A hardware security module (HSM) is a physical device that provides extra security for sensitive data. This type of device is used to provision cryptographic keys for critical functions such as encryption, decryption and authentication for the use of applications, identities and databases. These devices can be plugin cards or be embedded in other hardware, including smart cards, appliances and other external devices. They can be connected to a network server or used as a standalone device offline. They are also offered as cloud services.
An increase in data breaches and cyberattacks and increase in the adoption of the 5G network is boosting the growth of the global hardware security module market. in addition, an increase in strict data security compliances positively impacts the growth of the hardware security module market. However, the high price related to the hardware security modules and increasing security concerns is hampering the hardware security module market growth. On the contrary, growing reliance on cryptographic keys is expected to offer remunerative opportunities for the expansion of the hardware security module market during the forecast period.
The hardware security module market is segmented on the basis of type, deployment mode, application, industry vertical and region. On the basis of type, the market is categorized into LAN-based/ network attached, PCI-based/ embedded plugins, USB-based/ portable, and smart cards. On the basis of deployment mode, the market is fragmented into on-premise and cloud. On the basis of application, the market is bifurcated into payment processing, code and document signing, security sockets layer (SSL) and transport security layer (TSL), authentication, application-level encryption, and others. By industry vertical, it is classified into BFSI, IT & telecommunication, government, consumer goods & retail, transportation, aerospace & defense, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the hardware security module market are Thales, utimaco GmbH., future, Adweb Technologies, IBM Corporation, Atos SE, Hewlett Packard Enterprise, Ultra-Electronics, Entrust Datacard, and Microchip Technology Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

KEY BENEFITS FOR STAKEHOLDERS
-The study provides an in-depth analysis of the global hardware security module market forecast along with the current and future trends to explain the imminent investment pockets.
-Information about key drivers, restraints, and opportunities and their impact analysis on global hardware security module market trend is provided in the report.
-The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
-The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.

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KEY MARKET SEGMENTS
By Product Type
- Smart Cards
- LAN based/ Network Attached
- PCI-Based/ Embedded Plugins
- USB-Based/ Portable
By Deployment Mode
- On-premise
- Cloud

By Application
- Payment Processing
- Code and Document Signing
- Security Sockets Layer (SSL) and Transport Security Layer (TSL)
- Authentication
- Application-Level Encryption
- Others
By Industry Vertical
- BFSI
- IT and Telecommunication
- Government
- Consumer Goods and Retail
- Transportation
- Aerospace
- Others

By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Thales
- utimaco GmbH.
- IBM Corporation
- Atos SE
- Entrust Datacard
- Futurex
- Adweb Technologies
- Hewlett Packard Enterprise
- Microchip Technology Inc.
- Ultra Electronics Holdings Plc