Hardware Security Module Market to Reach $5.2 billion, Globally, by 2032 at 14.7% CAGR: Allied Market Research
PORTLAND, Ore. , Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hardware security module Market by Type (LAN based/ Network Attached, PCI-Based/ Embedded Plugins, USB-Based/ Portable, and Smart Cards), Deployment Mode (On-premise, and Cloud), Application (Payment Processing, Code and Document Signing, Security Sockets Layer (SSL) and Transport Security Layer (TSL), Authentication, Application-Level Encryption, and Others) and Industry Vertical (BFSI, IT & Telecommunication, Government, Consumer Goods & Retail, Transportation, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hardware security module market was valued at $ 1.3 billion in 2022, and is projected to reach $ 5.2 billion by 2032, registering a CAGR of 14.7% from 2023 to 2032.
- The Covid-19 pandemic had a negative impact on the hardware security module market owing to decrease in developments of new projects.
- However, in 2021, the state-run administrations partially opened the economy, which enabled the market for hardware security modules to recover gradually.
- In addition, there is an increased need for hardware security modules due to the widespread trend toward advanced installations, which, as a result, accelerates the market growth.
- Based on product type, the LAN based/network-attached segment held the highest market share in 2022, accounting for nearly one-third of the global hardware security module market revenue, as it acts as a centralized key management system.