Hardware security module (HSM) is a piece of hardware and associated software/firmware attached to or placed inside a particular hardware to serve cryptographic functions. Its functions largely include key management/generation, encryption, decryption, and hashing. HSM systems have the ability to securely back up the keys that they can be handled using some external security token such as smart card or via operating systems of the computer. The market for hardware security module is forecasted to grow to US$ 6,592.5 Mn by 2027, recording a CAGR of 11.4%.

The major factor leading to the growth of the hardware security module (HSM) market is growing data security concerns in all the data sensitive companies around the world. Hardware security modules are responsible for efficiently storing and managing cryptographic keys. The HSM performs a number of important security related functions including encryption and message authentication. There are various attributes of an efficient HSM device including FIPS 140-1 or 140-2 validation, secure cryptographic algorithm, standardized interface for developers, key backup, and key protection among others. End-users of HSM largely evaluate the HSM device vendors on these features.

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The comprehensive protection of data can lead to increasing demand for hardware security modules in the near future. Organizations in the Germany, U.S., and Japan are more likely to deploy HSMs for encryption/decryption and key management. HSM has become an important part of an organization’s encryption and key management program. Most organizations are also moving toward cloud based HSM since over a period this deployment model has become more feasible and cost effective largely among medium and small enterprises.

High cost of implementation and upgrade of hardware security modules is expected to be one of the major restraints pulling back the market growth, specifically that of the traditional hardware security module.

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The global hardware security module market can be segmented based on application, type, and industry vertical. The type segment has further been segmented into remote interface, local interface, smart cards, and USB tokens. Remote interface HSM type held the major market share in 2019 in the overall hardware security module market. However, smart cards and USB tokens are expected to display comparatively fast growth during the forecast period. On the basis of application, the market has been divided as authentication, payment processing database encryption, document signing, code signing, PKI/credential management, Secure Socket Layer (SSL), and application level encryption.

From a geographical point of view, North America is expected to hold major share in the hardware security module market. Growth in this region is attributed to strong adoption and penetration of security modules as well as presence of large number of vendors across the region. However, Europe is also estimated to contribute significant share in the overall HSM market, closely followed by Asia Pacific. This growth is supported by APAC countries including Japan, China, and India. The global HSM revenue stood at US$ 2,775.4 Mn in 2019 and is anticipated to expand at a CAGR of 11.4% during the forecast period from 2019 to 2027. South America and Middle East & Africa are anticipated to grow at a relatively stable rate during the forecast period.

Based on industry vertical, the market is segmented into healthcare and life sciences, banking and financial institutions, government, technology and communication, energy and utility, industrial and manufacturing, retail and consumer, and others (automotive, hospitality and transportation). Among the industry verticals, the automotive and transportation segments are expected to expand at the fastest rate owing to the increasing deployment of HSM in automobile and transportation industry verticals. However, BFSI accounted for the largest share in 2019, followed by healthcare & life sciences.

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Attracted by a significantly expanding market, underlying technological advancements, and growing popularity of cloud-based HSM solutions, many players are driven to develop a comprehensive suite of modules for a number of industries. There is a rush of companies across industries to strengthen their foothold in the hardware security module market. In 2019, Atos SE entered into a strategic partnership with Orange Cyberdefense to focus on the market for secure mobile terminal communication. Key vendors in the market are continuously involved in improvement and development of more feasible HSM solutions. Some of the players profiled in the global hardware security module (HSM) market include

  • Hewlett Packard Enterprise Development L.P.
  • Utimaco GmbH
  • Futurex
  • Thales e-Security, Inc.
  • IBM Corporation
  • Ultra Electronics Group
  • Gemalto NV
  • SWIFT,
  • ubico.

Hardware Security Module Market

A hardware security module (HSM) refers to a physical device that protects sensitive data from unauthorized access. It is used for the purpose of database encryption, authentication, code and document signing, payment processing, decryption, and application-level encryption. It also handles cryptographic keys for various important operations such as authentication, decryption, and encryption. Businesses, for example, make use of a hardware security module to protect valuable trade secrets by guaranteeing that only authorized personnel have access to the system in order to perform a cryptographic key transaction. Demand for high security is anticipated to support development of the global hardware security module market in the years to come.

For SSL connections, hardware security module systems function as hardware cryptographic accelerators, and asymmetric key processes can benefit from considerable CPU offload. Elliptic curve cryptography (ECC) is also supported by most hardware security modules, which enables better encryption despite lower lengths of key. These modules comply with globally recognized standards and certifications pertaining to infrastructural and security of applications, such as GIE CB, PCI-DSS, EU Restricted, eIDAS, ANSSI Certification, and FIPS 140 amongst others. Security Degree 4 is the highest level of FIPS 140 certification that may be obtained. To avoid bus probing and manipulation, hardware security modules are generally packaged in tamper-responsive, tamper-evident, or tamper-resistant packaging. It also includes one or more cryptoprocessor chips or a module comprising a mix of chips. Rising demand for the product is estimated to foster development of the global hardware security module market in near future.

Hardware Security Module (HSM) Market: Overview

The hardware security module (HSM) report provides analysis for the period 2017 – 2027, wherein 2020 to 2027 are the forecast years and 2019 is the base year. The report covers all the major trends and technologies playing an influential role in the market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities for the analysis of market growth during the said period. The study provides a complete perspective on the global hardware security module market’s evolution throughout the above mentioned forecast period in terms of revenue (US$ Mn).

The market overview section of the report demonstrates market dynamics such as the drivers, restraints, and opportunities that influence the current nature and future status of this market, key indicators, integration challenges, end-user adoption analysis, and trends of the market. Further, key market indicators included in the report provide significance of the factors which are capable of changing the market scenario. These indicators are expected to define the market position during the forecast period and provide an overview about the global hardware security module market. A market attractiveness analysis has also been provided for every segment in the report, in order to provide a thorough understanding of the overall scenario in the hardware security module market. The report also provides an overview of various strategies adopted by the key players present in the market.

Key Questions Answered in TMR’s Report on the Hardware Security Module (HSM) Market

The report provides detailed information about the Hardware Security Module (HSM) Market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Hardware Security Module (HSM) Market, so as to help them make successful strategies and take target-driven decisions.

  • Which regions will continue to remain the most profitable regional markets for Hardware Security Module (HSM) Market players?
  • Which factors will induce a change in the demand for Hardware Security Module during the assessment period?
  • How will changing trends impact the Hardware Security Module (HSM) Market?
  • How can market players capture low-hanging opportunities in the Hardware Security Module (HSM) Market in developed regions?
  • Which companies are leading the Hardware Security Module (HSM) Market?
  • What are the winning strategies of stakeholders in the Hardware Security Module (HSM) Market to upscale their position in this landscape?
  • What will be the Y-o-Y growth of the Hardware Security Module (HSM) Market between 2019 and 2027?
  • What are the winning imperatives of market frontrunners in the Hardware Security Module (HSM) Market?
  • What are the major advancements witnessed in the Hardware Security Module (HSM) Market?

Global Hardware Security Module (HSM) Market: Scope of the Report

The report segments the market on the basis of type, application, and industry verticals. The type segment includes local interface, remote interface, smart cards, and USB tokens hardware security modules Based on application, the market is segmented into authentication, database encryption, document signing, secure socket layer (SSL), code signing, PKI/credential management, payment processing, and application level encryption. In terms of industry verticals, the hardware security module market is segmented into banking and financial institutions, government, technology and communication, industrial and manufacturing, energy and utility, retail and consumer, healthcare and life sciences and others The report provides in-depth segment analysis of the global hardware security module market, thereby providing valuable insights at the macro as well as micro levels.

The report also highlights the competitive landscape of the global hardware security module market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the hardware security module market. The comprehensive hardware security module market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting hardware security module market growth.

This report provides all the essential information required to understand the key developments in the hardware security module market, and growth trends of each segment and region. It also includes strategies, financial information, SWOT analysis, and developments under the company profile section. Also, the report provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the five forces namely bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition in the hardware security module market. This report also provides a comprehensive value chain analysis of the hardware security module market. It explains the various participants including raw material suppliers, manufacturers, and distribution channel of the value chain operating in the market.

Global Hardware Security Module (HSM) Market: Research Methodology

The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, statistical databases, World Bank database, and industry white papers are usually referred.

Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the hardware security module market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer firsthand information on important factors such as market trends, market size, competitive landscape, growth trends, and outlook, etc. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.

Global Hardware Security Module (HSM) Market: Competitive Dynamics

The research study includes profiles of leading companies operating in the global hardware security modules market. Some of the key players profiled in the hardware security modules market include Utimaco GmbH, Futurex, Thales e-Security, Inc., Gemalto NV, IBM Corporation, Hewlett Packard Enterprise Development L.P., Ultra Electronics Group, SWIFT, and Yubico.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Global Hardware Security Module (HSM) Market Segmentation:

Type

  • Local Interface
  • Remote Interface
  • USB token
  • Smart Cards

Application

  • Authentication
  • Database Encryption
  • Document Signing
  • Secure Sockets Layer (SSL)
  • Code Signing
  • PKI/Credential Management
  • Payments Processing
  • Application Level Encryption

Industry Verticals

  • BFSI
  • Government
  • Technology and Communication
  • Industrial and Manufacturing
  • Energy and Utility
  • Retail and Consumer Products
  • Healthcare & Life sciences
  • Others (Transportation, Automotive, and Hospitality)

Geography

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • India
    • China
    • Rest of APAC
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

1. Preface

    1.1. Market Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

2. Assumptions and Research Methodology

    2.1. Market Taxonomy - Segment Definitions

    2.2. Research Methodology

        2.2.1. List of Primary and Secondary Sources

    2.3. Key Assumptions for Data Modelling

3. Executive Summary : Global Hardware Security Module (HSM) Market 

4. Market Overview

    4.1. Introduction

        4.1.1. Global Market – Macro Economic   Factors Overview

        4.1.2.  Key Regional Socio-political Technological Developments and their Impact Considerations

    4.2. Market Dynamics

        4.2.1. Drivers

            4.2.1.1. Supply Side

            4.2.1.2. Demand Side

        4.2.2. Restraints

        4.2.3. Opportunities

        4.2.4. Impact Analysis of Drivers & Restraints

    4.3. Key Market Indicators

        4.3.1. Global Cyber Security Industry Overview (US$ Mn), 2017 – 2027 

    4.4. Technical specification in Hardware Security Module

        4.4.1. Algorithms and key sizes

        4.4.2. Capacity

        4.4.3. API needed

        4.4.4. Security Certifications

        4.4.5. Speed of cryptographic operations

    4.5. Key Trends Analysis

    4.6. Porter’s Five Forces Analysis - Global Hardware Security Module (HSM) Market

        4.6.1. Cost analysis

        4.6.2. Key end user/customers analysis

        4.6.3. Market Channel Development Trends

        4.6.4. Key distributors/ VARs/ intermediaries

    4.7. Ecosystem Analysis - Global Hardware Security Module (HSM) Market]

    4.8. PESTLE Analysis –Global Hardware Security Module (HSM)

    4.9. Global Hardware Security Module (HSM) Market Analysis and Forecast, 2017 – 2027

        4.9.1. Historic growth trends, 2015-2018

        4.9.2. Forecast trends, 2019-2027

    4.10. Competitive Scenario and Trends

        4.10.1. Hardware Security Module (HSM)) Market Concentration Rate

            4.10.1.1. List of New Entrants 

            4.10.1.2. Mergers & Acquisitions, Expansions 

    4.11. Market Outlook

5. Global Hardware Security Module Market Analysis and Forecast, by Type

    5.1. Overview & Definitions 

    5.2. Hardware Security Module Market Size (US$ Mn) Forecast by Type, 2017 – 2027

        5.2.1. Local Interface

        5.2.2. Smart Cards

        5.2.3. USB Tokens

    5.3. Type Comparison Matrix

    5.4. Market Attractiveness by Type

6. Global Hardware Security Module Market Analysis and Forecast, by Application

    6.1. Overview & Definition

    6.2. Hardware Security Module Market Size (US$ Mn) Forecast by Application, 2017 – 2027

        6.2.1. Authentication

        6.2.2. Database Encryption

        6.2.3. Document Signing

        6.2.4. Secure Sockets Layer (SSL)

        6.2.5. Code Signing

        6.2.6. PKI/Credential Management

        6.2.7. Payments Processing

        6.2.8.  Application Level Encryption 

    6.3. Application Comparison Matrix

    6.4. Market Attractiveness by Application

7. Global Hardware Security Module Market Analysis and Forecast, by Industry Vertical

    7.1. Overview & Definition

    7.2. Hardware Security Module Market Size (US$ Mn) Forecast by Power-Source, 2017 – 2027

        7.2.1. Banking and financial Services

        7.2.2. Government

        7.2.3. Technology and Communication

        7.2.4. Industrial and Manufacturing

        7.2.5. Energy and Utility

        7.2.6. Retail and Consumer Products

        7.2.7. Healthcare & Life sciences

        7.2.8. Others 

    7.3. Industry Vertical Comparison Matrix

    7.4. Market Attractiveness by Industry Vertical

8. Global Hardware Security Module Market Analysis and Forecast, by Region

    8.1. Key Findings

    8.2. Hardware Security Module Market Size (US$ Mn) Forecast, by Region, 2017 – 2027

        8.2.1. North America

        8.2.2. Europe

        8.2.3. Asia Pacific

        8.2.4. Middle East and Africa

        8.2.5. South America

    8.3. Market Attractiveness by Region

9. North America Hardware Security Module Market Analysis and Forecast 

    9.1. Key Findings

    9.2. Market Dynamics

        9.2.1. Drivers

            9.2.1.1. Supply Side

            9.2.1.2. Demand Side

        9.2.2. Restraints

        9.2.3. Opportunities

        9.2.4. Impact Analysis of Drivers & Restraints

    9.3. Hardware Security Module Market Size (US$ Mn) Forecast by Type, 2017 – 2027

        9.3.1. Local Interface

        9.3.2. Smart Cards

        9.3.3. USB Tokens

    9.4. Hardware Security Module Market Size (US$ Mn) Forecast by Application, 2017 – 2027

        9.4.1. Authentication

        9.4.2. Database Encryption

        9.4.3. Document Signing

        9.4.4. Secure Sockets Layer (SSL)

        9.4.5. Code Signing

        9.4.6. PKI/Credential Management

        9.4.7. Payments Processing

        9.4.8.  Application Level Encryption 

    9.5. Hardware Security Module Market Size (US$ Mn) Forecast by Power-Source, 2017 – 2027

        9.5.1. Banking and financial Services

        9.5.2. Government

        9.5.3. Technology and Communication

        9.5.4. Industrial and Manufacturing

        9.5.5. Energy and Utility

        9.5.6. Retail and Consumer Products

        9.5.7. Healthcare & Life sciences

        9.5.8. Others 

    9.6. Hardware Security Module Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

        9.6.1. The U.S.

        9.6.2. Canada

        9.6.3. Rest of North America

    9.7. Market Attractiveness Analysis 

        9.7.1. By Type

        9.7.2. By Application

        9.7.3. By Industry Vertical

        9.7.4. By Country 

10. Europe Hardware Security Module Market Analysis and Forecast 

    10.1. Key Findings

    10.2. Market Dynamics

        10.2.1. Drivers

            10.2.1.1. Supply Side

            10.2.1.2. Demand Side

        10.2.2. Restraints

        10.2.3. Opportunities

        10.2.4. Impact Analysis of Drivers & Restraints

    10.3. Hardware Security Module Market Size (US$ Mn) Forecast by Type, 2017 – 2027

        10.3.1. Local Interface

        10.3.2. Smart Cards

        10.3.3. USB Tokens

    10.4. Hardware Security Module Market Size (US$ Mn) Forecast by Application, 2017 – 2027

        10.4.1. Authentication

        10.4.2. Database Encryption

        10.4.3. Document Signing

        10.4.4. Secure Sockets Layer (SSL)

        10.4.5. Code Signing

        10.4.6. PKI/Credential Management

        10.4.7. Payments Processing

        10.4.8.  Application Level Encryption 

    10.5. Hardware Security Module Market Size (US$ Mn) Forecast by Power-Source, 2017 – 2027

        10.5.1. Banking and financial Services

        10.5.2. Government

        10.5.3. Technology and Communication

        10.5.4. Industrial and Manufacturing

        10.5.5. Energy and Utility

        10.5.6. Retail and Consumer Products

        10.5.7. Healthcare & Life sciences

        10.5.8. Others 

    10.6. Hardware Security Module Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

        10.6.1. Germany

        10.6.2. France

        10.6.3. UK

        10.6.4. Rest of Europe

    10.7. Market Attractiveness Analysis 

        10.7.1. By Type

        10.7.2. By Application

        10.7.3. By Industry Vertical

        10.7.4. By Country 

11. Asia-Pacific Hardware Security Module Market Analysis and Forecast 

    11.1. Key Findings

    11.2. Market Dynamics

        11.2.1. Drivers

            11.2.1.1. Supply Side

            11.2.1.2. Demand Side

        11.2.2. Restraints

        11.2.3. Opportunities

        11.2.4. Impact Analysis of Drivers & Restraints

    11.3. Hardware Security Module Market Size (US$ Mn) Forecast by Type, 2017 – 2027

        11.3.1. Local Interface

        11.3.2. Smart Cards

        11.3.3. USB Tokens

    11.4. Hardware Security Module Market Size (US$ Mn) Forecast by Application, 2017 – 2027

        11.4.1. Authentication

        11.4.2. Database Encryption

        11.4.3. Document Signing

        11.4.4. Secure Sockets Layer (SSL)

        11.4.5. Code Signing

        11.4.6. PKI/Credential Management

        11.4.7. Payments Processing

        11.4.8.  Application Level Encryption 

    11.5. Hardware Security Module Market Size (US$ Mn) Forecast by Power-Source, 2017 – 2027

        11.5.1. Banking and financial Services

        11.5.2. Government

        11.5.3. Technology and Communication

        11.5.4. Industrial and Manufacturing

        11.5.5. Energy and Utility

        11.5.6. Retail and Consumer Products

        11.5.7. Healthcare & Life sciences

        11.5.8. Others 

    11.6. Hardware Security Module Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

        11.6.1. China

        11.6.2. Japan

        11.6.3. India

        11.6.4. Rest of Asia Pacific

    11.7. Market Attractiveness Analysis 

        11.7.1. By Type

        11.7.2. By Application

        11.7.3. By Industry Vertical

        11.7.4. By Country 

12. Middle-East and Africa Hardware Security Module Market Analysis and Forecast 

    12.1. Key Findings

    12.2. Market Dynamics

        12.2.1. Drivers

            12.2.1.1. Supply Side

            12.2.1.2. Demand Side

        12.2.2. Restraints

        12.2.3. Opportunities

        12.2.4. Impact Analysis of Drivers & Restraints

    12.3. Hardware Security Module Market Size (US$ Mn) Forecast by Type, 2017 – 2027

        12.3.1. Local Interface

        12.3.2. Smart Cards

        12.3.3. USB Tokens

    12.4. Hardware Security Module Market Size (US$ Mn) Forecast by Application, 2017 – 2027

        12.4.1. Authentication

        12.4.2. Database Encryption

        12.4.3. Document Signing

        12.4.4. Secure Sockets Layer (SSL)

        12.4.5. Code Signing

        12.4.6. PKI/Credential Management

        12.4.7. Payments Processing

        12.4.8.  Application Level Encryption 

    12.5. Hardware Security Module Market Size (US$ Mn) Forecast by Power-Source, 2017 – 2027

        12.5.1. Banking and financial Services

        12.5.2. Government

        12.5.3. Technology and Communication

        12.5.4. Industrial and Manufacturing

        12.5.5. Energy and Utility

        12.5.6. Retail and Consumer Products

        12.5.7. Healthcare & Life sciences

        12.5.8. Others 

    12.6. Hardware Security Module Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

        12.6.1. GCC

        12.6.2. South Africa

        12.6.3. Rest of MEA

    12.7. Market Attractiveness Analysis 

        12.7.1. By Type

        12.7.2. By Industry Vertical

        12.7.3. By Application

        12.7.4. By Country 

13. South Africa Hardware Security Module Market Analysis and Forecast 

    13.1. Key Findings

    13.2. Market Dynamics

        13.2.1. Drivers

            13.2.1.1. Supply Side

            13.2.1.2. Demand Side

        13.2.2. Restraints

        13.2.3. Opportunities

        13.2.4. Impact Analysis of Drivers & Restraints

    13.3. Hardware Security Module Market Size (US$ Mn) Forecast by Type, 2017 – 2027

        13.3.1. Local Interface

        13.3.2. Smart Cards

        13.3.3. USB Tokens

    13.4. Hardware Security Module Market Size (US$ Mn) Forecast by Application, 2017 – 2027

        13.4.1. Authentication

        13.4.2. Database Encryption

        13.4.3. Document Signing

        13.4.4. Secure Sockets Layer (SSL)

        13.4.5. Code Signing

        13.4.6. PKI/Credential Management

        13.4.7. Payments Processing

        13.4.8.  Application Level Encryption 

    13.5. Hardware Security Module Market Size (US$ Mn) Forecast by Power-Source, 2017 – 2027

        13.5.1. Banking and financial Services

        13.5.2. Government

        13.5.3. Technology and Communication

        13.5.4. Industrial and Manufacturing

        13.5.5. Energy and Utility

        13.5.6. Retail and Consumer Products

        13.5.7. Healthcare & Life sciences

        13.5.8. Others 

    13.6. Hardware Security Module Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

        13.6.1. Brazil

        13.6.2. Argentina

        13.6.3. Rest of South America

    13.7. Market Attractiveness Analysis 

        13.7.1. By Type

        13.7.2. By Application

        13.7.3. By Industry Vertical

        13.7.4. By Country 

14. Competition Landscape

    14.1. Market Player – Competition Matrix

    14.2. Market Positioning Analysis, by Company (2019)

15. Company Profiles (Details – Basic Overview, Sales Area/Geographical Presence, Revenue, SWOT Analysis, and Strategy) 

    15.1. Futurex

        15.1.1. Basic Overview

        15.1.2. Sales Area/Geographical Presence

        15.1.3. Revenue

        15.1.4. SWOT Analysis

        15.1.5. Strategy

    15.2. Gemalto NV

        15.2.1. Basic Overview

        15.2.2. Sales Area/Geographical Presence

        15.2.3. Revenue

        15.2.4. SWOT Analysis

        15.2.5. Strategy

    15.3. Hewlett Packard Enterprise Development LP

        15.3.1. Basic Overview

        15.3.2. Sales Area/Geographical Presence

        15.3.3. Revenue

        15.3.4. SWOT Analysis

        15.3.5. Strategy

    15.4. International Business Machines (IBM) Corporation

        15.4.1. Basic Overview

        15.4.2. Sales Area/Geographical Presence

        15.4.3. Revenue

        15.4.4. SWOT Analysis

        15.4.5. Strategy

    15.5. SWIFT

        15.5.1. Basic Overview

        15.5.2. Sales Area/Geographical Presence

        15.5.3. Revenue

        15.5.4. SWOT Analysis

        15.5.5. Strategy

    15.6. Thales e-Security, Inc.

        15.6.1. Basic Overview

        15.6.2. Sales Area/Geographical Presence

        15.6.3. Revenue

        15.6.4. SWOT Analysis

        15.6.5. Strategy

    15.7. Ultra Electronics group

        15.7.1. Basic Overview

        15.7.2. Sales Area/Geographical Presence

        15.7.3. Revenue

        15.7.4. SWOT Analysis

        15.7.5. Strategy

    15.8. Utimaco GmbH

        15.8.1. Basic Overview

        15.8.2. Sales Area/Geographical Presence

        15.8.3. Revenue

        15.8.4. SWOT Analysis

        15.8.5. Strategy

    15.9. Yubico

        15.9.1. Basic Overview

        15.9.2. Sales Area/Geographical Presence

        15.9.3. Revenue

        15.9.4. SWOT Analysis

        15.9.5. Strategy

16. Key Takeaways

List of Tables

Table 1: Global Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Type , 2017 – 2027

Table 2: Global Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Application, 2017 – 2027

Table 3: Global Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Industry Vertical, 2017 – 2027

Table 4: Global Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Region, 2017 – 2027

Table 5: North America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Type, 2017 – 2027

Table 6: North America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Application, 2017 – 2027

Table 7: North America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Industry Vertical, 2017 – 2027

Table 8: North America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

Table 9: Europe Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Type, 2017 – 2027

Table 10: Europe Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Application, 2017 – 2027

Table 11: Europe Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Industry Vertical, 2017 – 2027

Table 12: Europe Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

Table 13: Asia Pacific Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Type, 2017 – 2027

Table 14: Asia Pacific Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Application, 2017 – 2027

Table 15: Asia Pacific Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Industry Vertical, 2017 – 2027

Table 16: Asia Pacific Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

Table 17: Middle East & Africa Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Type, 2017 – 2027

Table 18: Middle East & Africa Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Application, 2017 – 2027

Table 20: Middle East & Africa Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Industry Vertical, 2017 – 2027

Table 21: Middle East & Africa Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

Table 22: South America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Type, 2017 – 2027

Table 23: South America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Application, 2017 – 2027

Table 24: South America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Industry Vertical, 2017 – 2027

Table 25: South America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, by Country, 2017 – 2027

List of Figures

Figure 1: Market Sizing Methodology – Stage 1 

Figure 2: The Global Hardware Security Module (HSM) Market Overview

Figure 3: Gross Domestic Product (GDP) per Capita; Analysis (1/2) (US$ Mn), by Major Countries, 2013 - 2019

Figure 4: Gross Domestic Product (GDP) Analysis (2/2) (US$ Mn), by Major Countries, 2015 - 2019

Figure 5: Cyber Security Industry

Figure 6: ICT Spending (US$ Mn) Trend

Figure 7: Ecosystem Analysis Under Type 3 delivery model, the HSM are sold as a part of preconfigured system to the industry vertical or the end-user 

Figure 8: Historic Growth Trends For Global Hardware Security Module (HSM) Market, 2015-2018 (US$ Mn)

Figure 9: Forecast trends For Global Hardware Security Module (HSM) Market, 2020-2027 (US$ Mn)

Figure 10: Y – o – Y Growth, For Global Hardware Security Module (HSM) Market, 2012-2026 (US$ Mn)

Figure 11: Global Hardware Security Module (HSM) Market CAGR by Type (2019 - 2027)

Figure 12: Global Hardware Security Module (HSM) Market CAGR by Region (2019 - 2027)

Figure 13: Global Hardware Security Module (HSM) Market CAGR by Application (2019 - 2027)

Figure 14: Global Hardware Security Module (HSM) Market Analysis and Forecast, by Type

Figure 15: Type Comparison Matrix

Figure 16: Global Hardware Security Module (HSM) Market Attractiveness, by Type (2019) 

Figure 17: Global Hardware Security Module (HSM) Market Analysis and Forecast, by Application

Figure 18: Application Comparison Matrix

Figure 19: Global Hardware Security Module (HSM) Market Attractiveness, by Application (2019)

Figure 20: Global Hardware Security Module (HSM) Market Analysis and Forecast, by Industry

Figure 21: Industry Vertical Comparison Matrix

Figure 22: Global Hardware Security Module (HSM) Market Attractiveness, by Industry Vertical (2019)

Figure 23: Global Regional Analysis

Figure 24: Global Hardware Security Module (HSM) Market Value Share Analysis, by Region, 2019 and 2027

Figure 25: Global Hardware Security Module (HSM) Market Attractiveness Analysis, by Region (2019)

Figure 26: North America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, 2017 – 2027

Figure 27: North America Hardware Security Module (HSM) Market Y-o-Y Growth (Value %) Forecast, 2017 – 2027

Figure 28: North America Hardware Security Module (HSM) Market Attractiveness Analysis, by Type (2019)

Figure 29: North America Hardware Security Module (HSM) Market Attractiveness Analysis, by Application (2019)

Figure 30: North America Hardware Security Module (HSM) Market Attractiveness Analysis, by Industry Vertical (2019)

Figure 31: North America Hardware Security Module (HSM) Market Attractiveness Analysis, by Country (2019)

Figure 32: Europe Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, 2017 – 2027

Figure 33: Europe Hardware Security Module (HSM) Market Y-o-Y Growth (Value %) Forecast, 2017 – 2027

Figure 34: Europe Hardware Security Module (HSM) Market Attractiveness Analysis, by Type (2019)

Figure 35: Europe Hardware Security Module (HSM) Market Attractiveness Analysis, by Application (2019)

Figure 36: Europe Hardware Security Module (HSM) Market Attractiveness Analysis, by Industry Vertical (2019)

Figure 37: Europe Hardware Security Module (HSM) Market Attractiveness Analysis, by Country (2019)

Figure 38 Asia Pacific Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, 2017 – 2027

Figure 39: Asia Pacific Hardware Security Module (HSM) Market Y-o-Y Growth (Value %) Forecast, 2017 – 2027

Figure 40 Asia Pacific Hardware Security Module (HSM) Market Attractiveness Analysis, by Type (2019)

Figure 41: Asia Pacific Hardware Security Module (HSM) Market Attractiveness Analysis, by Application (2019)

Figure 42: Asia Pacific Hardware Security Module (HSM) Market Attractiveness Analysis, by Industry Vertical (2019)

Figure 43: Asia Pacific Hardware Security Module (HSM) Market Attractiveness Analysis, by Country (2019)

Figure 44: Middle East & Africa Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, 2017 – 2027

Figure 45: Middle East & Africa Hardware Security Module (HSM) Market Y-o-Y Growth (Value %) Forecast, 2017 – 2027

Figure 46: Middle East & Africa Hardware Security Module (HSM) Market Attractiveness Analysis, by Type (2019)

Figure 47: Middle East & Africa Hardware Security Module (HSM) Market Attractiveness Analysis, by Application (2019)

Figure 48: Middle East & Africa Hardware Security Module (HSM) Market Attractiveness Analysis, by Industry Vertical (2019)

Figure 49: Middle East & Africa Hardware Security Module (HSM) Market Attractiveness Analysis, by Country (2019)

Figure 50: MEA Drivers

Figure 51: Restraints

Figure 52: South America Hardware Security Module (HSM) Market Size (US$ Mn) Forecast, 2017 – 2027

Figure 53: South America Hardware Security Module (HSM) Market Y-o-Y Growth (Value %) Forecast, 2017 – 2027

Figure 54: South America Hardware Security Module (HSM) Market Attractiveness Analysis, by Type (2019)

Figure 55: South America Hardware Security Module (HSM) Market Attractiveness Analysis, by Application (2019)

Figure 56: South America Hardware Security Module (HSM) Market Attractiveness Analysis, by Industry Vertical (2019)

Figure 57: South America Hardware Security Module (HSM) Market Attractiveness Analysis, by Country (2019)

Figure 58: Market Positioning Analysis (1/2)

Figure 59: Atos SE Business Segments 

Figure 60: Atos SE Revenue (US$ Mn) & Y-o-Y Growth (%), 2017-2019

Figure 61: Gemalto NV Business Segments 

Figure 62: Gemalto NV Revenue (US$ Mn) & Y-o-Y Growth (%), 2017-2019

Figure 63: Futurex Products Offerings

Figure 64: Hewlett Packard Enterprise Development L.P. Products Offerings

Figure 65: Hewlett Packard Enterprise Development L.P. Revenue (US$ Mn) & Y-o-Y Growth (%), 2017-2019

Figure 66: IBM Corporation Products Offerings

Figure 67: IBM Corporation Revenue (US$ Mn) & Y-o-Y Growth (%), 2014–2017

Figure 68: SWIFT Products Offerings

Figure 69: SWIFT Revenue (US$ Mn) & Y-o-Y Growth (%), 2017-2019

Figure 70: Thales e-Security, Inc. Products Offerings

Figure 71: Thales e-Security, Inc. Revenue (US$ Mn) & Y-o-Y Growth (%), 2017-2019

Figure 72: Ultra Electronics Group Products Offerings

Figure 73: Ultra Electronics Group Revenue (US$ Mn) & Y-o-Y Growth (%), 2017-2019

Figure 74: Utimaco GmbH Products Offerings

Figure 75: Yubico Products Offerings

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