The UK is likely to hold the 18.8% market share in 2022. This is likely to grow with hhardware security module (HSM) market share in 2022-2032. The European Union has predicted that by 2027, this country’s GRAPHIC chips will generate more than 30% of all hardware security modules on Earth..

NEWARK, Del., July 5, 2022 /PRNewswire/ — According to a report by Future Market Insights (IMF), the Security Hardware Modules (HSM) Market size is expected to grow at a CAGR of 16.2% during the forecast period from 2022 to 2032.

The report further indicates that the hardware security modules market is expected to reach a valuation of US$ 1.47 billion by the end of 2022. The exponential increase in cyber breaches results in the loss of confidentiality, integrity and availability of crucial data. For this reason, enterprises have started to focus on adopting encryption management platforms that provide a high level of security to protect their infrastructure and data.

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A hardware security module is a new platform used to store and manage cryptographic keys for strong authentication. It is also used to protect physical devices from threats that allow unauthorized access to an organization’s systems.

By strengthening encryption processes, hardware security modules secure data, identities, and transactions within the network. Thus, enterprises around the world are focusing on investing in HSMs to achieve higher levels of data security, mitigate risk, build customer confidence, maintain high service levels, and gain agility.

Key Takeaways: Hardware Security Modules Market

  • By Type, the USB-based/Laptop HSM segment is expected to grow at a CAGR of 18.0% during the forecast period (2022-2032).
  • In terms of application, the payment processing segment is expected to grow at a CAGR of 18.5% between 2022 and 2032.
  • By sales channel, the distribution channels segment (integrators, distributors and value-added resellers) is expected to grow at a CAGR of 16.5% between 2022 and 2032.
  • According to the industry, adoption of hardware security modules in manufacturing is expected to grow at a CAGR of 18.4% in the coming decade.
  • In Europethe UK is expected to generate around 18.8% market share of security hardware modules over the evaluation period.

“Enterprises are adopting PCIe-based HSMs to protect online payment applications and credit card transactions. The ability of these HSMs to offer enhanced centralized control through secure remote management, transmission and backup is fueling demand in the market,” says an IMF analyst.

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Increase adoption of digital signatures to unlock new opportunities for key players

Many document-based processes across a wide range of industries require signatures. Physical signatures tend to slow down their operations because they are easily changed, forged, and impractical in today’s world.

A digital signature is generally considered more secure than a physical signature used on a paper document. Digital signatures can authenticate electronic documents by ensuring data integrity and non-repudiation. They are considered the most convenient way to sign important documents such as contracts and invoices.

Hardware security modules are used to initiate digital signing using long-term and short-term signing certificates. HSMs provide a secure environment required to generate and protect the cryptographic keys needed to validate sensitive data. These help reduce costs and automate workflows while ensuring document integrity and standards compliance.

Profiled Key Companies

  • Thales Group (Gemalto)
  • Utimaco GmbH
  • Futurex
  • Advertising technologies
  • Yubico
  • Atos
  • ultra electronic
  • SPYRUS, Inc.
  • Securosys
  • Entrust Corporation
  • Nitrokey
  • Kryptoagile
  • IBM Corporation

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Hardware Security Modules Market Outlook by Category

By type:

  • LAN-Based HSMs/Network Connected HSMs
  • Embedded/PCIe-based plug-in HSMs
  • USB/Laptop HSMs

Per application:

  • Payment Processing
  • Code and document signing
  • SSL and TLS
  • Authentication
  • Database encryption
  • PKI or credential management
  • Application level encryption

By sales channel:

  • Direct sales channel
  • Distribution channel (integrators, distributors, value-added resellers, etc.)

By industry:

  • BFSI
  • Health and life sciences
  • Manufacturing
  • Retail and GICs
  • Government & Defense
  • Energy and Utilities
  • Others

By region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (SOUL)

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1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Hardware Security Module – Price Analysis

3.1. Price analysis, by product type

3.2. Comparative analysis of world average prices

4. COVID-19 impact analysis

4.1. Impact of COVID-19 on hardware security module product sales

4.2. Market growth before COVID-19

4.3. Expected recovery scenario (short term/medium term/long term)

4.4. Key Action Points for Hardware Security Module Vendors

5. Global Hardware Security Modules Market Demand Analysis (Value in US$ Billion) 2017-2021, and Forecast, 2022-2032

5.1. Historical Market Value Analysis (USD Billion), 2017-2021

5.2. Current and Future Market Value Projections (USD Billion), 2022-2032

5.2.1. Analysis of annual growth trends

5.2.2. Analysis of opportunities in absolute $. Full Table of Contents Click here

About Electronics, Semiconductors and ICT Division at Future Market Insights

Expert analysis, strategic recommendations and actionable insights – Future Market Insights’ electronics, semiconductors and ICT team helps clients around the world meet their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors and ICT, of which over 100 reports are software-specific, the team provides end-to-end research and analysis on regional trends, market growth drivers and research development efforts in the electronics, semiconductor and ICT industry.

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About Future Market Insights (IMF)

Future Market Outlook (ESOMAR-certified research organization and member of Greater New York Chamber of Commerce) provides detailed information on the driving factors that increase the demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.


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