Global Hardware Security Modules Market Size, By Type (Local Interface, LAN-based HSMs/Network-attached HSMs, PCIe-based/Embedded Plugin HSMs, Remote Interface, Smart Cards, and USB Tokens), By Deployment Type (On-Premise, Cloud), By Application (Authentication, Database Encryption, Document Signing, Secure Socket Layer (SSL), Code Signing, PKI/Credential Management, Payment Processing, and Application-Level Encryption), By Sales Channel (Direct Sales Channel, Distribution Channel, Integrators, Distributors, VARs), By Industry Verticals (Banking and Financial Institutions, Government, Technology and Communication, Industrial and Manufacturing, Energy and Utility, Retail and Consumer, Healthcare and Life Sciences and Other), Regional Outlook, Competitive Market Share & Forecast, 2022 – 2027.
Global Hardware Security Modules Market 
Global Hardware Security Modules Market was valued at USD 1.2 billion in 2021 and is expected to reach 2.6 billion by 2027, at a CAGR 9.85% from 2022-2027.
Hardware Security Modules (HSM) is defined as a piece of hardware and associated software or firmware which is attached to and placed inside a particular hardware that serves cryptographic functions. Its functions mainly include encryption, decryption, management or generation and hashing. HSM systems can securely back up the keys that could be handled using some external security token such as smart cards or via operating systems of the computer.
Market Drivers
The major factor leading to the increasing growth of the hardware security modules market is growing data security concerns in all the data sensitive companies globally. Hardware security modules are responsible for efficiently storing and managing cryptographic keys. Comprehensive data protection will lead to increased demand for hardware security modules in near future, resulting in market development.
Furthermore, the growing usage of Hardware security modules in government and defence sectors has recently been identified as a critical reason for industry growth.
Market Restraints
Hardware security modules are costly and very expensive. This is one of the reasons that is holding back the growth in the hardware security modules market because currently, only very large companies can afford to use them.
Market Segmentation
The Global Hardware Security Modules Market is segmented into, type, deployment type, application, sales channel, and industry vertical. The type segment has further been segmented into remote interface, local interface, smart cards, and USB tokens.
Regional Analysis
The Global Hardware Security Modules Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North American region is expected to hold a major share in the hardware security module market. Growth in this region is attributed to penetration and adoption of security modules, and presence of a large number of vendors across the region.
Key Players
Various key players are discussed into the Global Hardware Security Modules Market Report including: Thales Group (Gemalto), Utimaco GmbH, Futurex, Adweb Technologies, Yubico, Atos, Ultra Electronics, SPYRUS, Inc., Securosys, Entrust Corporation, Nitrokey, Kryptoagile, IBM Corporation, and others.
Market Taxonomy
By Type
•        Local Interface
•        LAN-based HSMs/Network-attached HSMs
•        PCIe-based/Embedded Plugin HSMs
•        Remote Interface
•        Smart Cards
•        USB Tokens
By Deployment Type
•        On-Premise
•        Cloud
By Application
•        Authentication
•        Database Encryption
•        Document Signing
•        Secure Socket Layer (SSL)
•        Code Signing
•        PKI/Credential Management
•        Payment Processing
•        Application-Level Encryption
By Sales Channel
•        Direct Sales Channel
•        Distribution Channel
•        Integrators
•        Distributors
•        VARs
By Industry Verticals
•        Banking
•        Financial Institutions
•        Government
•        BFSI
•        Technology and Communication
•        Industrial
•        Manufacturing
•        Energy and Utility
•        Retail and Consumer
•        Healthcare and Life Sciences
•        Other (Transportation, Automotive, and Hospitality)
By Region
•        North America
•        Latin America
•        Europe
•        Asia Pacific
•        Middle East & Africa

Global Hardware Security Modules Market TOC:
1 Introduction        
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Hardware Security Modules Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Hardware Security Modules Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Hardware Security Modules Market Share Analysis, By Type
5.3 Global Hardware Security Modules Market Size and Forecast, By Type
5.3.1 Local Interface
5.3.2 LAN-based HSMs/Network-attached HSMs
5.3.3 PCIe-based/Embedded Plugin HSMs
5.3.4 Remote Interface
5.3.5 Smart Cards
5.3.6 USB Tokens
6 Global Hardware Security Modules Market, By Deployment Type
6.1 Y-o-Y Growth Comparison, By Deployment Type
6.2 Global Hardware Security Modules Market Share Analysis, By Deployment Type
6.3 Global Hardware Security Modules Market Size and Forecast, By Deployment Type
6.3.1 On-Premise
6.3.2 Cloud
7 Global Hardware Security Modules Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Hardware Security Modules Market Share Analysis, By Application
7.3 Global Hardware Security Modules Market Size and Forecast, By Application
7.3.1 Authentication
7.3.2 Database Encryption
7.3.3 Document Signing
7.3.4 Secure Socket Layer (SSL)
7.3.5 Code Signing
7.3.6 PKI/Credential Management
7.3.7 Payment Processing
7.3.8 Application-Level Encryption
8 Global Hardware Security Modules Market, By Sales Channel
8.1 Y-o-Y Growth Comparison, By Sales Channel
8.2 Global Hardware Security Modules Market Share Analysis, By Sales Channel
8.3 Global Hardware Security Modules Market Size and Forecast, By Sales Channel
8.3.1 Direct Sales Channel
8.3.2 Distribution Channel
8.3.3 Integrators
8.3.4 Distributors
8.3.5 VARs
9 Global Hardware Security Modules Market, By Industry Verticals
9.1 Y-o-Y Growth Comparison, By Industry Verticals
9.2 Global Hardware Security Modules Market Share Analysis, By Industry Verticals
9.3 Global Hardware Security Modules Market Size and Forecast, By Industry Verticals
9.3.1 Banking
9.3.2 Financial Institutions
9.3.3 Government
9.3.4 BFSI
9.3.5 Technology and Communication
9.3.6 Industrial
9.3.7 Manufacturing
9.3.8 Energy and Utility
9.3.9 Retail and Consumer
9.3.10 Healthcare and Life Sciences
9.3.11 Other (Transportation, Automotive, and Hospitality)
10 Global Hardware Security Modules Market, By Region
10.1 Global Hardware Security Modules Market Share Analysis, By Region
10.2 Global Hardware Security Modules Market Share Analysis, By Region
10.3 Global Hardware Security Modules Market Size and Forecast, By Region
11 North America Hardware Security Modules Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 North America Hardware Security Modules Market Share Analysis, By Type
11.3 North America Hardware Security Modules Market Size and Forecast, By Deployment Type
11.4 North America Hardware Security Modules Market Size and Forecast, By Application
11.5 North America Hardware Security Modules Market Size and Forecast, By Sales Channel
11.6 North America Hardware Security Modules Market Size and Forecast, By Industry Verticals
11.7 North America Hardware Security Modules Market Size and Forecast, By Country
11.7.1 U.S.
11.7.2 Canada
11.7.3 Mexico
12 Europe Hardware Security Modules Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Europe Hardware Security Modules Market Share Analysis, By Type
12.3 Europe Hardware Security Modules Market Size and Forecast, By Deployment Type
12.4 Europe Hardware Security Modules Market Size and Forecast, By Application
12.5 Europe Hardware Security Modules Market Size and Forecast, By Sales Channel
12.5 Europe Hardware Security Modules Market Size and Forecast, By Industry Verticals
12.7 Europe Hardware Security Modules Market Size and Forecast, By Country
12.7.1 Germany
12.7.2 France
12.7.3 UK
12.7.4 Rest of Europe
13 Asia Pacific Hardware Security Modules Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Asia Pacific Hardware Security Modules Market Share Analysis, By Type
13.3 Asia Pacific Hardware Security Modules Market Size and Forecast, By Deployment Type
13.4 Asia Pacific Hardware Security Modules Market Size and Forecast, By Application
13.5 Asia Pacific Hardware Security Modules Market Size and Forecast, By Sales Channel
13.6 Asia Pacific Hardware Security Modules Market Size and Forecast, By Industry Verticals
13.7 Asia Pacific Hardware Security Modules Market Size and Forecast, By Country
13.7.1 China        
13.7.2 Japan
13.7.3 India
13.7.4 Rest of Asia Pacific
14 Latin America Hardware Security Modules Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Latin America Hardware Security Modules Market Share Analysis, By Type
14.3 Latin America Hardware Security Modules Market Size and Forecast, By Deployment Type
14.4 Latin America Hardware Security Modules Market Size and Forecast, By Application
14.5 Latin America Hardware Security Modules Market Size and Forecast, By Sales Channel
14.6 Latin America Hardware Security Modules Market Size and Forecast, By Industry Verticals
14.7 Latin America Hardware Security Modules Market Size and Forecast, Country
14.7.1 Brazil
14.7.2 Rest of Latin America
15 Middle East Hardware Security Modules Market Analysis and Forecast (2022-2027)
15.1 Introduction
15.2 Middle East Hardware Security Modules Market Share Analysis, By Type
15.3 Middle East Hardware Security Modules Market Size and Forecast, By Deployment Type
15.4 Middle East Hardware Security Modules Market Size and Forecast, By Application
15.5 Middle East Hardware Security Modules Market Size and Forecast, By Sales Channel
15.6 Middle East Hardware Security Modules Market Size and Forecast, By Industry Verticals
15.7 Middle East Hardware Security Modules Market Size and Forecast, By Country
15.7.1 Saudi Arabia
15.7.2 UAE
15.7.3 Egypt
15.7.4 Kuwait
15.7.5 South Africa
16 Competitive Analysis
16.1 Competition Dashboard
16.2 Market share Analysis of Top Vendors
16.3 Key Development Strategies
17 Company Profiles
17.1 Thales Group (Gemalto)
17.1.1 Overview
17.1.2 Offerings
17.1.3 Key Financials
17.1.4 Business Segment & Geographic Overview
17.1.5 Key Market Developments
17.1.6 Key Strategies
17.2 Utimaco GmbH
17.2.1 Overview
17.2.2 Offerings
17.2.3 Key Financials
17.2.4 Business Segment & Geographic Overview
17.2.5 Key Market Developments
17.2.6 Key Strategies
17.3 Futurex
17.3.1 Overview
17.3.2 Offerings
17.3.3 Key Financials
17.3.4 Business Segment & Geographic Overview
17.3.5 Key Market Developments
17.3.6 Key Strategies
17.4 Adweb Technologies
17.4.1 Overview
17.4.2 Offerings
17.4.3 Key Financials
17.4.4 Business Segment & Geographic Overview
17.4.5 Key Market Developments
16.4.6 Key Strategies
17.5 Yubico
17.5.1 Overview
17.5.2 Offerings
17.5.3 Key Financials
17.5.4 Business Segment & Geographic Overview
17.5.5 Key Market Developments
17.5.6 Key Strategies
17.6 Atos
16.6.1 Overview
17.6.2 Offerings
17.6.3 Key Financials
17.6.4 Business Segment & Geographic Overview
17.6.5 Key Market Developments
17.6.6 Key Strategies
17.7 Ultra Electronics
17.7.1 Overview
17.7.2 Offerings
17.7.3 Key Financials
17.7.4 Business Segment & Geographic Overview
17.7.5 Key Market Developments
17.7.6 Key Strategies        
17.8 SPYRUS, Inc.
17.8.1 Overview
17.8.2 Offerings
17.8.3 Key Financials
17.8.4 Business Segment & Geographic Overview
17.8.5 Key Market Developments
17.8.6 Key Strategies
17.9 Securosys
17.9.1 Overview
17.9.2 Offerings
17.9.3 Key Financials
17.9.4 Business Segment & Geographic Overview
17.9.5 Key Market Developments
17.9.6 Key Strategies
17.10 Entrust Corporation
17.10.1 Overview
17.10.2 Offerings
17.10.3 Key Financials
17.10.4 Business Segment & Geographic Overview
17.10.5 Key Market Developments
17.10.6 Key Strategies