Global General Purpose HSMs Market was valued at US$ 547.0 million in 2020 and is expected to reach US$ 1783.0 million by 2030, growing at a CAGR of 14.2% over the forecast period. General purpose hardware security module are hardware devices used to create and verify digital signatures, encrypting and decrypting data and boost the encryption practices by generating keys. Businesses nowadays are facing problems of data security, general purpose HSM helps in achieving higher levels of data security and trust this factors boost the growth of the market over the forecast period. There is an increasing adoption of general purpose HSMs in various organizations due to the unique security properties and also provide cryptographic service to numerous businesses across different industry verticals. General purpose hardware security model allows companies to integrate hardware security to various applications like public key infrastructure, web application servers and various databases. Organizations are adopting general purpose HSMs for key management purpose or for payment purposes.
Apart from the regional outlook, it throws light on leading industry key players such as Atos SE, Beijing Sansec Technology Development Co., Ltd, Blue Star Limited., Futurex, nCipher Security, LLC. Realsec, SPYRUS, SWIFT, Thales Group, Utimaco Inc., Yubico to understand the successful sales strategies of the businesses.
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By Component
Market offerings are provided to various end users in the forms of hardware and services. The hardware segment is observed to be the higher revenue contributor for the market over the recent period. This is primarily due to the awareness regarding cyber security along with a deep rooted portfolio related to hardware products for security modules from market participants. The deployment of the hardware solutions for general purpose HSM applications are observed to be majorly across the network, or through USB and PCI interfaces. These factors are expected to aid the growth of the adoption rates for the related offerings across the forecast period. Moreover, the services segment is expected to grow along the forecast period owing to greater demand for customized solutions from end users coupled with demand for high quality product support and maintenance services. These factors are expected to be beneficial for the growth of the market on the global scale.
By Organization Size
The recent ventures from companies across various industries have created improvements in the number of organizations with varying sizes. Customers for the market have been observed to be targeting specific products and services in the market according to their dedicated requirements. Large enterprises have a detailed plan on the investments that they are expected to make every calendar year. This allows them to focus on certain areas in the organization for strengthening in the coming year. The focus towards cyber security has been observed to grow among large enterprises as compared to other companies. These factors have been vital for the significant adoption of market offerings from large organizations. Small and medium sized enterprises are expected to rise in terms of their adoption of market offerings.
By Application
General purpose HSMs are provided to various organizations in order to help them in numerous applications. The numerous applications for the market offerings are observed to be ranging from Public Key Infrastructure (PKI) applications, document and code signing, database encryption and security, and application-level encryption, among others. The adoption of the concept of keys in encryption across various industries has been growing over the years due to increasing awareness regarding newer encryption measures along with consistent development initiatives undertaken by organizations towards cyber security. These factors have been responsible for the higher revenue contribution from the Public Key Infrastructure (PKI) applications in the overall market. In addition to this, increasing investments towards data infrastructure from organizations have led to creation of numerous databases for organizational data.
By Industry Verticals
The adverse effects of cyber-attacks and data breaches have been studied in detail by organizations across various industries. The integration of data has been observed to be increasing in industries including IT and telecommunications, banking, financial services, and insurance, defense, retail and consumer goods, media and entertainment, among others. Cyber-attacks targeting organizations in these verticals have been on the rise over the recent years. Data breaches have led to significant operational issues for the organizations operating in these verticals. Organizations that are operating in numerous physical locations require dedicated solutions which can help in ensuring data security across the overall organization. The use of portable hardware security modules which help in securing the data infrastructure has been increasing across industries with widespread data infrastructure has been growing in the recent years.
By Region
The awareness regarding cyber-attacks and data breaches among the organizations from various countries has been beneficial for the adoption of cyber security solutions on the global scale. Regions including North America and Europe are displaying positive adoption trends for the offerings in the market. This is primarily due to the significant presence of organizations in IT and telecommunications along with other industries across the countries in the region. The presence of these companies has created a widespread user base for the offerings provided in the market. Along with this, innovative marketing initiatives from market participants have been targeting numerous organizations. These factors have been beneficial for the contribution of the regions to the market.
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