Hardware Security Modules Market Size Share and Technology Update to 2026
The global Hardware security modules market is expected to grow from USD 1.1 billion in 2021 to USD 1.8 billion by 2026, at a CAGR of 11.6%. The market is expected to grow to the increasing demand of medical and life sciences products in healthcare industry.
The
Hardware security modules market for medical & life sciences is expected to
grow at the highest CAGR during the forecast period. In the field of
healthcare, hardware security modules are significant primarily for the
telematics infrastructure (TI), such as that of the new electronic health card
(eGK) in Germany. The main objective of eGK was to enable cross-system
registration and processing and transmission of patient data between trusted
participants such as physicians, care providers, medical practices, hospitals,
pharmacies, and health insurers within a secure network. It is mandatory for
pharmaceuticals companies developing new medicines to follow the standards of
security and privacy. These companies also undergo regular audits. In the case
of remote secure access, a cloud-based solution allows pharmaceuticals companies
to eliminate paper work, share documents easily, automate document handling,
and capture regulatory-compliant signatures on handheld devices such as tablets
and smartphones. Cloud signing solutions help pharmaceuticals companies save
substantially on shipping charges and accelerate time to market and development
of new drugs.
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The market for cloud HSM is expected to grow at
the highest CAGR during the forecast period. Hardware security
modules deployed on the cloud offer the dynamic and virtualized attributes of
cloud computing environments. In cloud deployment, cloud service providers only
manage the hardware security modules without access to the key. Cloud-based
deployment ensures that neither the host CSP nor any external party can access
or use cryptographic keys from any backup. With cloud-based hardware security
modules, customers have absolute control and authority over keys through
separation of duties.
The adoption of
cloud-based hardware security modules is anticipated to be high compared with
on-premise hardware security modules in the near future because of the performance/availability
benefits, as cloud-based deployment reduces network transit times. Utimaco,
Gemalto, Microsoft, Amazon, Thales, and IBM, among other such companies, have
started offering cloud-based hardware security modules that empower cloud users
to implement a high level of cryptographic security. Cloud-based hardware
security modules help comply with key management requirements without affecting
application performance. Cloud-based hardware security modules offer the most
cost-effective solution, as the cost starts as low as USD 4 an hour and can go
up to USD 1,300 per month. For instance, IBM offers cloud-based hardware
security modules starting as low as USD 1,250 per month, while Microsoft offers
an hour of usage at about USD 4. The cloud solution by IBM enables its
customers to solve complex security, compliance, data sovereignty, and control
challenges associated with migrating and running workloads on the cloud. The
cost-effectiveness of cloud deployment is anticipated to largely drive the overall
growth of the market.
The
Hardware security modules market for Europe is expected to hold the largest
market share. The European market for hardware security modules has been
segmented into Germany, the UK, France, Italy, the Netherlands, and the Rest of
Europe. The thriving BFSI, IT & Telecommunications, and medical and life
sciences, along with the automotive industry in the region, act as an
opportunity for the market. The growth of 4G LTE technology in the region and
ongoing developments and smaller deployments of 5G infrastructure are expected
to drive the need for enhanced network security, leading to increased demand
for hardware security modules across the IT and telecommunications sector.
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