According to a new market research report "Hardware Security Modules Market by Type (LAN Based, PCIE Based, USB Based), Application (Payment Processing, Authentication, PKI, Code and Document Signing, SSL), Deployment Type, Industry, and Geography - Global Forecast to 2022," The hardware security modules market was valued at USD 520.3 Million in 2016 and is expected to reach USD 1,101.2 Million by 2022, at a CAGR of 12.87% during the forecast period.

Factors such as the increase in data breaches and cyberattacks, mandates for HSM manufacturers to comply with the internal and external privacy and data security regulations, and effective management of cryptographic keys are driving the growth of the hardware security modules market.

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The USB-based/portable HSM type is expected to witness a high growth rate during the forecast period

The market for USB-based/portable HSM is expected to grow at the highest CAGR between 2017 and 2022. As USB-based HSMs are portable and easy to deploy without the need for any external hardware or tool, these are expected to be widely adopted in the near future. The features such as built-in PKI, key backup, and open-source middleware tools are expected to increase the demand for USB-based HSMs during the forecast period.

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The use of HSMs for the authentication application can reduce fraud and protect users from internet attacks while shopping online or accessing confidential or private information through a web portal or application. It also provides organizations the ability to enforce different levels of authentication, depending on the user activity and transaction value, resulting in the high growth rate of the authentication application during the forecast period.

Latin America is expected to be the fastest-growing market for hardware security modules, followed by APAC during the forecast period. The market in Latin America is expected to grow at the highest rate during the forecast period owing to the formulation of new regulatory compliances and the adoption of modern technologies such as cloud and IoT, creating a huge opportunity for data and information security.

The major players operating in the hardware security modules market include Gemalto NV (Amsterdam), Thales e-Security, Inc. (U.S.), Utimaco GmbH (Germany), International Business Machines Corporation (U.S.), FutureX (U.S.), Hewlett-Packard Enterprise Development LP (U.S.) SWIFT (Belgium), Atos SE (France), Ultra-Electronics (U.K.), and Yubico (U.S.).

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