENERGY & POWER: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 80 ENERGY & POWER: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 81 ENERGY & POWER: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 82 ENERGY & POWER: ROW  MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 83 ENERGY & POWER: ROW MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.7 CONSUMER GOODS & RETAIL
           9.7.1 HIGH NEED TO SECURE PROPRIETARY INFORMATION
                    TABLE 84 CONSUMER GOODS & RETAIL: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 85 CONSUMER GOODS & RETAIL: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 86 CONSUMER GOODS & RETAIL: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 87 CONSUMER GOODS & RETAIL: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 88 CONSUMER GOODS & RETAIL: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 89 CONSUMER GOODS & RETAIL: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 90 CONSUMER GOODS & RETAIL: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 91 CONSUMER GOODS & RETAIL: ROW MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.8 MEDICAL & LIFE SCIENCES
           9.8.1 RISING NEED TO SHARE DATA ONLY ACROSS TRUSTED PARTNERS AND DEVICES
                    TABLE 92 MEDICAL & LIFE SCIENCES: NORTH AMERICA MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 93 MEDICAL & LIFE SCIENCES: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 94 MEDICAL & LIFE SCIENCES: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 95 MEDICAL & LIFE SCIENCES: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 96 MEDICAL & LIFE SCIENCES: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 97 MEDICAL & LIFE SCIENCES: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 98 MEDICAL & LIFE SCIENCES: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 99 MEDICAL & LIFE SCIENCES: ROW MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.9 AEROSPACE & DEFENSE
           9.9.1 INCREASING USE OF HARDWARE SECURITY MODULES TO SAFEGUARD CRITICAL DATA
                    TABLE 100 AEROSPACE & DEFENSE: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 101 AEROSPACE & DEFENSE: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 102 AEROSPACE & DEFENSE: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 103 AEROSPACE & DEFENSE: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 104 AEROSPACE & DEFENSE: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 105 AEROSPACE & DEFENSE: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 106 AEROSPACE & DEFENSE: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 107 AEROSPACE & DEFENSE: ROW MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
    9.10 TRANSPORTATION
           9.10.1 INCREASING ADVANCEMENTS IN CONNECTED CARS
                    TABLE 108 TRANSPORTATION: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 109 TRANSPORTATION: NORTH AMERICA MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 110 TRANSPORTATION: EUROPE MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 111 TRANSPORTATION: EUROPE MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 112 TRANSPORTATION: ASIA PACIFIC MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 113 TRANSPORTATION: ASIA PACIFIC MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 114 TRANSPORTATION: ROW MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 115 TRANSPORTATION: ROW MARKET, BY REGION, 2022–2027 (USD MILLION)

10 HARDWARE SECURITY MODULES MARKET, BY REGION (Page No. - 145)
     10.1 INTRODUCTION
             FIGURE 40 REGIONAL SNAPSHOT: NORTH AMERICAN HARDWARE SECURITY MODULES MARKET TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
             FIGURE 41 EUROPE TO DOMINATE MARKET DURING FORECAST PERIOD
             TABLE 116 MARKET, BY REGION, 2018–2021 (USD MILLION)
             TABLE 117 MARKET, BY REGION, 2022–2027 (USD MILLION)
     10.2 NORTH AMERICA
             TABLE 118 NORTH AMERICA:  MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
             TABLE 119 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             FIGURE 42 NORTH AMERICA: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET
             10.2.1 US
                        10.2.1.1 Rising adoption of communication devices to provide high-quality encrypted services
             10.2.2 CANADA
                        10.2.2.1 Rising number of cyberattacks
             10.2.3 MEXICO
                        10.2.3.1 Rising demand for improved network security in automobile manufacturing plants
     10.3 EUROPE
             TABLE 120 EUROPE: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
             TABLE 121 EUROPE: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             FIGURE 43 EUROPE: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET
             10.3.1 GERMANY
                        10.3.1.1 High deployment of hardware security modules across connected networks in automotive industry
             10.3.2 UK
                        10.3.2.1 Increasing adoption of advanced interconnected technologies
             10.3.3 FRANCE
                        10.3.3.1 Rising adoption of hardware security modules in aerospace & defense and medical & life sciences verticals
             10.3.4 ITALY
                        10.3.4.1 Growing awareness regarding IT security
             10.3.5 NETHERLANDS
                        10.3.5.1 Increasing digital advancements
             10.3.6 RUSSIA
                        10.3.6.1 Increasing establishment of manufacturing units
             10.3.7 REST OF EUROPE
     10.4 ASIA PACIFIC
             TABLE 122 ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
             TABLE 123 ASIA PACIFIC: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             FIGURE 44 ASIA PACIFIC: SNAPSHOT OF MARKET
             10.4.1 CHINA
                        10.4.1.1 Rising number of manufacturing facilities
             10.4.2 JAPAN
                        10.4.2.1 Expanding consumer goods & retail, medical device, and IT & telecommunications verticals
             10.4.3 INDIA
                        10.4.3.1 Rising initiatives to boost foreign direct investments
             10.4.4 SOUTH KOREA
                        10.4.4.1 Surging adoption of hardware security modules in consumer goods & retail vertical
             10.4.5 AUSTRALIA
                        10.4.5.1 High demand for mobile security solutions
             10.4.6 REST OF ASIA PACIFIC
     10.5 ROW
             TABLE 124 ROW: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
             TABLE 125 ROW: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             10.5.1 SOUTH AMERICA
                        10.5.1.1 Brazil
                                     10.5.1.1.1 Booming healthcare vertical
                        10.5.1.2 Argentina
                                     10.5.1.2.1 Government-led initiatives to boost economic growth
                        10.5.1.3 Rest of South America
             10.5.2 MIDDLE EAST & AFRICA
                        10.5.2.1 Saudi Arabia
                                     10.5.2.1.1 Rising focus on boosting consumer electronics and healthcare verticals
                        10.5.2.2 United Arab Emirates (UAE)
                                     10.5.2.2.1 Government policies to boost economic growth
                        10.5.2.3 Rest of Middle East & Africa

11 COMPETITIVE LANDSCAPE (Page No. - 164)
     11.1 OVERVIEW
             TABLE 126 COMPANIES ADOPTED ACQUISITIONS AND PARTNERSHIPS AS KEY GROWTH STRATEGIES FROM JANUARY 2018 TO JUNE 2022
     11.2 MARKET SHARE ANALYSIS
             TABLE 127 HARDWARE SECURITY MODULES MARKET: DEGREE OF COMPETITION
             TABLE 128 MARKET: MARKET RANKING ANALYSIS
             FIGURE 45 MARKET: MARKET SHARE ANALYSIS
     11.3 HARDWARE SECURITY MODULES MARKET: REVENUE ANALYSIS, 2019–2021
             FIGURE 46 THREE-YEAR REVENUE SNAPSHOT OF KEY COMPANIES
     11.4 COMPANY EVALUATION QUADRANT, 2021
             11.4.1 STARS
             11.4.2 PERVASIVE PLAYERS
             11.4.3 EMERGING LEADERS
             11.4.4 PARTICIPANTS
                        FIGURE 47 MARKET: (GLOBAL) COMPANY EVALUATION QUADRANT, 2021
     11.5 COMPETITIVE BENCHMARKING
             11.5.1 PRODUCT FOOTPRINT (10 COMPANIES)
                        TABLE 129 TYPE: COMPANY FOOTPRINT (25 COMPANIES)
                        TABLE 130 DEPLOYMENT TYPE: COMPANY FOOTPRINT (25 COMPANIES)
                        TABLE 131 REGION: COMPANY FOOTPRINT (25 COMPANIES)
                        TABLE 132 OVERALL: COMPANY FOOTPRINT (25 COMPANIES)
     11.6 STARTUP/SME EVALUATION QUADRANT, 2021
             11.6.1 PROGRESSIVE COMPANIES
             11.6.2 RESPONSIVE COMPANIES
             11.6.3 DYNAMIC COMPANIES
             11.6.4 STARTING BLOCKS
           FIGURE 48 HARDWARE SECURITY MODULES MARKET: (GLOBAL) STARTUP/SME EVALUATION QUADRANT, 2021
     11.7 COMPETITIVE SCENARIOS AND TRENDS
             11.7.1 PRODUCT LAUNCHES
                        TABLE 133 MARKET: PRODUCT LAUNCHES, JANUARY 2018–MARCH 2021
             11.7.2 DEALS
                        TABLE 134 MARKET: DEALS, JANUARY 2018–JUNE 2022
                        TABLE 135 MARKET: DETAILED LIST OF KEY STARTUPS/SMES

12 COMPANY PROFILES (Page No. - 189)
     12.1 KEY COMPANIES
(Business Overview, Products Offered, Recent Developments, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats)* 
             12.1.1 THALES
                        TABLE 136 THALES: COMPANY OVERVIEW
                        FIGURE 49 THALES: COMPANY SNAPSHOT
                        TABLE 137 THALES: PRODUCTS OFFERED
                        TABLE 138 THALES: PRODUCT LAUNCHES
                        TABLE 139 THALES: DEALS
             12.1.2 UTIMACO
                        TABLE 140 UTIMACO: COMPANY OVERVIEW
                        TABLE 141 UTIMACO: PRODUCTS OFFERED
                        TABLE 142 UTIMACO: PRODUCT LAUNCHES
                        TABLE 143 UTIMACO: DEALS
             12.1.3 FUTUREX
                        TABLE 144 FUTUREX: COMPANY OVERVIEW
                        TABLE 145 FUTUREX: PRODUCTS OFFERED
                        TABLE 146 FUTUREX: PRODUCT LAUNCHES
                        TABLE 147 FUTUREX: DEALS
             12.1.4 INFINEON TECHNOLOGIES
                        TABLE 148 INFINEON TECHNOLOGIES: COMPANY OVERVIEW
                        FIGURE 50 INFINEON TECHNOLOGIES: COMPANY SNAPSHOT
                        TABLE 149 INFINEON TECHNOLOGIES: PRODUCTS OFFERED
                        TABLE 150 INFINEON TECHNOLOGIES: PRODUCT LAUNCHES
                        TABLE 151 INFINEON TECHNOLOGIES: DEALS
             12.1.5 IBM
                        TABLE 152 IBM: COMPANY OVERVIEW
                        FIGURE 51 IBM: COMPANY SNAPSHOT
                        TABLE 153 IBM: PRODUCTS OFFERED
                        TABLE 154 IBM: DEALS
             12.1.6 STMICROELECTRONICS
                        TABLE 155 STMICROELECTRONICS: COMPANY OVERVIEW
                        FIGURE 52 STMICROELECTRONICS: COMPANY SNAPSHOT
                        TABLE 156 STMICROELECTRONICS: PRODUCTS OFFERED
                        TABLE 157 STMICROELECTRONICS: PRODUCT LAUNCHES
                        TABLE 158 STMICROELECTRONICS: DEALS
             12.1.7 MICROCHIP TECHNOLOGY
                        TABLE 159 MICROCHIP TECHNOLOGY: COMPANY OVERVIEW
                        FIGURE 53 MICROCHIP TECHNOLOGY: COMPANY SNAPSHOT
                        TABLE 160 MICROCHIP TECHNOLOGY: PRODUCTS OFFERED
             12.1.8 ATOS SE
                        TABLE 161 ATOS SE: COMPANY OVERVIEW
                        FIGURE 54 ATOS SE: COMPANY SNAPSHOT
                        TABLE 162 ATOS SE: PRODUCTS OFFERED
                        TABLE 163 ATOS SE: PRODUCT LAUNCHES
                        TABLE 164 ATOS SE: DEALS
             12.1.9 YUBICO
                        TABLE 165 YUBICO: COMPANY OVERVIEW
                        TABLE 166 YUBICO: PRODUCTS OFFERED
                        TABLE 167 YUBICO: PRODUCT LAUNCHES
                        TABLE 168 YUBICO: DEALS
             12.1.10 SWIFT
                        TABLE 169 SWIFT: COMPANY OVERVIEW
                        FIGURE 55 SWIFT: COMPANY SNAPSHOT
                        TABLE 170 SWIFT: PRODUCTS OFFERED
     12.2 OTHER PLAYERS
             12.2.1 SECUROSYS
                        TABLE 171 SECUROSYS: COMPANY OVERVIEW
             12.2.2 SPYRUS
                        TABLE 172 SPYRUS: COMPANY OVERVIEW
             12.2.3 LEDGER
                        TABLE 173 LEDGER: COMPANY OVERVIEW
             12.2.4 ULTRA ELECTRONICS
                        TABLE 174 ULTRA ELECTRONICS: COMPANY OVERVIEW
             12.2.5 ADWEBTECH
                        TABLE 175 ADWEBTECH: COMPANY OVERVIEW
             12.2.6 EFFICIENT INDIA
                        TABLE 176 EFFICIENT INDIA: COMPANY OVERVIEW
             12.2.7 LATTICE SEMICONDUCTORS
                        TABLE 177 LATTICE SEMICONDUCTORS: COMPANY OVERVIEW
             12.2.8 ELLIPTICSECURE
                        TABLE 178 ELLIPTICSECURE: COMPANY OVERVIEW
             12.2.9 AMAZON INC.
                        TABLE 179 AMAZON INC.: COMPANY OVERVIEW
             12.2.10 ENTRUST SECURITY
                        TABLE 180 ENTRUST SECURITY: COMPANY OVERVIEW
             12.2.11 ESCRYPT
                        TABLE 181 ESCRYPT: COMPANY OVERVIEW
             12.2.12 SANSEC TECHNOLOGY
                        TABLE 182 SANSEC TECHNOLOGY: COMPANY OVERVIEW
             12.2.13 FORTANIX
                        TABLE 183 FORTANIX: COMPANY OVERVIEW
             12.2.14 JISA SOFTECH
                        TABLE 184 JISA SOFTECH: COMPANY OVERVIEW
             12.2.15 MICROSOFT
                        TABLE 185 MICROSOFT: COMPANY OVERVIEW
*Details on Business Overview, Products Offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats might not be captured in case of unlisted companies. 

13 APPENDIX (Page No. - 242)
     13.1 INSIGHTS FROM INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.4 CUSTOMIZATION OPTIONS
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS