From GlobeNewswire: 2024-07-25 05:15:00

The global hardware security modules market was valued at USD 1.2 billion in 2023 and is projected to reach USD 2.3 billion by 2028, growing at a CAGR of 13.5%. Factors driving market growth include increasing data breaches, cyberattacks, and the need to manage cryptographic keys effectively.

Thales, Utimaco, IBM, and other major companies are leading players in the hardware security modules market. The medical & life sciences sector is expected to witness the highest growth in the market, driven by the need to protect patient data and payment information.

The PKI and Credential Management segment is anticipated to experience significant growth, as hardware security modules play a crucial role in securing cryptographic operations. On-premise deployment holds the larger market share, ensuring organizations have full control over their sensitive data and keys.

North America is projected to have the fastest-growing hardware security modules market. The region is witnessing an increase in contactless card adoption and digital-first credit cards, along with a rise in cyberattacks, driving the need for HSM solutions to secure financial transactions and comply with regulatory standards.



Read more at GlobeNewswire: Hardware Security Modules Market Size