Hardware Security Modules Market to grow by USD 982.86 million between 2021 - 2026 | Growth Driven by Rising use of Internet banking and digital payments - Technavio

NEW YORK, Sept. 17, 2023 /PRNewswire/ -- The Hardware Security Modules Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the hardware security modules market between 2021 and 2026 is USD 982.86  million. The rising use of Internet banking and digital payments drives the hardware security modules market. Consumers use smartphones to make online transactions at any time. Digital wallets are becoming the most popular mode of payment due to various features. The features include easy registration and login, robust merchant and consumer payment processing capability, and a user-friendly dashboard. Factors such as the growing need for faster checkouts at retail outlets, the high adoption of EMV cards, effective information management among retailers, and the increased focus on secure payments contribute to the growth of the global hardware security market. Hence, such factors drive the growth of the hardware security modules market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge - The high preliminary acquisition cost challenges the growth of the hardware security modules market. Generally, hardware security modules developed with older generations of expertise pose significant barriers to adoption. High prices for hardware security modules are led by features such as secure cryptographic processing, a tamper-proof environment for key protection and management, and certification requirements to meet compliance standards. In addition, features such as secure cryptographic processing, a tamper-proof environment for key protection and management, and certification requirements lead to high prices for hardware security modules. This is required as organizations need to meet the quality standards. As the cost factors of hardware security modules are significantly high, SMEs have insufficient IT budgets making such solutions difficult to procure and implement. Therefore, the costs associated with hardware security modules act as an impediment to deployment in budget-constrained enterprises. 
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The hardware security modules market has been segmented by Deployment (on-premise and cloud) and Geography (North America, APAC, Europe, MEA, and South America). 

• The market share growth by the on-premise segment will be significant during the forecast period. 
•  35% of the global market's growth will originate from North America during the forecast period. The US is the major contributing country to the regional market growth. Furthermore, the market growth in this region will be faster than the growth of the market in the European regions. View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Hardware Security Modules Market:

Atos SE, Futurex, Hewlett Packard Enterprise Co., International Business Machines Corp., Infineon Technologies AG, Microchip Technology Inc., STMicroelectronics NV., Thales Group, Utimaco IS GmbH, Yubico AB

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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