Hardware Security Module (HSM) Market

What are the qualities of a Hardware Security Module (HSM)?

A hardware security module (HSM) is a device that adds additional protection to private data. It controls cryptographic keys for critical operations like decryption, encryption, and authentication. Also, it’s used in various applications like decryption, application-level encryption, payment processing, document and code signing, database encryption, and authentication. For instance, companies use a hardware security module to secure valuable trade secrets by ensuring that only authorized individuals can approach the HSM to accomplish key cryptography activities.

What is the Market Size of the Hardware Security Module (HSM) in terms of value?

Global Hardware Security Module (HSM) Market is projected to increase at a significant CAGR of 11.30% in the coming years. In 2021, the global hardware security module (HSM) market was valued at USD 1026.4 million and was projected to reach USD 1951.13 million by 2028. The demand for hardware security modules (HSM) is projected to increase substantially in the coming years. It is presumed to generate revenue opportunities for the key industry players worth USD 924.73 million during the forecast period between 2022 and 2028.

What is the recent development of the Hardware Security Module (HSM)?

The developments in hardware security modules (HSM) immensely increased in the past few years, including partnerships, product launches, product development, and others. For instance, in March 2022, IBM launched a service to help manage digital security keys across multi-cloud environments. Similarly, in June 2020, Futurex launched the VirtuCrypt financial cloud HSM service. It is a financial cloud hardware security module service that aids financial services organizations’ cryptography for payment systems and key management requirements in the cloud. Furthermore, in March 2019, Three new cloud-based Hardware Security Module (HSM) services were made available by Gemalto: HSM On Demand for Oracle TDE, HSM On Demand for Hyperledger, and HSM On Demand for CyberArk. In addition, the SafeNet Data Protection on Demand platform, a global market for cloud-based HSM, offers several services. Therefore, the development of HSM by market players worldwide will aid the market growth during the coming years.

Interesting Facts about Hardware Security Module (HSM) Industry

• The top 5 hardware security modules (HSM) countries are the United States, the United Kingdom, China, India, and China.
• The increased concern about data security in all data-sensitive companies and its cost, especially for medium and small businesses, are the major factors driving the growth of the hardware security module (HSM) market.
• The high cost of deployment and updating software is projected to hinder the growth of the hardware security module (HSM) market during the forecast period.
• The Europe region had a major share in volume and value in the global hardware security module (HSM) market in 2021 and is also expected to continue its dominance during the forecast years.
• Cloud-based hardware security module (HSM) is to witness high growth during the forecast period due to increasing digitalization and urbanization worldwide.

Who are the Top 10 players/companies in the Hardware Security Module (HSM) Market in terms of value and volume?

In value and volume, the key players in the global hardware security module (HSM) market include Thales, Hewlett Packard Enterprise Development LP, Utimaco, Microchip Technology, International Business Machines Corporation, Security, Infineon Technologies, Spyrus, Futurex, Atos SE, SWIFT, and Yubico. These key players are focusing on new product development as well as technological innovation to improve their hardware security module (HSM) productivity and gain a competitive market share on a global scale. Furthermore, regional and national players are investing heavily to expand their product portfolios and increase sales. For instance, in October 2021, Atos and DuoKey announced the launch of a joint encryption offering that provides companies using Office 365, and more specifically, its Double Key Encryption feature, which is used to protect sensitive data from being accessed by Microsoft or any other external individual or organization. This offering ensures that customers have complete control over the privacy and security of their data and meets a real requirement for control expressed by many public, healthcare, and energy organizations.

Who are the Top 10 Countries in the Hardware Security Module (HSM) Market?

In the global hardware security module (HSM) market, the major countries are China, India, the U.S., Canada, the U.K., Germany, France, Russia, Japan, South Korea, and Brazil. The U.K. is the major producer and consumer of hardware security modules (HSM), with a significant volume share in the global market in 2021. Furthermore, the market in developed countries is primarily driven by increased demand for hardware security modules (HSM) and consumer awareness of digital payments. Furthermore, the hardware security module (HSM) terminals market in emerging economies such as India is expected to grow during the forecast period due to increased smartphone penetration among teenagers.

Which is the Key Vertical Area in the Hardware Security Module (HSM) Market?

The key verticals of hardware security module (HSM) include consumer goods & retail, banking, financial services, and insurance, aerospace and defense, public sector/government, energy & power, industrial manufacturing, medical & life science, and transportation. In addition, HSM is important in healthcare, particularly for telematics infrastructure (TI), like the electronic health card (eGK) in Germany. In addition, the primary goal of eGK was to allow processing, cross-system registration, and data transmission for the patient within a secure network between trusted participants such as hospitals, care providers, pharmacies, physicians, health insurers, and medical practices.

Moreover, pharmaceutical companies developing medicines must adhere to privacy and security standards. These businesses are also audited regularly. The cloud-based solutions for secure remote access allow pharmaceutical companies to stop paperwork, easily share documents, automatic document handling, and record regulatory-compliant sign on smart electronic devices such as Smartphones and tablets. In addition, cloud signing systems allow pharmaceutical companies to reduce shipping costs while propelling supply chain efficiency. The increased demand for HSM in the coming years is expected to support the growth of the hardware security module (HSM) market.

What are the Major Driving Factors for Hardware Security Module (HSM) Market?

The increased demand for IoT (Internet of Things) based medical devices, including cardiac monitors, diagnostic imaging devices, hemodynamic monitors, respiratory monitors, and implant dynamics, will aid the market growth in the coming years. Furthermore, the increasing geriatric population, rising life expectancy, and growing healthcare expenditure throughout the world have increased the demand for hardware security modules (HSM) is presumed to further drive the market demand in the coming years. Moreover, rising needs for effective management of cryptographic keys are other major factors to propel market growth in the coming years.

What are the Major Restraints for Hardware Security Module (HSM) Market?

The key restraint of the global hardware security module (HSM) market, projected to restrain the market growth, includes the high-cost requirement for hardware security modules (HSM). The other key factor hampering the market’s growth is consumers’ inclination toward adopting hardware security modules on a rental basis. This is due to the lack of infrastructure in countries, which can hamper the market growth of hardware security modules (HSM).

Which Region Dominated the World Hardware Security Module (HSM) Market?

In 2021, Europe dominated the global hardware security module (HSM) market and accounted for a significant amount of the market revenue share in terms of value and volume. This is majorly due to the high utilization of hardware security modules (HSM) in the regional market on account of the presence of a large number of hardware security module (HSM) companies with vendors, which raises the demand for HSM. Moreover, the rising demand for HSM in the BFSI, IT and Telecommunications, medical and life sciences, and automotive industry verticals are rising. Furthermore, the rise in the development of 4G LTE technology also supports the growth of the European hardware security modules (HSM) market during the forecast period. On the other hand, the U.K. accounted for the fastest growing region during the forecast period due to many market players in the country.

Moreover, North America and the Asia Pacific are expected to see significant growth in the coming years due to increased demand for hardware security modules (HSM) and digital infrastructure for data safety and security in this region. Furthermore, the growing demand for hardware security modules (HSM) among customers to reduce cyber attacks and safely secure data is driving the growth of the hardware security module (HSM) market in North America and the Asia Pacific.

Segmentation of Global Hardware Security Module (HSM) Market-

Global Hardware Security Module (HSM) Market – By Deployment type

• On-premise
• Cloud

 Global Hardware Security Module (HSM) Market – By Type

•    LAN Based/ Network Attached
•    PCI-Based/ Embedded Plugins
•    USB Based/ Portable
•    Smart Cards

Global Hardware Security Module (HSM) Market – By Application

•    Payment Processing
•    Code and Document Signing
•    Authentication
•    Application-level encryption
•    Database Encryption
•    PKI and Credential Management
•    Security Sockets Layer (SSL) and Transport Security Layer (TSL)

Global Hardware Security Module (HSM) Market – By Vertical

•    Consumer Goods & Retail
•    Banking, Financial Services, and Insurance
•    Aerospace & Defense
•    Public Sector/ Government
•    Energy and Power
•    Industrial Manufacturing
•    Medical and Life Sciences
•    Transportation

Chapter 1
1.1 Report Description 26
1.1.1 Purpose of the Report 26
1.1.2 Target Audience 26
1.1.3 USP and Key Offerings 26
1.2 Research Scope 27
1.3 Research Methodology 28
1.3.1 Phase I – Secondary Research 28
1.3.2 Phase II – Primary Research 29
1.3.3 Phase III – Expert Panel Review 29
1.3.4 Assumptions 30
1.3.5 Approach Adopted 30

Chapter 2 Executive Summary 31
2.1 Market Snapshot: Global Hardware Security Module (HSM) Market 31

Chapter 3 Market Dynamics & Factors Analysis 33
3.1 Introduction 33
3.2 Market Dynamics 33
3.3 Key Growth Trends 33
3.3.1 Market Driver 1 33
3.3.2 Market Driver 2 33
3.4 Major Industry Challenges 34
3.4.1 Market Restraint 1 34
3.5 Key Growth Pockets 35
3.5.1 Key Growth Opportunity 1 35
3.6 Value Chain Analysis 36
3.7 Porter’s Five Forces Analysis 37
3.7.1 Threat of New Entrants 37
3.7.2 Bargaining Power of Buyers/Consumers 37
3.7.3 Bargaining Power of Suppliers 37
3.7.4 Threat of Substitute Products 37
3.7.5 Intensity of Competitive Rivalry 37

Chapter 4 Key Investment Value Propositions 38
4.1 Key Revenue Strems, 2021 38
4.1.1 Type 38
4.1.2 Application 38
4.1.3 End-user 38
4.1.4 Deployment 38
4.1.5 Geography 38
4.2 Product Life Cycle Analysis 39
4.3 Incremental Revenue 40
4.3.1 Incremental Revenue by Type 40
4.3.2 Incremental Revenue by Application 40
4.3.3 Incremental Revenue by End-user 40
4.3.4 Incremental Revenue by Deployment 40
4.3.5 Incremental Revenue by Geography 40

Chapter 5 Market Positioning of Key Players, 2021 41
5.1 Company market share of key players, 2018 to 2020 41
5.2 Global Hardware Security Module (HSM) Revenue and Market Share by Manufacturer (2019-2021) 41
5.3 Global Hardware Security Module (HSM) Revenue and Market Share by Company (2019-2021) 42
5.4 Top 6 Players 43
5.5 Top 3 Players 43
5.6 Major Strategies Adopted by Key Players 44
5.7 Market Positioning of Key Players, 2021 44
5.8 Product Benchmarking 45
5.9 Market Positioning of Key Players 45
5.10 Product Benchmarking 45
5.11 List of Key Distributors 45

Chapter 6 COVID 19 Impact on Hardware Security Module (HSM) Market 46
6.1 Overview of COVID 19 Impact on Hardware Security Module (HSM) Market 46
6.2 Global Hardware Security Module (HSM) Market, 2019 – 2027, Pre V/S Post COVID 19 46
6.3 Estimated Impact Of The Coronavirus (Covid-19) Epidemic On The Hardware Security Module (HSM) Market Size In 2020-2021, By Scenario 46

Chapter 7 Global Hardware Security Module (HSM) Market, By Type 47
7.1 Global Hardware Security Module (HSM) Market Share by Type, 2016 and 2028 47
7.1.1 Global Hardware Security Module (HSM) Market Share by Type, 2021 47
7.2 Global Hardware Security Module (HSM) Market Revenue, By LAN Based/Network-Attached HSM, 2016 – 2028 48
7.3 Global Hardware Security Module (HSM) Market Revenue, By PCI-Based/Embedded Plugins HSM, 2016 – 2028 48
7.4 Global Hardware Security Module (HSM) Market Revenue, By USB-Based HSM, 2016 – 2028
7.5 Global Hardware Security Module (HSM) Market Revenue, By Smart Cards, 2016 – 2028
7.6 Global Hardware Security Module (HSM) Market Revenue, By Type 5, 2016 – 2028

Chapter 8 Global Hardware Security Module (HSM) Market, By Application 51
8.1 Global Hardware Security Module (HSM) Market Share by Application, 2016 and 2028
8.1.1 Global Hardware Security Module (HSM) Market Share by Application, 2021 51
8.2 Global Hardware Security Module (HSM) Market Revenue, By Payment Processing, 2016 – 2028 52
8.3 Global Hardware Security Module (HSM) Market Revenue, By Code and Document Signing, 2016 – 2028 52
8.4 Global Hardware Security Module (HSM) Market Revenue, By Authentication, 2016 – 2028
8.5 Global Hardware Security Module (HSM) Market Revenue, By Application-level and Database Encryption, 2016 – 2028 53
8.6 Global Hardware Security Module (HSM) Market Revenue, By PKI and Credential Management, 2016 – 2028 54

Chapter 9 Global Hardware Security Module (HSM) Market, By End-user 55
9.1 Global Hardware Security Module (HSM) Market Share by End-user, 2016 and 2028
9.1.1 Global Hardware Security Module (HSM) Market Share by End-user, 2021 55
9.2 Global Hardware Security Module (HSM) Market Revenue, By Retail, 2016 – 2028
9.3 Global Hardware Security Module (HSM) Market Revenue, By Government, 2016 – 2028
9.4 Global Hardware Security Module (HSM) Market Revenue, By IT & Telecommunication, 2016 – 2028 57
9.5 Global Hardware Security Module (HSM) Market Revenue, By Healthcare, 2016 – 2028
9.6 Global Hardware Security Module (HSM) Market Revenue, By Transportation, 2016 – 2028

Chapter 10 Global Hardware Security Module (HSM) Market, By Deployment 59
10.1 Global Hardware Security Module (HSM) Market Share by Deployment, 2016 and 2028 59
10.1.1 Global Hardware Security Module (HSM) Market Share by Deployment, 2021 59
10.2 Global Hardware Security Module (HSM) Market Revenue, By On-premises, 2016 – 2028
10.3 Global Hardware Security Module (HSM) Market Revenue, By Cloud, 2016 – 2028

Chapter 11 North America Hardware Security Module (HSM) Market 61
11.1 North America Hardware Security Module (HSM) Market Share, By Country, 2021
11.2 North America by Country 62
11.2.1 North America Hardware Security Module (HSM) Market, By Country, 2016 – 2021 (USD Million) 62
11.2.2 North America Hardware Security Module (HSM) Market, By Country, 2022 – 2028 (USD Million) 62
11.3 North America by Type 63
11.3.1 North America Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USD Million) 63
11.3.2 North America Hardware Security Module (HSM) Market, By Type, 2022 – 2028 (USD Million) 63
11.4 North America by Application 64
11.4.1 North America Hardware Security Module (HSM) Market, By Application, 2016 – 2021 (USD Million) 64
11.4.2 North America Hardware Security Module (HSM) Market, By Application, 2022 – 2028 (USD Million) 64
11.5 North America by End-user 65
11.5.1 North America Hardware Security Module (HSM) Market, By End-user, 2016 – 2021 (USD Million) 65
11.5.2 North America Hardware Security Module (HSM) Market, By End-user, 2022 – 2028 (USD Million) 65
11.6 North America by Deployment 66
11.6.1 North America Hardware Security Module (HSM) Market, By Deployment, 2016 – 2021 (USD Million) 66
11.6.2 North America Hardware Security Module (HSM) Market, By Deployment, 2022 – 2028 (USD Million) 66
11.7 U.S. by Type 67
11.7.1 U.S. Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USD Million) 67
11.7.2 U.S. Hardware Security Module (HSM) Market, By Type, 2022 – 2028 (USD Million) 67
11.8 U.S. by Application 68
11.8.1 U.S. Hardware Security Module (HSM) Market, By Application, 2016 –2021 (USD Million) 68
11.8.2 U.S. Hardware Security Module (HSM) Market, By Application, 2022 –2028 (USD Million) 68
11.9 U.S. by End-user 69
11.9.1 U.S. Hardware Security Module (HSM) Market, By End-user, 2016 – 2021(USD Million) 69
11.9.2 U.S. Hardware Security Module (HSM) Market, By End-user, 2022 – 2028(USD Million) 69
11.10 U.S. by Deployment 70
11.10.1 U.S. Hardware Security Module (HSM) Market, By Deployment, 2016 –2021 (USD Million) 70
11.10.2 U.S. Hardware Security Module (HSM) Market, By Deployment, 2022 –2028 (USD Million) 70
11.11 Canada by Type 71
11.11.1 Canada Hardware Security Module (HSM) Market, By Type, 2016 – 2021(USD Million) 71
11.11.2 Canada Hardware Security Module (HSM) Market, By Type, 2022 – 2028(USD Million) 71
11.12 Canada by Application 72
11.12.1 Canada Hardware Security Module (HSM) Market, By Application, 2016 –2021 (USD Million) 72
11.12.2 Canada Hardware Security Module (HSM) Market, By Application, 2022 –2028 (USD Million) 72
11.13 Canada by End-user 73
11.13.1 Canada Hardware Security Module (HSM) Market, By End-user, 2016 –2021 (USD Million) 73
11.13.2 Canada Hardware Security Module (HSM) Market, By End-user, 2022 –2028 (USD Million) 73
11.14 Canada by Deployment 74
11.14.1 Canada Hardware Security Module (HSM) Market, By Deployment, 2016 –2021 (USD Million) 74
11.14.2 Canada Hardware Security Module (HSM) Market, By Deployment, 2022 –2028 (USD Million) 74
11.15 Mexico by Type 75
11.15.1 Mexico Hardware Security Module (HSM) Market, By Type, 2016 – 2021(USD Million) 75
11.15.2 Mexico Hardware Security Module (HSM) Market, By Type, 2022 – 2028(USD Million) 75
11.16 Mexico by Application 76
11.16.1 Mexico Hardware Security Module (HSM) Market, By Application, 2016 –2021 (USD Million) 76
11.16.2 Mexico Hardware Security Module (HSM) Market, By Application, 2022 –2028 (USD Million) 76
11.17 Mexico by End-user 77
11.17.1 Mexico Hardware Security Module (HSM) Market, By End-user, 2016 –2021 (USD Million) 77
11.17.2 Mexico Hardware Security Module (HSM) Market, By End-user, 2022 –2028 (USD Million) 77
11.18 Mexico by Deployment 78
11.18.1 Mexico Hardware Security Module (HSM) Market, By Deployment, 2016 –2021 (USD Million) 78
11.18.2 Mexico Hardware Security Module (HSM) Market, By Deployment, 2022 –2028 (USD Million) 78

Chapter 12 Europe Hardware Security Module (HSM) Market 79
12.1 Europe Hardware Security Module (HSM) Market Share, By Country, 2021 79
12.2 Europe by Country 80
12.2.1 Europe Hardware Security Module (HSM) Market, By Country, 2016 –2021 (USD Million) 80
12.2.2 Europe Hardware Security Module (HSM) Market, By Country, 2022 –2028 (USD Million) 81
12.3 Europe by Type 82
12.3.1 Europe Hardware Security Module (HSM) Market, By Type, 2016 – 2021(USD Million) 82
12.3.2 Europe Hardware Security Module (HSM) Market, By Type, 2022 – 2028(USD Million) 82
12.4 Europe by Application 83
12.4.1 Europe Hardware Security Module (HSM) Market, By Application, 2016 –2021 (USD Million) 83
12.4.2 Europe Hardware Security Module (HSM) Market, By Application, 2022 –2028 (USD Million) 83
12.5 Europe by End-user 84
12.5.1 Europe Hardware Security Module (HSM) Market, By End-user, 2016 – 2021 (USD Million) 84
12.5.2 Europe Hardware Security Module (HSM) Market, By End-user, 2022 –2028 (USD Million) 84
12.6 Europe by Deployment 85
12.6.1 Europe Hardware Security Module (HSM) Market, By Deployment, 2016 –2021 (USD Million) 85
12.6.2 Europe Hardware Security Module (HSM) Market, By Deployment, 2022 –2028 (USD Million) 85
12.7 UK by Type 86
12.7.1 UK Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USDMillion) 86
12.7.2 UK Hardware Security Module (HSM) Market, By Type, 2022 – 2028 (USDMillion) 86
12.8 UK by Application 87
12.8.1 UK Hardware Security Module (HSM) Market, By Application, 2016 – 2021(USD Million) 87
12.8.2 UK Hardware Security Module (HSM) Market, By Application, 2022 – 2028(USD Million) 87
12.9 UK by End-user 88
12.9.1 UK Hardware Security Module (HSM) Market, By End-user, 2016 – 2021(USD Million) 88
12.9.2 UK Hardware Security Module (HSM) Market, By End-user, 2022 – 2028(USD Million) 88
12.10 UK by Deployment 89
12.10.1 UK Hardware Security Module (HSM) Market, By Deployment, 2016 –2021 (USD Million) 89
12.10.2 UK Hardware Security Module (HSM) Market, By Deployment, 2022 – 2028 (USD Million) 89
12.11 France 90
12.12 Germany 90
12.13 Italy 90
12.14 Russia 90
12.15 Spain 90
12.16 Belgium 90
12.17 Netherland 90
12.18 Austria 90
12.19 Sweden 90
12.20 Poland 90
12.21 Denmark 90
12.22 Switzerland 90
12.23 Rest of Europe 90

Chapter 13 Asia Pacific Hardware Security Module (HSM) Market 91
13.1 Asia Pacific Hardware Security Module (HSM) Market Share, By Country, 2021 91
13.2 Asia Pacific by Country 92
13.2.1 Asia Pacific Hardware Security Module (HSM) Market, By Country, 2016 –2021 (USD Million) 92
13.2.2 Asia Pacific Hardware Security Module (HSM) Market, By Country, 2022 –2028 (USD Million) 93
13.3 Asia Pacific by Type 94
13.3.1 Asia Pacific Hardware Security Module (HSM) Market, By Type, 2016 –2021 (USD Million) 94
13.3.2 Asia Pacific Hardware Security Module (HSM) Market, By Type, 2022 –2028 (USD Million) 94
13.4 Asia Pacific by Application 95
13.4.1 Asia Pacific Hardware Security Module (HSM) Market, By Application,2016 – 2021 (USD Million) 95
13.4.2 Asia Pacific Hardware Security Module (HSM) Market, By Application,2022 – 2028 (USD Million) 95
13.5 Asia Pacific by End-user 96
13.5.1 Asia Pacific Hardware Security Module (HSM) Market, By End-user, 2016 –2021 (USD Million) 96
13.5.2 Asia Pacific Hardware Security Module (HSM) Market, By End-user, 2022 –2028 (USD Million) 96
13.6 Asia Pacific by Deployment 97
13.6.1 Asia Pacific Hardware Security Module (HSM) Market, By Deployment, 2016 – 2021 (USD Million) 97
13.6.2 Asia Pacific Hardware Security Module (HSM) Market, By Deployment, 2022 – 2028 (USD Million) 97
13.7 China by Type 98
13.7.1 China Hardware Security Module (HSM) Market, By Type, 2016 – 2021(USD Million) 98
13.7.2 China Hardware Security Module (HSM) Market, By Type, 2022 – 2028(USD Million) 98
13.8 China by Application 99
13.8.1 China Hardware Security Module (HSM) Market, By Application, 2016 –2021 (USD Million) 99
13.8.2 China Hardware Security Module (HSM) Market, By Application, 2022 –2028 (USD Million) 99
13.9 China by End-user 100
13.9.1 China Hardware Security Module (HSM) Market, By End-user, 2016 – 2021(USD Million) 100
13.9.2 China Hardware Security Module (HSM) Market, By End-user, 2022 – 2028(USD Million) 100
13.10 China by Deployment 101
13.10.1 China Hardware Security Module (HSM) Market, By Deployment, 2016 –2021 (USD Million) 101
13.10.2 China Hardware Security Module (HSM) Market, By Deployment, 2022 –2028 (USD Million) 101
13.11 Japan 102
13.12 South Korea 102
13.13 India 102
13.14 Australia 102
13.15 New Zealand 102
13.16 Taiwan 102
13.17 Southeast Asia 102
13.18 Central Asia 102
13.19 Rest of Asia Pacific 102

Chapter 14 Latin America Hardware Security Module (HSM) Market 103
14.1 Latin America Hardware Security Module (HSM) Market Share, By Country, 2021 103
14.2 Latin America by Country 104
14.2.1 Latin America Hardware Security Module (HSM) Market, By Country, 2016–2021 (USD Million) 104
14.2.2 Latin America Hardware Security Module (HSM) Market, By Country, 2022– 2028 (USD Million) 104
14.3 Latin America by Type 105
14.3.1 Latin America Hardware Security Module (HSM) Market, By Type, 2016 –
2021 (USD Million) 105
14.3.2 Latin America Hardware Security Module (HSM) Market, By Type, 2022 –2028 (USD Million) 105
14.4 Latin America by Application 106
14.4.1 Latin America Hardware Security Module (HSM) Market, By Application, 2016 – 2021 (USD Million) 106
14.4.2 Latin America Hardware Security Module (HSM) Market, By Application, 2022 – 2028 (USD Million) 106
14.5 Latin America by End-user 107
14.5.1 Latin America Hardware Security Module (HSM) Market, By End-user, 2016 – 2021 (USD Million) 107
14.5.2 Latin America Hardware Security Module (HSM) Market, By End-user, 2022 – 2028 (USD Million) 107
14.6 Latin America by Deployment 108
14.6.1 Latin America Hardware Security Module (HSM) Market, By Deployment, 2016 – 2021 (USD Million) 108
14.6.2 Latin America Hardware Security Module (HSM) Market, By Deployment, 2022 – 2028 (USD Million) 108
14.7 Brazil by Type 109
14.7.1 Brazil Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USD Million) 109
14.7.2 Brazil Hardware Security Module (HSM) Market, By Type, 2022 – 2028 (USD Million) 109
14.8 Brazil by Application 110
14.8.1 Brazil Hardware Security Module (HSM) Market, By Application, 2016 – 2021 (USD Million) 110
14.8.2 Brazil Hardware Security Module (HSM) Market, By Application, 2022 – 2028 (USD Million) 110
14.9 Brazil by End-user 111
14.9.1 Brazil Hardware Security Module (HSM) Market, By End-user, 2016 – 2021 (USD Million) 111
14.9.2 Brazil Hardware Security Module (HSM) Market, By End-user, 2022 – 2028 (USD Million) 111
14.10 Brazil by Deployment 112
14.10.1 Brazil Hardware Security Module (HSM) Market, By Deployment, 2016 – 2021 (USD Million) 112
14.10.2 Brazil Hardware Security Module (HSM) Market, By Deployment, 2022 –
2028 (USD Million) 112
14.11 Argentina 113
14.12 Peru 113
14.13 Chile 113
14.14 Colombia 113
14.15 Rest of Latin America 113

Chapter 15 Middle East Hardware Security Module (HSM) Market 114
15.1 Middle East Hardware Security Module (HSM) Market Share, By Country, 2021 114
15.2 Middle East by Country 115
15.2.1 Middle East Hardware Security Module (HSM) Market, By Country, 2016 – 2021 (USD Million) 115
15.2.2 Middle East Hardware Security Module (HSM) Market, By Country, 2022 – 2028 (USD Million) 115
15.3 Middle East by Type 116
15.3.1 Middle East Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USD Million) 116
15.3.2 Middle East Hardware Security Module (HSM) Market, By Type, 2022 – 2028 (USD Million) 116
15.4 Middle East by Application 117
15.4.1 Middle East Hardware Security Module (HSM) Market, By Application, 2016 – 2021 (USD Million) 117
15.4.2 Middle East Hardware Security Module (HSM) Market, By Application, 2022 – 2028 (USD Million) 117
15.5 Middle East by End-user 118
15.5.1 Middle East Hardware Security Module (HSM) Market, By End-user, 2016–2021 (USD Million) 118
15.5.2 Middle East Hardware Security Module (HSM) Market, By End-user, 2022–2028 (USD Million) 118
15.6 Middle East by Deployment 119
15.6.1 Middle East Hardware Security Module (HSM) Market, By Deployment, 2016 – 2021 (USD Million) 119
15.6.2 Middle East Hardware Security Module (HSM) Market, By Deployment, 2022 – 2028 (USD Million) 119
15.7 UAE by Type 120
15.7.1 UAE Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USD Million) 120
15.7.2 UAE Hardware Security Module (HSM) Market, By Type, 2022 – 2028 (USD Million) 120
15.8 UAE by Application 121
15.8.1 UAE Hardware Security Module (HSM) Market, By Application, 2016 – 2021 (USD Million) 121
15.8.2 UAE Hardware Security Module (HSM) Market, By Application, 2022 – 2028 (USD Million) 121
15.9 UAE by End-user 122
15.9.1 UAE Hardware Security Module (HSM) Market, By End-user, 2016 – 2021 (USD Million) 122
15.9.2 UAE Hardware Security Module (HSM) Market, By End-user, 2022 – 2028 (USD Million) 122
15.10 UAE by Deployment 123
15.10.1 UAE Hardware Security Module (HSM) Market, By Deployment, 2016 – 2021 (USD Million) 123
15.10.2 UAE Hardware Security Module (HSM) Market, By Deployment, 2022 – 2028 (USD Million) 123
15.11 UAE 124
15.12 KSA 124
15.13 Israel 124
15.14 Turkey 124
15.15 Iran 124
15.16 Rest of Middle East 124

Chapter 16 Africa Hardware Security Module (HSM) Market 125
16.1 Africa Hardware Security Module (HSM) Market Share, By Country, 2021 125
16.2 Africa by Country 126
16.2.1 Africa Hardware Security Module (HSM) Market, By Country, 2016 – 2021 (USD Million) 126
16.2.2 Africa Hardware Security Module (HSM) Market, By Country, 2022 – 2028 (USD Million) 126
16.3 Africa by Type 127
16.3.1 Africa Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USD Million) 127
16.3.2 Africa Hardware Security Module (HSM) Market, By Type, 2022 – 2028(USD Million) 127
16.4 Africa by Application 128
16.4.1 Africa Hardware Security Module (HSM) Market, By Application, 2016 – 2021 (USD Million) 128
16.4.2 Africa Hardware Security Module (HSM) Market, By Application, 2022 – 2028 (USD Million) 128
16.5 Africa by End-user 129
16.5.1 Africa Hardware Security Module (HSM) Market, By End-user, 2016 – 2021 (USD Million) 129
16.5.2 Africa Hardware Security Module (HSM) Market, By End-user, 2022 – 2028 (USD Million) 129
16.6 Africa by Deployment 130
16.6.1 Africa Hardware Security Module (HSM) Market, By Deployment, 2016 – 2021 (USD Million) 130
16.6.2 Africa Hardware Security Module (HSM) Market, By Deployment, 2022 – 2028 (USD Million) 130
16.7 South Africa by Type 131
16.7.1 South Africa Hardware Security Module (HSM) Market, By Type, 2016 – 2021 (USD Million) 131
16.7.2 South Africa Hardware Security Module (HSM) Market, By Type, 2022 – 2028 (USD Million) 131
16.8 South Africa by Application 132
16.8.1 South Africa Hardware Security Module (HSM) Market, By Application, 2016 – 2021 (USD Million) 132
16.8.2 South Africa Hardware Security Module (HSM) Market, By Application, 2022 – 2028 (USD Million) 132
16.9 South Africa by End-user 133
16.9.1 South Africa Hardware Security Module (HSM) Market, By End-user, 2016–2021 (USD Million) 133
16.9.2 South Africa Hardware Security Module (HSM) Market, By End-user, 2022–2028 (USD Million) 133
16.10 South Africa by Deployment 134
16.10.1 South Africa Hardware Security Module (HSM) Market, By Deployment,2016 – 2021 (USD Million) 134
16.10.2 South Africa Hardware Security Module (HSM) Market, By Deployment,2022 – 2028 (USD Million) 134
16.11 South Africa 135
16.12 Egypt 135
16.13 Nigeria 135
16.14 Rest of Africa 135

Chapter 17 Company Profile 136
17.1 Thales E-Security Inc 136
17.1.1 Business Overview 136
17.1.2 Thales E-Security Inc. Hardware Security Module (HSM) Type and Applications 137
17.1.3 Thales E-Security Inc. Hardware Security Module (HSM) Sales, Price, Revenue, Gross Margin and Market Share (2019-2021) 137
17.2 Gemalto NV 138
17.3 Utimaco GmbH 138
17.4 Futurex 138
17.5 International Business Machines Corporation 138
17.6 Ledger 138
17.7 Hewlett Packard Enterprise Company 138
17.8 Yubico 138
17.9 ATOS SE 138
17.10 Ultra Electronics 138
17.11 Securosys Sa 138
17.12 Swift 138
17.13 Cardcontact Systems GmbH 138
17.14 Ledger 138
17.15 Spyrus, Inc 138
17.16 Adweb 138
17.17 Azure 138
17.18 Cardcontact Systems 138
17.19 Complior 138
17.20 Entrust 138
17.21 Exceet Secure Solutions 138
17.22 Fortanix 138
17.23 Google 138
17.24 Infineon Technologies 138
17.25 Kryptoagile 138
17.26 Kryptus 138
17.27 Nitrokey 138
17.28 Microchip Technology 138
17.29 Rambus 138
17.30 Sansec 138
17.31 Secunet 139
17.32 Spyrus 139
17.33 Stmicroelectronics 139
17.34 Others 139

List of Figures

FIG. 1 Global Hardware Security Module (HSM) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global Hardware Security Module (HSM) Market Segmentation
FIG. 4 Global Hardware Security Module (HSM) Market, by Type, 2019 (US$ Bn)
FIG. 5 Global Hardware Security Module (HSM) Market, by Application, 2021 (US$ Bn)
FIG. 6 Global Hardware Security Module (HSM) Market, by Geography, 2021 (US$ Bn)
FIG. 7 Attractive Investment Proposition, by Geography, 2021
FIG. 8 Global Market Positioning of Key Hardware Security Module (HSM) Market Manufacturers, 2019
FIG. 9 Global Hardware Security Module (HSM) Market Value Contribution, By Type, 2021 & 2028 (Value %)
FIG. 10 Global Hardware Security Module (HSM) Market, by LAN Based/ Network Attached, Value, 2016-2028 (US$ Bn)
FIG. 11 Global Hardware Security Module (HSM) Market, by PCI-Based/ Embedded Pluggins, Value, 2016-2028 (US$ Bn)
FIG. 12 Global Hardware Security Module (HSM) Market, by USB Based/ Portable, Value, 2016-2028 (US$ Bn)
FIG. 13 Global Hardware Security Module (HSM) Market, by Smart Cards, Value, 2016-2028 (US$ Bn)
FIG. 14 Global Hardware Security Module (HSM) Market Value Contribution, By Application, 2021 & 2028 (Value %)
FIG. 15 Global Hardware Security Module (HSM) Market, by Payment Processing, Value, 2016-2028 (US$ Bn)
FIG. 16 Global Hardware Security Module (HSM) Market, by Code and Document Signing, Value, 2016-2028 (US$ Bn)
FIG. 17 Global Hardware Security Module (HSM) Market Value Contribution, By Deployment type, 2021 & 2028 (Value %)
FIG. 18 Global Hardware Security Module (HSM) Market, by On-premise, 2016-2028 (US$ Bn)
FIG. 19 Global Hardware Security Module (HSM) Market, by Cloud, Value, 2016-2028 (US$ Bn)
FIG. 20 Global Hardware Security Module (HSM) Market Value Contribution, By Vertical, 2021 & 2028 (Value %)
FIG. 21 Global Hardware Security Module (HSM) Market, by Consumer Goods & Retail, 2016-2028 (US$ Bn)
FIG. 22 Global Hardware Security Module (HSM) Market, by BFSI, 2016-2028 (US$ Bn)
FIG. 23 Global Hardware Security Module (HSM) Market, by Aerospace & defense, 2016-2028 (US$ Bn)
FIG. 24 Global Hardware Security Module (HSM) Market, by Public Sector/ Government, 2016-2028 (US$ Bn)
FIG. 25 Global Hardware Security Module (HSM) Market, by Energy and Power, 2016-2028 (US$ Bn)
FIG. 26 U.S. Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 27 Rest of North America Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 28 U.K. Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 29 Germany Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 30 France Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 31 Italy Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 32 Spain Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 33 Russia Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 34 BENELUX Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 35 Poland Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 36 Austria Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 37 Rest of Europe Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 38 Japan Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 39 China Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 40 India Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 41 South Korea Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 42 Australia Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 43 Southeast Asia Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 44 Rest of Asia Pacific Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 45 Middle East & Africa Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 46 South Africa Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 47 Nigeria Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 48 Egypt Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 49 GCC Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 50 Israel Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 51 Latin America Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 52 Mechanicalzil Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 53 Argentina Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 54 Colombia Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 55 Peru Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)
FIG. 56 Chile Hardware Security Module (HSM) Market, 2016-2028 (US$ Bn)

List of Tables

TABLE 1 Market Snapshot: Global Hardware Security Module (HSM) Market
TABLE 2 Global Hardware Security Module (HSM) Market, by Type, 2016-2028 (US$ Bn)
TABLE 3 Global Hardware Security Module (HSM) Market, by Application, 2016-2028 (US$ Bn)
TABLE 4 Global Hardware Security Module (HSM) Market, by Deployment type, 2016-2028 (US$ Bn)
TABLE 5 Global Hardware Security Module (HSM) Market, by Consumer, 2016-2028 (US$ Bn)
TABLE 6 Global Hardware Security Module (HSM) Market, by Sales Channel, 2016-2028 (US$ Bn)
TABLE 7 Global Hardware Security Module (HSM) Market, by Geography, 2016-2028 (US$ Bn)
TABLE 8 North America Hardware Security Module (HSM) Market, by Type, 2016-2028 (US$ Bn)
TABLE 9 North America Hardware Security Module (HSM) Market, by Application, 2016-2028 (US$ Bn)
TABLE 10 North America Hardware Security Module (HSM) Market, by Deployment type, 2016-2028 (US$ Bn)
TABLE 11 North America Hardware Security Module (HSM) Market, by Consumer, 2016-2028 (US$ Bn)
TABLE 12 North America Hardware Security Module (HSM) Market, by Sales Channel, 2016-2028 (US$ Bn)
TABLE 13 North America Hardware Security Module (HSM) Market, by Country, 2016-2028 (US$ Bn)
TABLE 14 Europe Hardware Security Module (HSM) Market, by Type, 2016-2028 (US$ Bn)
TABLE 15 Europe Hardware Security Module (HSM) Market, by Application, 2016-2028 (US$ Bn)
TABLE 16 Europe Hardware Security Module (HSM) Market, by Deployment type, 2016-2028 (US$ Bn)
TABLE 17 Europe Hardware Security Module (HSM) Market, by Consumer, 2016-2028 (US$ Bn)
TABLE 18 Europe Hardware Security Module (HSM) Market, by Sales Channel, 2016-2028 (US$ Bn)
TABLE 19 Europe Hardware Security Module (HSM) Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 20 Asia Pacific Hardware Security Module (HSM) Market, by Type, 2016-2028 (US$ Bn)
TABLE 21 Asia Pacific Hardware Security Module (HSM) Market, by Application, 2016-2028 (US$ Bn)
TABLE 22 Asia Pacific Hardware Security Module (HSM) Market, by Deployment type, 2016-2028 (US$ Bn)
TABLE 23 Asia Pacific Hardware Security Module (HSM) Market, by Consumer, 2016-2028 (US$ Bn)
TABLE 24 Asia Pacific Hardware Security Module (HSM) Market, by Sales Channel, 2016-2028 (US$ Bn)
TABLE 25 Asia Pacific Hardware Security Module (HSM) Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 26 Latin America Hardware Security Module (HSM) Market, by Type, 2016-2028 (US$ Bn)
TABLE 27 Latin America Hardware Security Module (HSM) Market, by Application, 2016-2028 (US$ Bn)
TABLE 28 Latin America Hardware Security Module (HSM) Market, by Deployment type, 2016-2028 (US$ Bn)
TABLE 29 Latin America Hardware Security Module (HSM) Market, by Consumer, 2016-2028 (US$ Bn)
TABLE 30 Latin America Hardware Security Module (HSM) Market, by Sales Channel, 2016-2028 (US$ Bn)
TABLE 31 Latin America Hardware Security Module (HSM) Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 32 Middle East Hardware Security Module (HSM) Market, by Type, 2016-2028 (US$ Bn)
TABLE 33 Middle East Hardware Security Module (HSM) Market, by Application, 2016-2028 (US$ Bn)
TABLE 34 Middle East Hardware Security Module (HSM) Market, by Deployment type, 2016-2028 (US$ Bn)
TABLE 35 Middle East Hardware Security Module (HSM) Market, by Consumer, 2016-2028 (US$ Bn)
TABLE 36 Middle East Hardware Security Module (HSM) Market, by Sales Channel, 2016-2028 (US$ Bn)
TABLE 37 Middle East Hardware Security Module (HSM) Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 38 Africa Hardware Security Module (HSM) Market, by Type, 2016-2028 (US$ Bn)
TABLE 39 Africa Hardware Security Module (HSM) Market, by Application, 2016-2028 (US$ Bn)
TABLE 40 Africa Hardware Security Module (HSM) Market, by Deployment type, 2016-2028 (US$ Bn)
TABLE 41 Africa Hardware Security Module (HSM) Market, by Consumer, 2016-2028 (US$ Bn)
TABLE 42 Africa Hardware Security Module (HSM) Market, by Sales Channel, 2016-2028 (US$ Bn)
TABLE 43 Africa Hardware Security Module (HSM) Market, by Country/Region, 2016-2028 (US$ Bn)