ハードウェアセキュリティモジュール市場 – 2030年までの世界予測

Report Overview

The hardware security modules market is expected to grow from USD 1.66 billion in 2025 to USD 3.28 billion by 2030 at a CAGR of 14.5% during the forecast period.

ハードウェアセキュリティモジュール市場は、予測期間中に 14.5% の CAGR で成長し、2025 年の 16 億 6,000 万米ドルから 2030 年には 32 億 8,000 万米ドルに達すると予想されています

The hardware security modules market is witnessing a strong growth trend because of the growing rate of data breaches, cyber attacks,  and regulatory compliance requirements across sectors. As business organizations deal with huge volumes of sensitive information, secure encryption key management and cryptography operations have turned into a mission-critical priority. The unprecedented growth of electronic banking, monetary transactions, and identity management technologies is driving need for secure hardware-based security frameworks that provide integrity, authentication, and confidentiality to data.

ハードウェアセキュリティモジュール市場は、データ侵害、サイバー攻撃、および業界全体での規制遵守要件の増加により、力強い成長傾向にあります。企業組織が膨大な量の機密情報を扱うようになると、安全な暗号化キー管理と暗号化操作はミッションクリティカルな優先事項になりました。電子バンキング、金銭取引、および ID 管理テクノロジーのかつてない成長により、データの整合性、認証、および機密性を提供する安全なハードウェアベースのセキュリティフレームワークの必要性が高まっています。

“Secure Socket Layer (SSL) and Transport Layer Security (TLS) application to grow at high CAGR for the hardware security modules market during the forecast period.”

The hardware security module market for SSL and TLS applications is expected to grow at the highest CAGR during the forecast period till 2030. The growth is driven by the rising demand for secure data transmission, encrypted web communications, and authentication in an growing digital landscape. Companies are prioritizing remote access, and web-based applications, protection of SSL/TLS certificates, private keys, and cryptographic processes as they move to cloud computing. The proliferation of encrypted communication channels has highlighted the importance of hardware-based security solutions such as HSMs. HSMs provide tamper-proof storage and management of cryptographic keys, which protects against cyber attacks like man-in-the-middle (MITM) attacks, phishing, and SSL/TLS certificate compromise. Further, the increasing adoption of IoT, 5G, and edge computing, in which encrypted communication is essential to protect data exchanges between connected things, networks, and applications, drives the market growth.

“General-purpose Cryptography to account the largest market share in the market during the forecast period.”

The market for general-purpose cryptography is anticipated to have the highest market share as the demand for secure data protection is on the rise across various industries and strong key management solutions are required. With digital transformation speeding up and companies moving more operations to the cloud, there is an increased dependence on encryption to protect sensitive data. General-purpose cryptography covering encryption, decryption, key handling, and the creation of digital signatures is central to protecting exchanges of data in financial institutions, healthcare organizations, government departments, and businesses. Growing adoption of general-purpose cryptography in conjunction with next-generation technologies like blockchain, loT, and secure payments also drives growth in the segment. Since businesses such as finance and telecommunication are based on secure communication channels and payment transactions, general-purpose cryptographic HSMs are needed to facilitate smooth and secure operations.

“India to witness significant growth in the hardware security modules market during the forecast period.”

Hardware security modules market in India is anticipated to register high CAGR, on account of strong digitalization, growing fintech industry, and rising use of cybersecurity solutions across sectors. India is among the world’s fastest-growing economies, and has experienced a boom in online transactions, e-commerce, and cloud computing usage. This has led to a demand for strong encryption solutions such as HSMs to protect sensitive information. The programs of Indian governments, like “Digital India” and “Make in India,” are promoting technology uptake in critical industries, including BFSI, healthcare, IT, and manufacturing, further stimulating demand for HSMs. These advancements are enhancing the demand for HSMs. Data protection laws in India are also helping the market grow. India’s Digital Personal Data Protection Act (DPDP), 2023, is stressing the necessity of encryption and security measures to protect personal and financial information. Reserve Bank of India requires stringent cyber security compliance of banks and payments service providers with an incentive of deploying HSMs for authentic key management as well as the encryption of sensitive data. Secondly, the surge in blockchain-driven applications across areas such as logistics, agriculture, and finance also spurred the increase in HSM deployment for authenticating digital signatures and cryptographic securities.

The break-up of the profile of primary participants in the hardware security modules market-

• By Company Type: Tier 1 – 20%, Tier 2 – 20%, Tier 3 – 60%
• By Designation Type: C Level – 30%, Director Level – 20%, Others – 50%
• By Region Type: North America – 20%, Europe – 30%, Asia Pacific – 40%, Rest of the World – 10%

The major players in the hardware security modules market with a significant global presence include Thales (France), IBM (US), Utimaco Management Services GmbH (Germany), Futurex (US), Entrust Corporation (US), and others.

Research Coverage

The report segments the hardware security modules market and forecasts its size by type, technology, deployment type, application, vertical, and region. It also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report covers qualitative aspects in addition to quantitative aspects of the market.

Reasons to buy the report:

The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall hardware security modules market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers (increasing data breaches and cyberattacks, need to comply with stringent data security regulations and standards, growing demand for effective management of cryptographic keys, transition to digital transactions and electronic payments, shift toward SDN and NFV in 5G deployments), restraints (high ownership costs associated with hardware security modules, susceptibility to cyberattacks and security breaches), opportunities (rising volume of data generated by websites and mobile apps, proliferation of connected devices and IoT technologies in smart cities, rise of telemedicine and remote healthcare services, increasing adoption of blockchain and cryptocurrencies, advancements in quantum computing), and challenges (discovering and protecting sensitive data, complexities associated with HSM integration process, rise of complex IT environments)
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new solution and service launches in the hardware security modules market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the hardware security modules market across varied regions.
• Market Diversification: Exhaustive information about new solutions and services, untapped geographies, recent developments, and investments in the hardware security modules market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and solution and service offerings of leading players, including Thales (France), IBM (US), Utimaco Management Services GmbH (Germany), Futurex (US), and Entrust Corporation (US).

Table of Contents

1               INTRODUCTION              27

1.1           STUDY OBJECTIVES       27

1.2           MARKET DEFINITION   27

1.3           STUDY SCOPE   28

1.3.1        MARKETS COVERED AND REGIONAL SCOPE      28

1.3.2        INCLUSIONS AND EXCLUSIONS 29

1.3.3        YEARS CONSIDERED      29

1.4           CURRENCY CONSIDERED            30

1.5           UNIT CONSIDERED        30

1.6           STAKEHOLDERS               30

1.7           LIMITATIONS    30

1.8           SUMMARY OF CHANGES               31

2               RESEARCH METHODOLOGY       32

2.1           RESEARCH DATA              32

2.1.1        SECONDARY DATA          33

2.1.1.1    List of key secondary sources              34

2.1.1.2    Key data from secondary sources       35

2.1.2        PRIMARY DATA 35

2.1.2.1    List of primary interview participants               35

2.1.2.2    Breakdown of primaries      36

2.1.2.3    Key data from primary sources           36

2.1.2.4    Key industry insights           37

2.1.3        SECONDARY AND PRIMARY RESEARCH 37

2.2           MARKET SIZE ESTIMATION METHODOLOGY     38

2.2.1        BOTTOM-UP APPROACH              38

2.2.1.1    Approach to arrive at market size using bottom-up analysis

(demand side)       38

2.2.2        TOP-DOWN APPROACH                40

2.2.2.1    Approach to arrive at market size using top-down analysis

(supply side)         40

2.3           MARKET BREAKDOWN AND DATA TRIANGULATION                 41

2.4           RESEARCH ASSUMPTIONS           42

2.5           RISK ANALYSIS  42

2.6           RESEARCH LIMITATIONS             43

3               EXECUTIVE SUMMARY  44

4               PREMIUM INSIGHTS       51

4.1           ATTRACTIVE GROWTH OPPORTUNITIES FOR PLAYERS IN HARDWARE SECURITY MODULES MARKET    51

4.2           HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE       51

4.3           HARDWARE SECURITY MODULES MARKET, BY VERTICAL            52

4.4           HARDWARE SECURITY MODULES MARKET, BY APPLICATION   52

4.5           HARDWARE SECURITY MODULES MARKET, BY TYPE AND TECHNOLOGY        53

4.6           HARDWARE SECURITY MODULES MARKET, BY COUNTRY            53

5               MARKET OVERVIEW       54

5.1           INTRODUCTION              54

5.2           MARKET DYNAMICS       54

5.2.1        DRIVERS               55

5.2.1.1    Increasing data breaches and cyberattacks       55

5.2.1.2    Need to comply with stringent data security regulations and standards                56

5.2.1.3    Growing demand for effective management of cryptographic keys                 57

5.2.1.4    Transition to digital transactions and electronic payments                 57

5.2.1.5    Shift toward SDN and NFV in 5G deployments              58

5.2.2        RESTRAINTS      59

5.2.2.1    High ownership costs associated with hardware security modules                 59

5.2.2.2    Susceptibility to cyberattacks and security breaches       60

5.2.3        OPPORTUNITIES              61

5.2.3.1    Rising volume of data generated by websites and mobile apps                 61

5.2.3.2    Proliferation of connected devices and IoT technologies in

smart cities            62

5.2.3.3    Rise of telemedicine and remote healthcare services      63

5.2.3.4    Increasing adoption of blockchain and cryptocurrencies                 64

5.2.3.5    Advancements in quantum computing              65

5.2.4        CHALLENGES    65

5.2.4.1    Discovering and protecting sensitive data        66

5.2.4.2    Complexities associated with HSM integration process 66

5.2.4.3    Rise of complex IT environments      67

5.3           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            67

5.4           PRICING ANALYSIS          68

5.4.1        AVERAGE SELLING PRICE TREND OF HSMS, BY KEY PLAYER 68

5.4.2        AVERAGE SELLING PRICE TREND OF HSMS, BY TYPE                 69

5.4.3        AVERAGE SELLING PRICE TREND OF LAN-BASED/NETWORK-ATTACHED HSMS, BY REGION            70

5.5           SUPPLY CHAIN ANALYSIS             71

5.6           ECOSYSTEM ANALYSIS  72

5.7           TECHNOLOGY ANALYSIS             75

5.7.1        KEY TECHNOLOGIES     75

5.7.1.1    AI and ML              75

5.7.1.2    Contactless smart cards       75

5.7.1.3    Quantum safe hardware security modules       76

5.7.2        COMPLEMENTARY TECHNOLOGIES       76

5.7.2.1    PKI         76

5.7.3        ADJACENT TECHNOLOGIES       76

5.7.3.1    Blockchain and distributed ledger technologies               76

5.7.3.2    Digital signatures 77

5.8           PATENT ANALYSIS          78

5.9           TRADE ANALYSIS             81

5.9.1        IMPORT DATA (HS CODE 8471) 81

5.9.2        EXPORT DATA (HS CODE 8471) 83

5.10         KEY CONFERENCES AND EVENTS, 2025–2026        84

5.11         CASE STUDY ANALYSIS 86

5.11.1      EPX ACHIEVED FUTURE-PROOF PAYMENT PROCESSING INFRASTRUCTURE WITH FUTUREX’S EXCRYPT SERIES  86

5.11.2      FORTANIX HELPED IT AND NETWORKING COMPANY WITH DSM SAAS THAT OFFERED ROBUST AND CONSISTENT SECURITY ACROSS GLOBAL OPERATIONS           87

5.11.3      FUTUREX HELPED POMELO IMPLEMENT ROBUST CLOUD-BASED PAYMENT INFRASTRUCTURE     88

5.11.4      STANCHION AND FUTUREX ASSISTED ISRAELI BANK WITH SECURED PAYMENT ENVIRONMENTS       88

5.11.5      THALES LUNA HSMS HELPED BANGLADESH’S IDTP WITH ENHANCED SECURITY AND ALLOWED SECURE REAL-TIME MOVEMENT OF FUNDS     89

5.11.6      THALES HELPED TREEZOR DEPLOY CLOUD HSM THAT PROVIDED EVERY CUSTOMER WITH EXCLUSIVE HSM SERVICE                 90

5.12         INVESTMENT AND FUNDING SCENARIO               90

5.13         TARIFF AND REGULATORY LANDSCAPE               91

5.13.1      TARIFF ANALYSIS             91

5.13.2      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             92

5.13.3      STANDARDS      94

5.14         PORTER’S FIVE FORCES ANALYSIS            98

5.14.1      THREAT OF NEW ENTRANTS      99

5.14.2      THREAT OF SUBSTITUTES          99

5.14.3      BARGAINING POWER OF SUPPLIERS       99

5.14.4      BARGAINING POWER OF BUYERS             100

5.14.5      INTENSITY OF COMPETITIVE RIVALRY 100

5.15         KEY STAKEHOLDERS AND BUYING PROCESS      101

5.15.1      KEY STAKEHOLDERS IN BUYING PROCESS           101

5.15.2      BUYING CRITERIA           102

5.16         IMPACT OF AI ON HARDWARE SECURITY MODULES MARKET               102

6               HARDWARE SECURITY MODULES MARKET, BY TYPE                 104

6.1           INTRODUCTION              105

6.2           LAN-BASED/NETWORK-ATTACHED       107

6.2.1        ABILITY TO PROVIDE HIGH SCALABILITY AND REMOTE ACCESS TO FUEL MARKET GROWTH      107

6.3           PCI-BASED/EMBEDDED PLUGINS            108

6.3.1        INCREASING DEMAND FOR LOW-LATENCY CRYPTOGRAPHIC PROCESSING AND HIGH-THROUGHPUT TO SUPPORT MARKET GROWTH     108

6.4           USB-BASED/PORTABLE 109

6.4.1        RISING DEMAND FOR SECURE AND PORTABLE CRYPTOGRAPHIC SOLUTIONS TO BENEFIT MARKET     109

6.5           SMART CARDS  111

6.5.1        GROWING DEMAND FOR SECURE BIOMETRIC AUTHENTICATION TO DRIVE MARKET 111

7               HARDWARE SECURITY MODULES MARKET, BY TECHNOLOGY  113

7.1           INTRODUCTION              114

7.2           GENERAL-PURPOSE CRYPTOGRAPHY    115

7.2.1        SURGING ADOPTION OF DIGITAL SERVICES AND GROWING NEED FOR DATA PROTECTION TO FOSTER MARKET GROWTH             115

7.3           QUANTUM CRYPTOGRAPHY      116

7.3.1        RISING THREATS FROM QUANTUM COMPUTING TO DRIVE MARKET 116

8               HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE       117

8.1           INTRODUCTION              118

8.2           ON-PREMISES   119

8.2.1        ABILITY TO CONTROL CRYPTOGRAPHIC KEYS AND DATA TO BOOST DEMAND         119

8.3           CLOUD-BASED 122

8.3.1        EXPANDING SECURITY DIGITAL PAYMENT ECOSYSTEMS AND E-COMMERCE PLATFORMS TO FUEL MARKET GROWTH          122

9               HARDWARE SECURITY MODULES MARKET, BY APPLICATION   125

9.1           INTRODUCTION              126

9.2           PAYMENT PROCESSING                127

9.2.1        GLOBAL SHIFT TOWARD CASHLESS ECONOMY TO FUEL MARKET GROWTH               127

9.3           CODE AND DOCUMENT SIGNING            129

9.3.1        RISING MALWARE AND SUPPLY CHAIN ATTACKS TO BOOST DEMAND             129

9.4           SECURITY SOCKETS LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS) 131

9.4.1        GROWING APPLICATION FOR PROTECTING CONFIDENTIAL DATA FOR WEB-BASED RETAIL TO BOOST DEMAND             131

9.5           AUTHENTICATION         132

9.5.1        INCREASING DEMAND FOR SECURE USER AND DEVICE AUTHENTICATION TO SUPPORT MARKET GROWTH      132

9.6           DATABASE ENCRYPTION             133

9.6.1        EXPANSION OF BIG DATA ANALYTICS TO DRIVE MARKET               133

9.7           PUBLIC KEY INFRASTRUCTURE (PKI) AND CREDENTIAL MANAGEMENT 135

9.7.1        INCREASING DEMAND FOR TAMPER-RESISTANT ENVIRONMENT FOR GENERATING, STORING, AND MANAGING CRYPTOGRAPHIC KEYS TO FOSTER MARKET GROWTH 135

9.8           APPLICATION-LEVEL ENCRYPTION        137

9.8.1        GROWING ADOPTION OF CLOUD COMPUTING, HYBRID IT ARCHITECTURES, AND DISTRIBUTED SYSTEMS TO DRIVE MARKET 137

10            HARDWARE SECURITY MODULES MARKET, BY VERTICAL            139

10.1         INTRODUCTION              140

10.2         BFSI       141

10.2.1      SURGING ADOPTION OF ADVANCED PAYMENT METHODS TO BOOST DEMAND                141

10.3         IT & TELECOMMUNICATIONS   144

10.3.1      RISING NEED TO SAFEGUARD NETWORK FUNCTION VIRTUALIZATION INFRASTRUCTURE TO FOSTER MARKET GROWTH             144

10.4         PUBLIC SECTOR/GOVERNMENT               147

10.4.1      RISING SHIFT TOWARD E-GOVERNANCE TO FUEL MARKET GROWTH          147

10.5         INDUSTRIAL MANUFACTURING                149

10.5.1      GROWING NEED TO PREVENT UNAUTHORIZED ACCESS TO DIGITAL TWIN DATA TO DRIVE MARKET      149

10.6         ENERGY & POWER           151

10.6.1      SURGING PENETRATION OF RENEWABLE ENERGY AND DISTRIBUTED ENERGY RESOURCES IN MODERN ELECTRIC GRIDS TO FUEL MARKET GROWTH         151

10.7         CONSUMER GOODS & RETAIL   153

10.7.1      INCREASING ADOPTION OF ONLINE PLATFORMS, CLOUD-BASED POINT-OF-SALE SYSTEMS, AND ADVANCED RETAIL TECHNOLOGIES TO DRIVE MARKET      153

10.8         MEDICAL & LIFE SCIENCES          156

10.8.1      SURGING ADOPTION OF ELECTRONIC HEALTH RECORDS, TELEMEDICINE, AND IOT-ENABLED MEDICAL DEVICES TO FOSTER MARKET GROWTH               156

10.9         AEROSPACE & DEFENSE                159

10.9.1      GROWING RELIANCE ON SECURED COMMUNICATIONS AND ENCRYPTED DATA TRANSMISSIONS TO SUPPORT MARKET GROWTH          159

10.10       TRANSPORTATION         161

10.10.1   INCREASING SHIFT TOWARD CONNECTED SYSTEMS, AUTONOMOUS VEHICLES, AND SMART INFRASTRUCTURE TO FOSTER MARKET GROWTH         161

11            HARDWARE SECURITY MODULES MARKET, BY REGION                 164

11.1         INTRODUCTION              165

11.2         NORTH AMERICA             167

11.2.1      MACROECONOMIC OUTLOOK FOR NORTH AMERICA                 168

11.2.2      US           172

11.2.2.1  Rising cybersecurity threats to foster market growth     172

11.2.3      CANADA               174

11.2.3.1  Increasing emphasis on developing and installing new network systems to accelerate demand             174

11.2.4      MEXICO                176

11.2.4.1  Thriving manufacturing hub for automotive, mining, and electronics industries to fuel market growth    176

11.3         EUROPE               178

11.3.1      MACROECONOMIC OUTLOOK FOR EUROPE      178

11.3.2      GERMANY           183

11.3.2.1  Rising deployment of security solutions to protect production control and data exchanges to accelerate demand           183

11.3.3      UK          185

11.3.3.1  Growing need for tamper-proof encryption key management and cryptographic processing to support market growth       185

11.3.4      FRANCE                187

11.3.4.1  Increasing reliance on cloud-based solutions to drive market                 187

11.3.5      ITALY    189

11.3.5.1  Government-led initiatives to improve cyber resilience to boost demand  189

11.3.6      REST OF EUROPE             191

11.4         ASIA PACIFIC     193

11.4.1      MACROECONOMIC OUTLOOK FOR ASIA PACIFIC                 193

11.4.2      CHINA  199

11.4.2.1  Presence of stringent cybersecurity regulations to spur market growth    199

11.4.3      JAPAN   200

11.4.3.1  Increasing influx of FDIs to foster market growth           200

11.4.4      INDIA    202

11.4.4.1  Rising adoption of blockchain in BFSI, healthcare, and IT sectors to fuel market growth           202

11.4.5      SOUTH KOREA  203

11.4.5.1  Widespread adoption of 5G networks and high internet penetration to drive market                 203

11.4.6      AUSTRALIA         205

11.4.6.1  Growing need to comply with cybersecurity standards and protect sensitive information to fuel market growth       205

11.4.7      REST OF ASIA PACIFIC   207

11.5         ROW      209

11.5.1      MACROECONOMIC OUTLOOK FOR ROW              209

11.5.2      SOUTH AMERICA             212

11.5.2.1  Expanding e-commerce market to offer lucrative growth opportunities         212

11.5.3      MIDDLE EAST & AFRICA                214

11.5.3.1  GCC       216

11.5.3.1.1                Rising cyberattacks in banking, government, and energy sectors to boost demand      216

11.5.3.2  Rest of Middle East & Africa               218

12            COMPETITIVE LANDSCAPE         220

12.1         INTRODUCTION              220

12.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024                 220

12.3         REVENUE ANALYSIS, 2020–2023  223

12.4         MARKET SHARE ANALYSIS, 2024                 223

12.5         COMPANY VALUATION AND FINANCIAL METRICS, 2024                 226

12.6         BRAND/PRODUCT COMPARISON             227

12.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 228

12.7.1      STARS   228

12.7.2      EMERGING LEADERS     228

12.7.3      PERVASIVE PLAYERS      228

12.7.4      PARTICIPANTS 228

12.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         231

12.7.5.1  Company footprint               231

12.7.5.2  Region footprint   232

12.7.5.3  Type footprint       233

12.7.5.4  Technology footprint           234

12.7.5.5  Deployment type footprint 235

12.7.5.6  Application footprint            236

12.7.5.7  Vertical footprint  237

12.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        238

12.8.1      PROGRESSIVE COMPANIES         238

12.8.2      RESPONSIVE COMPANIES            238

12.8.3      DYNAMIC COMPANIES  238

12.8.4      STARTING BLOCKS         238

12.8.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024                 240

12.8.5.1  Detailed list of key startups/SMEs    240

12.8.6      COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES              241

12.9         COMPETITIVE SCENARIO             242

12.9.1      PRODUCT LAUNCHES/DEVELOPMENTS               242

12.9.2      DEALS  244

12.9.3      EXPANSIONS     245

12.9.4      OTHER DEVELOPMENTS              245

13            COMPANY PROFILES      246

13.1         KEY PLAYERS     246

13.1.1      THALES                246

13.1.1.1  Business overview 246

13.1.1.2  Products/Solutions/Services offered 248

13.1.1.3  Recent developments           250

13.1.1.3.1                Product launches/Developments       250

13.1.1.3.2                Deals      251

13.1.1.4  MnM view              252

13.1.1.4.1                Key strengths/Right to win 252

13.1.1.4.2                Strategic choices   252

13.1.1.4.3                Weaknesses/Competitive threats       252

13.1.2      UTIMACO MANAGEMENT SERVICES GMBH         253

13.1.2.1  Business overview 253

13.1.2.2  Products/Solutions/Services offered 253

13.1.2.3  Recent developments           256

13.1.2.3.1                Product launches/Developments       256

13.1.2.3.2                Deals      257

13.1.2.3.3                Expansions             260

13.1.2.4  MnM view              260

13.1.2.4.1                Key strengths/Right to win 260

13.1.2.4.2                Strategic choices   260

13.1.2.4.3                Weaknesses/Competitive threats       260

13.1.3      FUTUREX             261

13.1.3.1  Business overview 261

13.1.3.2  Products/Solutions/Services offered 261

13.1.3.3  Recent developments           263

13.1.3.3.1                Product launches/Developments       263

13.1.3.3.2                Deals      263

13.1.3.4  MnM view              265

13.1.3.4.1                Key strengths/Right to win 265

13.1.3.4.2                Strategic choices   265

13.1.3.4.3                Weaknesses/Competitive threats       265

13.1.4      IBM        266

13.1.4.1  Business overview 266

13.1.4.2  Products/Solutions/Services offered 267

13.1.4.3  Recent developments           269

13.1.4.3.1                Deals      269

13.1.4.4  MnM view              270

13.1.4.4.1                Key strengths/Right to win 270

13.1.4.4.2                Strategic choices   270

13.1.4.4.3                Weaknesses/Competitive threats       270

13.1.5      ENTRUST CORPORATION            271

13.1.5.1  Business overview 271

13.1.5.2  Products/Solutions/Services offered 271

13.1.5.3  Recent developments           273

13.1.5.3.1                Product launches/Developments       273

13.1.5.3.2                Deals      273

13.1.5.3.3                Expansions             274

13.1.5.4  MnM view              274

13.1.5.4.1                Key strengths/Right to win 274

13.1.5.4.2                Strategic choices   274

13.1.5.4.3                Weaknesses/Competitive threats       274

13.1.6      ATOS SE               275

13.1.6.1  Business overview 275

13.1.6.2  Products/Solutions/Services offered 277

13.1.6.3  Recent developments           277

13.1.6.3.1                Product launches/Developments       277

13.1.6.3.2                Deals      278

13.1.7      STMICROELECTRONICS                279

13.1.7.1  Business overview 279

13.1.7.2  Products/Solutions/Services offered 280

13.1.7.3  Recent developments           281

13.1.7.3.1                Deals      281

13.1.8      MICROCHIP TECHNOLOGY INC.               282

13.1.8.1  Business overview 282

13.1.8.2  Products/Solutions/Services offered 283

13.1.8.3  Recent developments           284

13.1.8.3.1                Product launches/Developments       284

13.1.8.3.2                Deals      284

13.1.8.3.3                Other developments             285

13.1.9      INFINEON TECHNOLOGIES AG 286

13.1.9.1  Business overview 286

13.1.9.2  Products/Solutions/Services offered 287

13.1.9.3  Recent developments           288

13.1.9.3.1                Product launches/Developments       288

13.1.9.3.2                Deals      289

13.1.10   YUBICO                291

13.1.10.1                 Business overview 291

13.1.10.2                 Products/Solutions/Services offered 292

13.1.10.3                 Recent developments           293

13.1.10.3.1             Product launches/Developments       293

13.1.10.3.2             Deals      294

13.1.11   DINAMO NETWORKS     295

13.1.11.1                 Business overview 295

13.1.11.2                 Products/Solutions/Services offered 295

13.2         OTHER PLAYERS              296

13.2.1      SECUROSYS        296

13.2.2      SPYRUS 297

13.2.3      ADWEB TECHNOLOGIES              298

13.2.4      LATTICE SEMICONDUCTOR       299

13.2.5      ELLIPTICSECURE             300

13.2.6      AMAZON WEB SERVICES, INC.    301

13.2.7      ETAS      302

13.2.8      SANSEC                 303

13.2.9      FORTANIX           304

13.2.10   JISA SOFTECH PVT. LTD.              305

13.2.11   MICROSOFT       306

13.2.12   NITROKEY           307

13.2.13   KRYPTOAGILE SOLUTIONS PVT. LTD.   308

13.2.14   KRYPTUS             309

13.2.15   CRYPTO4A          310

14            APPENDIX           311

14.1         INSIGHTS FROM INDUSTRY EXPERTS     311

14.2         DISCUSSION GUIDE        312

14.3         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                316

14.4         CUSTOMIZATION OPTIONS        318

14.5         RELATED REPORTS         318

14.6         AUTHOR DETAILS           319

LIST OF TABLES

TABLE 1                HARDWARE SECURITY MODULES MARKET: RISK ANALYSIS  42

TABLE 2                AVERAGE SELLING PRICE TREND OF HSMS OFFERED BY KEY PLAYERS,

2024 (USD)          69

TABLE 3                AVERAGE SELLING PRICE TREND OF HSMS, BY TYPE, 2021–2024 (USD)  69

TABLE 4                AVERAGE SELLING PRICE TREND OF LAN-BASED/NETWORK-ATTACHED HSMS,

BY REGION, 2021–2024 (USD)      70

TABLE 5                COMPANIES AND THEIR ROLES IN ECOSYSTEM                 74

TABLE 6                LIST OF PATENTS, 2021–2024       79

TABLE 7                IMPORT DATA FOR HS CODE 8471-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023 (USD MILLION)            82

TABLE 8                EXPORT DATA FOR HS CODE 8471-COMPLIANT PRODUCTS, BY COUNTRY,

2019–2023 (USD MILLION)            84

TABLE 9                HARDWARE SECURITY MODULES MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2025–2026       84

TABLE 10              IMPORT TARIFFS FOR HS CODE 8471-COMPLIANT PRODUCTS, BY COUNTRY, 2023      91

TABLE 11              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 92

TABLE 12              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS           93

TABLE 13              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 93

TABLE 14              ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS           94

TABLE 15              HARDWARE SECURITY MODULES MARKET: PORTER’S FIVE FORCES ANALYSIS            99

TABLE 16              IMPACT OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS (%)           101

TABLE 17              KEY BUYING CRITERIA FOR TOP THREE VERTICALS         102

TABLE 18              HARDWARE SECURITY MODULES MARKET, BY TYPE, 2021–2024 (USD MILLION)                105

TABLE 19              HARDWARE SECURITY MODULES MARKET, BY TYPE, 2025–2030 (USD MILLION)                106

TABLE 20              HARDWARE SECURITY MODULES MARKET, BY TYPE,

2021–2024 (THOUSAND UNITS)  106

TABLE 21              HARDWARE SECURITY MODULES MARKET, BY TYPE,

2025–2030 (THOUSAND UNITS)  106

TABLE 22              LAN-BASED/NETWORK-ATTACHED: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION)   107

TABLE 23              LAN-BASED/NETWORK-ATTACHED: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   108

TABLE 24              PCI-BASED/EMBEDDED PLUGINS: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION)   109

TABLE 25              PCI-BASED/EMBEDDED PLUGINS: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   109

TABLE 26              USB-BASED/PORTABLE: HARDWARE SECURITY MODULES MARKET, BY REGION, 2021–2024 (USD MILLION)                 110

TABLE 27              USB-BASED/PORTABLE: HARDWARE SECURITY MODULES MARKET, BY REGION, 2025–2030 (USD MILLION)                 110

TABLE 28              SMART CARDS: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            111

TABLE 29              SMART CARDS: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            112

TABLE 30              HARDWARE SECURITY MODULES MARKET, BY TECHNOLOGY,

2021–2024 (USD MILLION)            114

TABLE 31              HARDWARE SECURITY MODULES MARKET, BY TECHNOLOGY,

2025–2030 (USD MILLION)            115

TABLE 32              HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,

2021–2024 (USD MILLION)            118

TABLE 33              HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,

2025–2030 (USD MILLION)            118

TABLE 34              ON-PREMISES: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            120

TABLE 35              ON-PREMISES: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            121

TABLE 36              ON-PREMISES: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            121

TABLE 37              ON-PREMISES: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            121

TABLE 38              CLOUD-BASED: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            123

TABLE 39              CLOUD-BASED: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            123

TABLE 40              CLOUD-BASED: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            124

TABLE 41              CLOUD-BASED: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            124

TABLE 42              HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2021–2024 (USD MILLION)            126

TABLE 43              HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            127

TABLE 44              PAYMENT PROCESSING: HARDWARE SECURITY MODULES MARKET, BY REGION, 2021–2024 (USD MILLION)                 128

TABLE 45              PAYMENT PROCESSING: HARDWARE SECURITY MODULES MARKET, BY REGION, 2025–2030 (USD MILLION)                 129

TABLE 46              CODE AND DOCUMENT SIGNING: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION)   130

TABLE 47              CODE AND DOCUMENT SIGNING: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   130

TABLE 48              SECURE SOCKET LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS): HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            131

TABLE 49              SECURE SOCKET LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS): HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            132

TABLE 50              AUTHENTICATION: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            133

TABLE 51              AUTHENTICATION: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            133

TABLE 52              DATABASE ENCRYPTION: HARDWARE SECURITY MODULES MARKET, BY REGION, 2021–2024 (USD MILLION)            134

TABLE 53              DATABASE ENCRYPTION: HARDWARE SECURITY MODULES MARKET, BY REGION, 2025–2030 (USD MILLION)            135

TABLE 54              PUBLIC KEY INFRASTRUCTURE (PKI) AND CREDENTIAL MANAGEMENT: HARDWARE SECURITY MODULES MARKET, BY REGION, 2021–2024 (USD MILLION)                136

TABLE 55              PUBLIC KEY INFRASTRUCTURE (PKI) AND CREDENTIAL MANAGEMENT: HARDWARE SECURITY MODULES MARKET, BY REGION, 2025–2030 (USD MILLION)                136

TABLE 56              APPLICATION-LEVEL ENCRYPTION: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION) 137

TABLE 57              APPLICATION-LEVEL ENCRYPTION: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   138

TABLE 58              HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            140

TABLE 59              HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            141

TABLE 60             BFSI: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            143

TABLE 61             BFSI: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            143

TABLE 62             BFSI: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,

2021–2024 (USD MILLION)          143

TABLE 63             BFSI: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,

2025–2030 (USD MILLION)            143

TABLE 64              IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION)   145

TABLE 65              IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   146

TABLE 66              IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)          146

TABLE 67              IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)          146

TABLE 68              PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION)   148

TABLE 69              PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   148

TABLE 70              PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)          149

TABLE 71              PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)          149

TABLE 72              INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION)   150

TABLE 73              INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   150

TABLE 74              INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)          151

TABLE 75              INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)          151

TABLE 76              ENERGY & POWER: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            152

TABLE 77              ENERGY & POWER: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            153

TABLE 78              ENERGY & POWER: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)            153

TABLE 79              ENERGY & POWER: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)            153

TABLE 80              CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2021–2024 (USD MILLION)   155

TABLE 81              CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   155

TABLE 82              CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)          155

TABLE 83              CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)          156

TABLE 84              MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET, BY REGION, 2021–2024 (USD MILLION)            157

TABLE 85              MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET,

BY REGION, 2025–2030 (USD MILLION)   158

TABLE 86              MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)          158

TABLE 87              MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)          158

TABLE 88              AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET, BY REGION, 2021–2024 (USD MILLION)                 159

TABLE 89              AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET, BY REGION, 2025–2030 (USD MILLION)                 160

TABLE 90              AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)          160

TABLE 91              AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET,

BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)          160

TABLE 92              TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            162

TABLE 93              TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            162

TABLE 94              TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)            163

TABLE 95              TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)            163

TABLE 96              HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            165

TABLE 97              HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            166

TABLE 98              NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            169

TABLE 99              NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            169

TABLE 100            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            169

TABLE 101            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            170

TABLE 102            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2021–2024 (USD MILLION)            170

TABLE 103            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2025–2030 (USD MILLION)            170

TABLE 104            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2021–2024 (USD MILLION)            171

TABLE 105            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            171

TABLE 106            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)            172

TABLE 107            NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)            172

TABLE 108            US: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            174

TABLE 109            US: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            174

TABLE 110            CANADA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            175

TABLE 111            CANADA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            176

TABLE 112            MEXICO: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            177

TABLE 113            MEXICO: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            177

TABLE 114            EUROPE: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            180

TABLE 115            EUROPE: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            180

TABLE 116            EUROPE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            180

TABLE 117            EUROPE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            181

TABLE 118            EUROPE: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2021–2024 (USD MILLION)            181

TABLE 119            EUROPE: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2025–2030 (USD MILLION)            182

TABLE 120            EUROPE: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2021–2024 (USD MILLION)            182

TABLE 121            EUROPE: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            182

TABLE 122            EUROPE: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)                 183

TABLE 123            EUROPE: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)                 183

TABLE 124            GERMANY: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            184

TABLE 125            GERMANY: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)          185

TABLE 126            UK: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            186

TABLE 127            UK: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            187

TABLE 128            FRANCE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            188

TABLE 129            FRANCE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            189

TABLE 130            ITALY: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            190

TABLE 131            ITALY: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            190

TABLE 132            REST OF EUROPE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            192

TABLE 133            REST OF EUROPE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            192

TABLE 134            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            195

TABLE 135            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            195

TABLE 136            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            196

TABLE 137            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            196

TABLE 138            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2021–2024 (USD MILLION)            197

TABLE 139            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2025–2030 (USD MILLION)            197

TABLE 140            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2021–2024 (USD MILLION)            197

TABLE 141            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            198

TABLE 142            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2021–2024 (USD MILLION)                 198

TABLE 143            ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2025–2030 (USD MILLION)                 198

TABLE 144            CHINA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            200

TABLE 145            CHINA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            200

TABLE 146            JAPAN: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            201

TABLE 147            JAPAN: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            202

TABLE 148            INDIA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            203

TABLE 149            INDIA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            203

TABLE 150            SOUTH KOREA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            204

TABLE 151            SOUTH KOREA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            205

TABLE 152            AUSTRALIA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            206

TABLE 153            AUSTRALIA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            207

TABLE 154            REST OF ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2021–2024 (USD MILLION)                 208

TABLE 155            REST OF ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2025–2030 (USD MILLION)                 208

TABLE 156            ROW: HARDWARE SECURITY MODULES MARKET, BY REGION,

2021–2024 (USD MILLION)            209

TABLE 157            ROW: HARDWARE SECURITY MODULES MARKET, BY REGION,

2025–2030 (USD MILLION)            209

TABLE 158            ROW: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            210

TABLE 159            ROW: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            210

TABLE 160            ROW: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2021–2024 (USD MILLION)          210

TABLE 161            ROW: HARDWARE SECURITY MODULES MARKET, BY TYPE,

2025–2030 (USD MILLION)            211

TABLE 162            ROW: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2021–2024 (USD MILLION)            211

TABLE 163            ROW: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            211

TABLE 164            ROW: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,

2021–2024 (USD MILLION)            212

TABLE 165            ROW: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,

2025–2030 (USD MILLION)            212

TABLE 166            SOUTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            213

TABLE 167            SOUTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            213

TABLE 168            MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET, BY REGION, 2021–2024 (USD MILLION)                 214

TABLE 169            MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET, BY REGION, 2025–2030 (USD MILLION)                 215

TABLE 170            MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2021–2024 (USD MILLION)                 215

TABLE 171            MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2025–2030 (USD MILLION)                 216

TABLE 172          GCC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2021–2024 (USD MILLION)            217

TABLE 173          GCC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,

2025–2030 (USD MILLION)            217

TABLE 174            REST OF MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET,

BY VERTICAL, 2021–2024 (USD MILLION)               218

TABLE 175            REST OF MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET,

BY VERTICAL, 2025–2030 (USD MILLION)               219

TABLE 176            HARDWARE SECURITY MODULES MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2024        220

TABLE 177            HARDWARE SECURITY MODULES MARKET: DEGREE OF COMPETITION         224

TABLE 178            HARDWARE SECURITY MODULES MARKET: REGION FOOTPRINT     232

TABLE 179            HARDWARE SECURITY MODULES MARKET: TYPE FOOTPRINT            233

TABLE 180            HARDWARE SECURITY MODULES MARKET: TECHNOLOGY FOOTPRINT        234

TABLE 181            HARDWARE SECURITY MODULES MARKET: DEPLOYMENT TYPE FOOTPRINT             235

TABLE 182            HARDWARE SECURITY MODULES MARKET: APPLICATION FOOTPRINT         236

TABLE 183            HARDWARE SECURITY MODULES MARKET: VERTICAL FOOTPRINT 237

TABLE 184            HARDWARE SECURITY MODULES MARKET: DETAILED

LIST OF KEY STARTUPS/SMES, 2024         240

TABLE 185            HARDWARE SECURITY MODULES MARKET: COMPETITIVE BENCHMARKING OF STARTUPS/SMES    241

TABLE 186            HARDWARE SECURITY MODULES MARKET: PRODUCT LAUNCHES/DEVELOPMENTS, JANUARY 2020–DECEMBER 2024                242

TABLE 187            HARDWARE SECURITY MODULES MARKET: DEALS,

JANUARY 2020–DECEMBER 2024 244

TABLE 188            HARDWARE SECURITY MODULES MARKET: EXPANSIONS,

JANUARY 2020–DECEMBER 2024 245

TABLE 189            HARDWARE SECURITY MODULES MARKET: OTHER DEVELOPMENTS, JANUARY 2020–DECEMBER 2024                 245

TABLE 190            THALES: COMPANY OVERVIEW 246

TABLE 191            THALES: PRODUCTS/SOLUTIONS/SERVICES OFFERED             248

TABLE 192            THALES: PRODUCT LAUNCHES/DEVELOPMENTS    250

TABLE 193            THALES: DEALS                251

TABLE 194            UTIMACO: COMPANY OVERVIEW             253

TABLE 195            UTIMACO MANAGEMENT SERVICES GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED    253

TABLE 196            UTIMACO MANAGEMENT SERVICES GMBH: PRODUCT LAUNCHES/DEVELOPMENTS               256

TABLE 197            UTIMACO MANAGEMENT SERVICES GMBH: DEALS  257

TABLE 198            UTIMACO: EXPANSIONS               260

TABLE 199            FUTUREX: COMPANY OVERVIEW              261

TABLE 200            FUTUREX: PRODUCTS/SOLUTIONS/SERVICES OFFERED             261

TABLE 201            FUTUREX: PRODUCT LAUNCHES/DEVELOPMENTS    263

TABLE 202            FUTUREX: DEALS             263

TABLE 203            IBM: COMPANY OVERVIEW         266

TABLE 204            IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED             267

TABLE 205            IBM: DEALS        269

TABLE 206            ENTRUST CORPORATION: COMPANY OVERVIEW          271

TABLE 207            ENTRUST CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    271

TABLE 208            ENTRUST CORPORATION: PRODUCT LAUNCHES/DEVELOPMENTS    273

TABLE 209            ENTRUST CORPORATION: DEALS            273

TABLE 210            ENTRUST CORPORATION: EXPANSIONS                 274

TABLE 211            ATOS SE: COMPANY OVERVIEW                275

TABLE 212            ATOS SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             277

TABLE 213            ATOS SE: PRODUCT LAUNCHES/DEVELOPMENTS    277

TABLE 214            ATOS SE: DEALS                278

TABLE 215            STMICROELECTRONICS: COMPANY OVERVIEW                 279

TABLE 216            STMICROELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    280

TABLE 217            STMICROELECTRONICS: DEALS                281

TABLE 218            MICROCHIP TECHNOLOGY INC.: COMPANY OVERVIEW          282

TABLE 219            MICROCHIP TECHNOLOGY INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    283

TABLE 220            MICROCHIP TECHNOLOGY INC.: PRODUCT LAUNCHES/DEVELOPMENTS    284

TABLE 221            MICROCHIP TECHNOLOGY INC.: DEALS                 284

TABLE 222            MICROCHIP TECHNOLOGY INC.: OTHER DEVELOPMENTS              285

TABLE 223            INFINEON TECHNOLOGIES AG: COMPANY OVERVIEW          286

TABLE 224            INFINEON TECHNOLOGIES AG: PRODUCTS/SERVICES/SOLUTIONS OFFERED    287

TABLE 225            INFINEON TECHNOLOGIES AG: PRODUCT LAUNCHES/DEVELOPMENTS    288

TABLE 226            INFINEON TECHNOLOGIES AG: DEALS 289

TABLE 227            YUBICO: COMPANY OVERVIEW 291

TABLE 228            YUBICO: PRODUCTS/SOLUTIONS/SERVICES OFFERED             292

TABLE 229            YUBICO: PRODUCT LAUNCHES/DEVELOPMENTS    293

TABLE 230            YUBICO: DEALS                 294

TABLE 231            DINAMO NETWORKS: COMPANY OVERVIEW                 295

TABLE 232            DINAMO NETWORKS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    295

TABLE 233            SECUROSYS: COMPANY OVERVIEW         296

TABLE 234            SPYRUS: COMPANY OVERVIEW 297

TABLE 235            ADWEB TECHNOLOGIES: COMPANY OVERVIEW                 298

TABLE 236            LATTICE SEMICONDUCTOR: COMPANY OVERVIEW          299

TABLE 237            ELLIPTICSECURE: COMPANY OVERVIEW                 300

TABLE 238            AMAZON WEB SERVICES, INC.: COMPANY OVERVIEW          301

TABLE 239            ETAS: COMPANY OVERVIEW      302

TABLE 240            SANSEC: COMPANY OVERVIEW 303

TABLE 241            FORTANIX: COMPANY OVERVIEW            304

TABLE 242            JISA SOFTECH: COMPANY OVERVIEW    305

TABLE 243            MICROSOFT: COMPANY OVERVIEW        306

LIST OF FIGURES

FIGURE 1              HARDWARE SECURITY MODULES MARKET SEGMENTATION AND REGIONAL SCOPE              28

FIGURE 2              HARDWARE SECURITY MODULES MARKET: RESEARCH DESIGN         33

FIGURE 3              HARDWARE SECURITY MODULES MARKET: BOTTOM-UP APPROACH              39

FIGURE 4              HARDWARE SECURITY MODULES MARKET SIZE ESTIMATION METHODOLOGY  39

FIGURE 5              HARDWARE SECURITY MODULES MARKET: TOP-DOWN APPROACH                40

FIGURE 6              HARDWARE SECURITY MODULES MARKET: DATA TRIANGULATION                41

FIGURE 7              HARDWARE SECURITY MODULES MARKET: RESEARCH ASSUMPTIONS           42

FIGURE 8              HARDWARE SECURITY MODULES MARKET: RESEARCH LIMITATIONS             43

FIGURE 9              LAN-BASED/NETWORK-ATTACHED SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030                 45

FIGURE 10            QUANTUM CRYPTOGRAPHY TO GROW AT HIGHER CAGR DURING FORECAST PERIOD        45

FIGURE 11            CLOUD-BASED SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD        46

FIGURE 12            BFSI SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2025 47

FIGURE 13            PAYMENT PROCESSING SEGMENT TO DOMINATE MARKET IN 2030       48

FIGURE 14            ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN GLOBAL MARKET DURING FORECAST PERIOD 49

FIGURE 15            GROWING ADOPTION OF HARDWARE SECURITY MODULES FOR PAYMENT PROCESSING AND PKI AND CREDENTIAL MANAGEMENT TO SURGE MARKET GROWTH DURING FORECAST PERIOD       51

FIGURE 16            CLOUD-BASED SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD        51

FIGURE 17            BFSI SEGMENT TO LEAD MARKET IN 2030                 52

FIGURE 18            SECURE SOCKETS LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS) TO RECORD HIGHEST CAGR DURING FORECAST PERIOD          52

FIGURE 19            LAN-BASED/NETWORK-ATTACHED AND GENERAL-PURPOSE CRYPTOGRAPHY TO ACCOUNT FOR LARGEST MARKET SHARES IN 2025           53

FIGURE 20            INDIA TO GROW AT HIGHEST CAGR IN GLOBAL MARKET DURING FORECAST PERIOD    53

FIGURE 21            HARDWARE SECURITY MODULES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES                 54

FIGURE 22            HARDWARE SECURITY MODULES MARKET: IMPACT ANALYSIS OF DRIVERS 55

FIGURE 23            US AND GLOBAL DATA ON RECORDS BREACHED PER MONTH, 2023–2024          56

FIGURE 24            HARDWARE SECURITY MODULES MARKET: IMPACT ANALYSIS OF RESTRAINTS         59

FIGURE 25            HARDWARE SECURITY MODULES MARKET: IMPACT ANALYSIS OF OPPORTUNITIES                61

FIGURE 26            NUMBER OF HEALTHCARE DATA BREACHES, 2009–2024              64

FIGURE 27            HARDWARE SECURITY MODULES MARKET: IMPACT ANALYSIS OF CHALLENGES       65

FIGURE 28            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   67

FIGURE 29            AVERAGE SELLING PRICE TREND OF HSMS, BY KEY PLAYER, 2024             68

FIGURE 30            AVERAGE SELLING PRICE TREND OF LAN-BASED/NETWORK-ATTACHED H

SMS, BY REGION, 2021–2024          70

FIGURE 31            HARDWARE SECURITY MODULES MARKET: SUPPLY CHAIN ANALYSIS             71

FIGURE 32            HARDWARE SECURITY MODULES MARKET: ECOSYSTEM ANALYSIS  72

FIGURE 33            PATENTS APPLIED AND GRANTED, 2014–2024                 78

FIGURE 34            IMPORT DATA FOR HS CODE 8471-COMPLIANT PRODUCTS,

BY COUNTRY, 2019–2023                82

FIGURE 35            EXPORT DATA FOR HS CODE 8471-COMPLIANT PRODUCTS,

BY COUNTRY, 2019–2023                83

FIGURE 36            FUNDS AUTHORIZED BY HSM MANUFACTURERS, 2020–2024      91

FIGURE 37            HARDWARE SECURITY MODULES MARKET: PORTER’S FIVE FORCES ANALYSIS            98

FIGURE 38            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS   101

FIGURE 39            KEY BUYING CRITERIA FOR TOP THREE VERTICALS         102

FIGURE 40            USB-BASED/PORTABLE SEGMENT TO GROW AT HIGHEST CAGR DURING

FORECAST PERIOD         105

FIGURE 41            GENERAL-PURPOSE CRYPTOGRAPHY SEGMENT TO DOMINATE MARKET IN 2025          114

FIGURE 42            CLOUD-BASED SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD        118

FIGURE 43            SECURE SOCKETS LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS) SEGMENT TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD      126

FIGURE 44            BFSI SEGMENT TO HOLD LARGEST MARKET SHARE IN 2030   140

FIGURE 45            HARDWARE SECURITY MODULES MARKET, BY REGION                165

FIGURE 46            NORTH AMERICA TO LEAD MARKET DURING FORECAST PERIOD         165

FIGURE 47            NORTH AMERICA: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET   168

FIGURE 48            EUROPE: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET         179

FIGURE 49            ASIA PACIFIC: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET   194

FIGURE 50            HARDWARE SECURITY MODULES MARKET: REVENUE ANALYSIS OF TOP TWO PLAYERS, 2020–2023   223

FIGURE 51            HARDWARE SECURITY MODULES MARKET SHARE ANALYSIS, 2024   223

FIGURE 52            COMPANY VALUATION, 2024      226

FIGURE 53            FINANCIAL METRICS, 2024 (EV/EBITDA)                 227

FIGURE 54            BRAND/PRODUCT COMPARISON             227

FIGURE 55            HARDWARE SECURITY MODULES MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024       229

FIGURE 56            HARDWARE SECURITY MODULES MARKET: COMPANY EVALUATION MATRIX,

HSM-AS-A-SERVICE, 2024               230

FIGURE 57            HARDWARE SECURITY MODULES MARKET: COMPANY FOOTPRINT 231

FIGURE 58            HARDWARE SECURITY MODULES MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024                 239

FIGURE 59            THALES: COMPANY SNAPSHOT 247

FIGURE 60            IBM: COMPANY SNAPSHOT         267

FIGURE 61            ATOS SE: COMPANY SNAPSHOT                276

FIGURE 62            STMICROELECTRONICS: COMPANY SNAPSHOT                 280

FIGURE 63            MICROCHIP TECHNOLOGY INC.: COMPANY SNAPSHOT          283

FIGURE 64            INFINEON TECHNOLOGIES AG: COMPANY SNAPSHOT          287

FIGURE 65            YUBICO: COMPANY SNAPSHOT 291

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