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Hardware Security Modules Market by Deployment Type (On-premises, Cloud Based), Type (LAN Based/Network Attached, PCI Based, USB Based, Smart Cards ), Applications, Verticals and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027

Hardware Security Modules Market by Deployment Type (On-premises, Cloud Based), Type (LAN Based/Network Attached, PCI Based, USB Based, Smart Cards ), Applications, Verticals and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027

The hardware security module market size is valued at USD 1.1 Billion in 2022 and is anticipated to be USD 2.0 Billion by 2027; growing at a CAGR of 13.1% from 2022 to 2027. Lawmakers and regulators worldwide are improving the existing data security compliances implementing new legal frameworks, and defining new data security regulations to respond to the increasing internal and external risks, e.g., members of the IT team with knowledge of and access to networks, data centers, and admin accounts, which can lead to data security risks.

As requirements for data protection compliance are becoming stringent, the use of point solutions to patch holes in data security compliance requirements is also increasing, resulting in rising demand for hardware security modules. These modules provide a common, extensible implementation infrastructure that supports compliance regimes with protection for data-at-rest using encryption, enterprise key management, and access control and security intelligence across enterprises. Regulations such as FIPS 140-2 Level 3, PCI DSS, NIST, and ANSI must be followed by the manufacturers of hardware security modules.

Growing preference for digital payments

As cash usage is declining globally, digital payments are gaining popularity. While digital products such as payment apps, digital wallets, buy now pay later, and account-to-account (A2A) payments are gaining popularity, card payments continue to rule in markets with a significant incumbent advantage. The transition to frictionless, embedded banking journeys is driven by shifting consumer behaviors and reinvented customer experiences. Customers now demand simple, invisible, and embedded payment methods that guarantee secure and quick transactions.

As consumers are becoming used to digital payments, payment service providers and merchants will need to keep up with technological advancements and consistently rising expectations to attract customers. Companies may keep up with the rapidly evolving innovations in the market by adopting an agile payment strategy. Due to the growing usage of digital payments, the need for hardware security modules for protecting critical user data is also expected to rise.

Asia Pacific is the second fastest-growing region in the hardware security module market

Asia Pacific is projected to be a high-growth market for hardware security modules during the forecast period. With three of the top 10 largest economies in the world—China, India, and Japan—the region presents a high potential for market growth. In this report, Asia Pacific constitutes Japan, China, India, South Korea, Australia, and the Rest of APAC. The growing demand for hardware security modules is attributed to the increasing number of manufacturers that require secure networks to enable internal and external communication across geographically diversified business units.

The breakup of primaries conducted during the study is depicted below:
•By Company Type: Tier 1 – 30 %, Tier 2 – 38%, and Tier 3 –32%
•By Designation: C-Level Executives – 44%, Directors – 38%, and Others – 18%
•By Region: North America– 30%, Europe – 25%, APAC – 26%, Rest of world– 19%

Research Coverage
The report segments the hardware security module market and forecasts its size, by volume and value, based on geography (North America, Europe, Asia Pacific, and RoW), deployment type (on-premises, cloud), type (LAN Based/Network attached, PCI-Based/Embedded plugins, Smart Cards, USB Based/Portable), by application (payment processing, code and document signing, Security sockets layer (SSL) and Transport security layer (TSL), Authentication, database encryption, PKI and Credential management, application-level encryption) and verticals (banking financial services and insurance, consumer goods & retail, medical & life sciences, public sector/government, energy & power, industrial manufacturing, aerospace & defense, transportation, IT and Telecommunications). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the hardware security module market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying This Report
1This report segments the Hardware security modules market comprehensively provides the closest approximations of the overall market size and those of the subsegments across different applications and regions
2The report provides a detailed analysis of the hardware security modules market with the help of competitive leadership mapping, including crucial companies in the market and their relations in the ecosystem.
3Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
4Illustrative segmentation, analyses, and forecasts for the market based on deployment type, type, applications, verticals, and geography have been conducted to provide an overall view of the hardware security module market.
5The report includes an in-depth analysis and ranking of key players.
Table of Contents

1INTRODUCTION31
1.1STUDY OBJECTIVES31
1.2MARKET DEFINITION31
1.2.1INCLUSIONS AND EXCLUSIONS32
1.2.2COMPANY: INCLUSIONS AND EXCLUSIONS32
1.2.3TYPE: INCLUSIONS AND EXCLUSIONS32
1.2.4DEPLOYMENT TYPE: INCLUSIONS AND EXCLUSIONS33
1.2.5APPLICATION: INCLUSIONS AND EXCLUSIONS33
1.2.6VERTICAL: INCLUSIONS AND EXCLUSIONS33
1.2.7REGION: INCLUSIONS AND EXCLUSIONS34
1.3STUDY SCOPE34
1.3.1MARKETS COVERED34
FIGURE 1HARDWARE SECURITY MODULES MARKET: SEGMENTATION34
1.3.2REGIONAL SCOPE35
1.3.3YEARS CONSIDERED35
1.4CURRENCY CONSIDERED36
TABLE 1CURRENCY CONVERSION RATES36
1.5LIMITATIONS36
1.6STAKEHOLDERS36
1.7SUMMARY OF CHANGES37
2RESEARCH METHODOLOGY38
2.1RESEARCH DATA38
FIGURE 2PROCESS FLOW: HARDWARE SECURITY MODULE MARKET SIZE ESTIMATION38
FIGURE 3HARDWARE SECURITY MODULES MARKET: RESEARCH DESIGN39
2.1.1SECONDARY DATA40
2.1.1.1List of major secondary sources40
2.1.1.2Key data from secondary sources40
2.1.2PRIMARY DATA41
2.1.3PRIMARY INTERVIEWS41
2.1.4HARDWARE SECURITY MODULES MARKET: BREAKDOWN OF PRIMARY INTERVIEWS41
2.1.4.1Primary interviews with experts41
2.1.4.2Key data from primary sources42
2.1.5SECONDARY AND PRIMARY RESEARCH43
2.1.5.1Key industry insights43
2.1.5.2Breakdown of primary interviews44
2.2MARKET SIZE ESTIMATION44
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE)—REVENUE GENERATED BY KEY PLAYERS IN HARDWARE SECURITY MODULES MARKET45
FIGURE 5MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—ILLUSTRATION OF REVENUE ESTIMATION OF KEY PLAYER IN HARDWARE SECURITY MODULES MARKET45
2.2.1BOTTOM-UP APPROACH46
2.2.1.1Approach for deriving market size by bottom-up analysis
(demand side)46
FIGURE 6MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH47
2.2.2TOP-DOWN APPROACH47
2.2.2.1Approach for deriving market size by top-down analysis (supply side)47
FIGURE 7MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH47
2.3MARKET BREAKDOWN AND DATA TRIANGULATION48
FIGURE 8DATA TRIANGULATION48
2.4RISK ASSESSMENT49
TABLE 2RISK ASSESSMENT49
2.5RESEARCH ASSUMPTIONS50
FIGURE 9ASSUMPTIONS50
2.5.1RESEARCH LIMITATIONS50
FIGURE 10LIMITATIONS50
3EXECUTIVE SUMMARY51
FIGURE 11LAN BASED/NETWORK ATTACHED SEGMENT TO LEAD HARDWARE SECURITY MODULES MARKET, BY TYPE, FROM 2022 TO 202752
FIGURE 12CLOUD SEGMENT TO ACCOUNT FOR LARGER SHARE OF HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, FROM 2022 TO 202752
FIGURE 13PAYMENT PROCESSING SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HARDWARE SECURITY MODULES MARKET, BY APPLICATION, IN 202753
FIGURE 14BFSI SEGMENT TO HOLD LARGEST MARKET SHARE, BY VERTICAL, DURING FORECAST PERIOD53
FIGURE 15EUROPE ACCOUNTED FOR LARGEST SHARE OF HARDWARE SECURITY MODULES MARKET IN 202154
4PREMIUM INSIGHTS55
4.1ATTRACTIVE OPPORTUNITIES FOR PLAYERS OPERATING IN HARDWARE SECURITY MODULES MARKET55
FIGURE 16ADVANCEMENTS IN NETWORKING AND COMMUNICATION TECHNOLOGIES55
4.2HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE55
FIGURE 17CLOUD SEGMENT TO HOLD LARGER MARKET SHARE IN 202755
4.3HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES VERTICAL, BY REGION56
FIGURE 18EUROPE TO HOLD LARGEST SHARE OF HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES VERTICAL DURING FORECAST PERIOD56
4.4HARDWARE SECURITY MODULES MARKET, BY VERTICAL AND REGION56
FIGURE 19BFSI SEGMENT AND EUROPE ACCOUNTED FOR LARGEST SHARES OF HARDWARE SECURITY MODULES MARKET IN 202156
4.5HARDWARE SECURITY MODULES MARKET, BY REGION57
FIGURE 20NORTH AMERICAN HARDWARE SECURITY MODULES MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD57
5MARKET OVERVIEW58
5.1INTRODUCTION58
5.2MARKET DYNAMICS59
FIGURE 21HARDWARE SECURITY MODULES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES59
5.2.1DRIVERS60
FIGURE 22HARDWARE SECURITY MODULES MARKET: DRIVERS AND THEIR IMPACT60
5.2.1.1Increasing data breaches and cyberattacks60
FIGURE 23NUMBER OF CYBERATTACKS IN US, 2015–202161
5.2.1.2Need to follow stringent data security compliances61
5.2.1.3Requirement for effective management of cryptographic keys61
5.2.1.4Growing preference for digital payments61
5.2.2RESTRAINTS62
FIGURE 24HARDWARE SECURITY MODULES MARKET: RESTRAINTS AND THEIR IMPACT62
5.2.2.1High ownership costs associated with hardware security modules62
5.2.2.2Vulnerability to cyberattacks and security breaches63
5.2.3OPPORTUNITIES63
FIGURE 25HARDWARE SECURITY MODULES MARKET: OPPORTUNITIES AND THEIR IMPACT63
5.2.3.1Rising demand for data security in cloud environments64
5.2.3.2Increased adoption of connected devices and Internet of Things (IoT) technologies in smart cities64
5.2.3.3Increased demand for hardware security modules with advent of 5G65
5.2.4CHALLENGES65
FIGURE 26HARDWARE SECURITY MODULES MARKET: CHALLENGES AND THEIR IMPACT65
5.2.4.1Discovering and protecting sensitive data66
5.2.4.2Inability to control key management from outside physical protection boundary of hardware security modules66
5.2.4.3Complex integration process66
5.3VALUE CHAIN ANALYSIS67
FIGURE 27HARDWARE SECURITY MODULES MARKET: VALUE CHAIN67
5.3.1RESEARCH, DESIGN, AND DEVELOPMENT67
5.3.2RAW MATERIAL SUPPLIERS67
5.3.3ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)67
5.3.4SYSTEM INTEGRATORS68
5.3.5SUPPLIERS AND DISTRIBUTORS68
5.3.6VERTICALS68

5.4ECOSYSTEM ANALYSIS68
TABLE 3HARDWARE SECURITY MODULES MARKET: ECOSYSTEM68
FIGURE 28KEY PLAYERS IN HARDWARE SECURITY MODULES ECOSYSTEM69
5.5TECHNOLOGY ANALYSIS70
5.5.1COMMERCIALIZATION OF INTERNET OF THINGS (IOT)70
5.5.2EMERGENCE OF 5G70
5.5.3INTEGRATION OF HARDWARE SECURITY MODULES INTO CONTACTLESS SMART CARDS70
5.5.4DIGITAL SIGNATURE70
5.6AVERAGE SELLING PRICE (ASP) ANALYSIS71
FIGURE 29AVERAGE SELLING PRICE (USD) OF HARDWARE SECURITY MODULES71
5.7PATENTS ANALYSIS72
TABLE 4PATENTS RELATED TO HARDWARE SECURITY MODULES MARKET72
FIGURE 30NUMBER OF PATENTS RELATED TO HARDWARE SECURITY MODULES MARKET, 2012–202176
TABLE 5TOP 10 PATENT OWNERS IN HARDWARE SECURITY MODULES MARKET76
FIGURE 31TOP 10 PATENT OWNERS IN HARDWARE SECURITY MODULES MARKET77
5.8TRADE DATA77
TABLE 6EXPORT DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY, 2017–2021 (USD THOUSAND)77
TABLE 7IMPORT DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY, 2017–2021 (USD THOUSAND)78
5.9REGULATORY LANDSCAPE78
5.9.1REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS78
TABLE 8NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS78
TABLE 9EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS79
TABLE 10ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS79
TABLE 11ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS79
5.9.2GLOBAL REGULATIONS FOCUSED ON FRAUD PREVENTION AND STANDARDIZATION79
5.9.3REGULATIONS IN NORTH AMERICA FOCUSED ON CONSUMER PROTECTION80
5.9.4REGULATIONS IN EUROPE FOCUSED ON STANDARDIZATION82
5.9.5REGULATIONS IN ASIA PACIFIC FOCUSED ON DOMESTIC PAYMENT NETWORKS82
5.10PORTER’S FIVE FORCES ANALYSIS83
FIGURE 32HARDWARE SECURITY MODULES MARKET: PORTER’S FIVE FORCES ANALYSIS83
TABLE 12IMPACT OF EACH OF PORTER’S FIVE FORCES84
5.10.1THREAT OF NEW ENTRANTS84
5.10.2THREAT OF SUBSTITUTES84
5.10.3BARGAINING POWER OF SUPPLIERS84
5.10.4BARGAINING POWER OF BUYERS85
5.10.5INTENSITY OF COMPETITIVE RIVALRY85
5.11CASE STUDY ANALYSIS85
5.11.1FARMERS & MERCHANTS BANK IMPLEMENTS CARD@ONCE SOLUTION OFFERED BY CPI CARD GROUP85
5.11.2RBS DEPLOYS FINGERPRINT BIOMETRIC CARDS FOR PAYMENTS86
5.11.3MASTERCARD, IDEMIA, AND MATCHMOVE PARTNERED TO LAUNCH BIOMETRIC CARDS IN ASIA86
5.11.4NASDAQ OMX PARTNERED WITH THALES TO DELIVER SECURE CLOUD FOR FINANCIAL SERVICES87
TABLE 13HARDWARE SECURITY MODULES MARKET: DETAILED LIST OF CONFERENCES AND EVENTS87
5.12KEY STAKEHOLDERS AND BUYING PROCESS88
5.12.1KEY STAKEHOLDERS IN BUYING PROCESS88
FIGURE 33INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE APPLICATIONS88
TABLE 14INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE APPLICATIONS (%)89
5.12.2BUYING CRITERIA89
FIGURE 34KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS89
TABLE 15KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS89
5.13REVENUE SHIFT AND NEW REVENUE POCKETS FOR CUSTOMERS’ BUSINESSES90
FIGURE 35REVENUE SHIFT IN HARDWARE SECURITY MODULES MARKET90
6HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE91
6.1INTRODUCTION92
FIGURE 36CLOUD SEGMENT TO EXHIBIT HIGHER CAGR IN HARDWARE SECURITY MODULES MARKET DURING FORECAST PERIOD92
TABLE 16HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2018–2021 (USD MILLION)92
TABLE 17HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2022–2027 (USD MILLION)92
6.2ON-PREMISE93
6.2.1GROWING NEED FOR COMPLETE CONTROL DRIVES93
TABLE 18ON-PREMISE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2018–2021 (USD MILLION)94
TABLE 19ON-PREMISE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2022–2027 (USD MILLION)94
6.3CLOUD95
6.3.1COST-EFFECTIVENESS ASSOCIATED WITH CLOUD-BASED HARDWARE SECURITY MODULES95
TABLE 20CLOUD: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2018–2021 (USD MILLION)96
TABLE 21CLOUD: HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2022–2027 (USD MILLION)96

7HARDWARE SECURITY MODULES MARKET, BY APPLICATION97
7.1INTRODUCTION98
FIGURE 37SECURE SOCKETS LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS) SEGMENT TO EXHIBIT HIGHEST CAGR IN HARDWARE SECURITY MODULES MARKET DURING FORECAST PERIOD98
TABLE 22HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2018–2021 (USD MILLION)98
TABLE 23HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2022–2027 (USD MILLION)99
TABLE 24NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2018–2021 (USD MILLION)99
TABLE 25NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2022–2027 (USD MILLION)99
TABLE 26EUROPE: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2018–2021 (USD MILLION)100
TABLE 27EUROPE: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2022–2027 (USD MILLION)100
TABLE 28ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2018–2021 (USD MILLION)100
TABLE 29ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2022–2027 (USD MILLION)101
TABLE 30ROW: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2018–2021 (USD MILLION)101
TABLE 31ROW: HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2022–2027 (USD MILLION)101
7.2PAYMENT PROCESSING102
7.2.1HIGH DEMAND FOR SOPHISTICATED PAYMENT PROCESSING METHODS TO IMPROVE ELECTRONIC TRANSACTIONS102
7.3CODE AND DOCUMENT SIGNING102
7.3.1HIGH ADOPTION OF HARDWARE SECURITY MODULES FOR CODE AND DOCUMENT SIGNING102
7.4SECURITY SOCKETS LAYER (SSL) AND TRANSPORT SECURITY LAYER (TSL)103
7.4.1INCREASED DEMAND FOR SECURITY SOCKETS LAYER (SSL) AND TRANSPORT SECURITY LAYER (TSL) IN IT & TELECOMMUNICATIONS VERTICAL103
7.5AUTHENTICATION103
7.5.1GROWING NEED FOR HARDWARE SECURITY MODULES IN AUTHENTICATION APPLICATIONS103
7.6DATABASE ENCRYPTION104
7.6.1RISING FOCUS ON PROTECTING DATA THROUGH ENCRYPTION104
7.7PUBLIC KEY INFRASTRUCTURE (PKI) AND CREDENTIAL MANAGEMENT104
7.7.1INCREASING DEMAND FOR HARDWARE SECURITY MODULES IN CREDENTIAL MANAGEMENT TO ENABLE USERS TO TRANSMIT DATA SAFELY104
7.8APPLICATION-LEVEL ENCRYPTION105
7.8.1INCREASING REQUIREMENT FOR ENHANCING EFFICIENCY AND ACCURACY OF APPLICATION-LEVEL ENCRYPTION105

8HARDWARE SECURITY MODULES MARKET, BY TYPE106
8.1INTRODUCTION107
FIGURE 38USB BASED/PORTABLE SEGMENT TO EXHIBIT HIGHEST CAGR IN HARDWARE SECURITY MODULES MARKET DURING FORECAST PERIOD107
TABLE 32HARDWARE SECURITY MODULES MARKET, BY TYPE, 2018–2021 (USD MILLION)107
TABLE 33HARDWARE SECURITY MODULES MARKET, BY TYPE, 2022–2027 (USD MILLION)108
TABLE 34NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2018–2021 (USD MILLION)108
TABLE 35NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2022–2027 (USD MILLION)108
TABLE 36EUROPE: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2018–2021 (USD MILLION)108
TABLE 37EUROPE: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2022–2027 (USD MILLION)109
TABLE 38ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2018–2021 (USD MILLION)109
TABLE 39ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2022–2027 (USD MILLION)109
TABLE 40ROW: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2018–2021 (USD MILLION)109
TABLE 41ROW: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2022–2027 (USD MILLION)110
8.2LAN BASED/NETWORK ATTACHED110
8.2.1LAN-BASED HARDWARE SECURITY MODULE ACT AS CENTRALIZED KEY MANAGEMENT SYSTEM110
8.3PCI BASED OR EMBEDDED PLUGIN111
8.3.1PCI-BASED HARDWARE SECURITY MODULES CAN SECURE ENTIRE ELECTRONIC CONTROL UNIT (ECU)111
8.4USB BASED OR PORTABLE111
8.4.1PORTABLE HARDWARE SECURITY MODULES CAN PERFORM ENCRYPTION AND KEY PROTECTION FUNCTIONS111
8.5SMART CARDS112
8.5.1SMART CARDS REDUCE RISK OF CYBERCRIMES BY PROTECTING DIGITAL ASSETS112
9HARDWARE SECURITY MODULES MARKET, BY VERTICAL113
9.1INTRODUCTION114
FIGURE 39BFSI VERTICAL TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD114
TABLE 42HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2018–2021 (USD MILLION)114
TABLE 43HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2022–2027 (USD MILLION)115

9.2BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)115
9.2.1RISING USE OF HARDWARE SECURITY MODULES TO MITIGATE RISKS OF ONLINE FINANCIAL FRAUD115
TABLE 44BFSI: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)116
TABLE 45BFSI: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)116
TABLE 46BFSI: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)116
TABLE 47BFSI: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)117
TABLE 48BFSI: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)117
TABLE 49BFSI: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)118
TABLE 50BFSI: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)118
TABLE 51BFSI: ROW HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)118
9.3IT & TELECOMMUNICATIONS119
9.3.1GROWING NEED FOR HIGH AUTHENTICATION AND DEVICE SECURITY AND RISING DEVELOPMENTS IN 5G INFRASTRUCTURE119
TABLE 52IT & TELECOMMUNICATIONS: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)119
TABLE 53IT & TELECOMMUNICATIONS: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)120
TABLE 54IT & TELECOMMUNICATIONS: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)120
TABLE 55IT & TELECOMMUNICATIONS: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)120
TABLE 56IT & TELECOMMUNICATIONS: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)121
TABLE 57IT & TELECOMMUNICATIONS: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)121
TABLE 58IT & TELECOMMUNICATIONS: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)121
TABLE 59IT & TELECOMMUNICATIONS: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)122
9.4PUBLIC SECTOR/GOVERNMENT122
9.4.1RISING NEED FOR PROLONGED DATA PROTECTION IRRESPECTIVE OF LOCATION122
TABLE 60PUBLIC SECTOR/GOVERNMENT: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)123
TABLE 61PUBLIC SECTOR/GOVERNMENT: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)123
TABLE 62PUBLIC SECTOR/GOVERNMENT: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)123
TABLE 63PUBLIC SECTOR/GOVERNMENT: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)124
TABLE 64PUBLIC SECTOR/GOVERNMENT: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)124
TABLE 65PUBLIC SECTOR/GOVERNMENT: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)124
TABLE 66PUBLIC SECTOR/GOVERNMENT: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)125
TABLE 67PUBLIC SECTOR/GOVERNMENT: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)125
9.5INDUSTRIAL MANUFACTURING125
9.5.1ADOPTION OF HARDWARE SECURITY MODULES TO EXCHANGE DATA ACROSS MULTIPLE BUSINESS LEVELS125
TABLE 68INDUSTRIAL MANUFACTURING: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)126
TABLE 69INDUSTRIAL MANUFACTURING: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)126
TABLE 70INDUSTRIAL MANUFACTURING: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)126
TABLE 71INDUSTRIAL MANUFACTURING: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)127
TABLE 72INDUSTRIAL MANUFACTURING: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)127
TABLE 73INDUSTRIAL MANUFACTURING: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)127
TABLE 74INDUSTRIAL MANUFACTURING: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)128
TABLE 75INDUSTRIAL MANUFACTURING: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)128
9.6ENERGY & POWER128
9.6.1INTEGRATION OF HARDWARE SECURITY MODULES INTO CRITICAL INFRASTRUCTURES TO ENHANCE SECURITY PROTOCOLS128
TABLE 76ENERGY & POWER: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)129
TABLE 77ENERGY & POWER: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)129
TABLE 78ENERGY & POWER: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)129
TABLE 79ENERGY & POWER: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)130
TABLE 80ENERGY & POWER: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)130
TABLE 81ENERGY & POWER: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)130
TABLE 82ENERGY & POWER: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)131
TABLE 83ENERGY & POWER: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)131

9.7CONSUMER GOODS & RETAIL131
9.7.1HIGH NEED TO SECURE PROPRIETARY INFORMATION131
TABLE 84CONSUMER GOODS & RETAIL: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)132
TABLE 85CONSUMER GOODS & RETAIL: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)132
TABLE 86CONSUMER GOODS & RETAIL: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)132
TABLE 87CONSUMER GOODS & RETAIL: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)133
TABLE 88CONSUMER GOODS & RETAIL: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)133
TABLE 89CONSUMER GOODS & RETAIL: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)133
TABLE 90CONSUMER GOODS & RETAIL: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)134
TABLE 91CONSUMER GOODS & RETAIL: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)134
9.8MEDICAL & LIFE SCIENCES134
9.8.1RISING NEED TO SHARE DATA ONLY ACROSS TRUSTED PARTNERS AND DEVICES134
TABLE 92MEDICAL & LIFE SCIENCES: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)135
TABLE 93MEDICAL & LIFE SCIENCES: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)135
TABLE 94MEDICAL & LIFE SCIENCES: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)136
TABLE 95MEDICAL & LIFE SCIENCES: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)136
TABLE 96MEDICAL & LIFE SCIENCES: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)136
TABLE 97MEDICAL & LIFE SCIENCES: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)137
TABLE 98MEDICAL & LIFE SCIENCES: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)137
TABLE 99MEDICAL & LIFE SCIENCES: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)137
9.9AEROSPACE & DEFENSE138
9.9.1INCREASING USE OF HARDWARE SECURITY MODULES TO SAFEGUARD CRITICAL DATA138
TABLE 100AEROSPACE & DEFENSE: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)138
TABLE 101AEROSPACE & DEFENSE: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)138
TABLE 102AEROSPACE & DEFENSE: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)139
TABLE 103AEROSPACE & DEFENSE: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)139
TABLE 104AEROSPACE & DEFENSE: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)139
TABLE 105AEROSPACE & DEFENSE: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)140
TABLE 106AEROSPACE & DEFENSE: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)140
TABLE 107AEROSPACE & DEFENSE: ROW HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)140
9.10TRANSPORTATION141
9.10.1INCREASING ADVANCEMENTS IN CONNECTED CARS141
TABLE 108TRANSPORTATION: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)141
TABLE 109TRANSPORTATION: NORTH AMERICA HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)142
TABLE 110TRANSPORTATION: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)142
TABLE 111TRANSPORTATION: EUROPE HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)142
TABLE 112TRANSPORTATION: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)143
TABLE 113TRANSPORTATION: ASIA PACIFIC HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)143
TABLE 114TRANSPORTATION: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)143
TABLE 115TRANSPORTATION: ROW HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)144
10HARDWARE SECURITY MODULES MARKET, BY REGION145
10.1INTRODUCTION146
FIGURE 40REGIONAL SNAPSHOT: NORTH AMERICAN HARDWARE SECURITY MODULES MARKET TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD146
FIGURE 41EUROPE TO DOMINATE HARDWARE SECURITY MODULES MARKET DURING FORECAST PERIOD146
TABLE 116HARDWARE SECURITY MODULES MARKET, BY REGION, 2018–2021 (USD MILLION)147
TABLE 117HARDWARE SECURITY MODULES MARKET, BY REGION, 2022–2027 (USD MILLION)147
10.2NORTH AMERICA148
TABLE 118NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)148
TABLE 119NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)148
FIGURE 42NORTH AMERICA: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET149
10.2.1US149
10.2.1.1Rising adoption of communication devices to provide high-quality encrypted services149
10.2.2CANADA150
10.2.2.1Rising number of cyberattacks150
10.2.3MEXICO150
10.2.3.1Rising demand for improved network security in automobile manufacturing plants150
10.3EUROPE151
TABLE 120EUROPE: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)151
TABLE 121EUROPE: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)151
FIGURE 43EUROPE: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET152
10.3.1GERMANY152
10.3.1.1High deployment of hardware security modules across connected networks in automotive industry152
10.3.2UK153
10.3.2.1Increasing adoption of advanced interconnected technologies153
10.3.3FRANCE153
10.3.3.1Rising adoption of hardware security modules in aerospace & defense and medical & life sciences verticals153
10.3.4ITALY153
10.3.4.1Growing awareness regarding IT security153
10.3.5NETHERLANDS154
10.3.5.1Increasing digital advancements154
10.3.6RUSSIA154
10.3.6.1Increasing establishment of manufacturing units154
10.3.7REST OF EUROPE154
10.4ASIA PACIFIC155
TABLE 122ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)155
TABLE 123ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)155
FIGURE 44ASIA PACIFIC: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET156
10.4.1CHINA157
10.4.1.1Rising number of manufacturing facilities157
10.4.2JAPAN157
10.4.2.1Expanding consumer goods & retail, medical device, and IT & telecommunications verticals157
10.4.3INDIA158
10.4.3.1Rising initiatives to boost foreign direct investments158
10.4.4SOUTH KOREA158
10.4.4.1Surging adoption of hardware security modules in consumer goods & retail vertical158
10.4.5AUSTRALIA159
10.4.5.1High demand for mobile security solutions159
10.4.6REST OF ASIA PACIFIC159

10.5ROW159
TABLE 124ROW: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2018–2021 (USD MILLION)159
TABLE 125ROW: HARDWARE SECURITY MODULES MARKET, BY COUNTRY, 2022–2027 (USD MILLION)160
10.5.1SOUTH AMERICA160
10.5.1.1Brazil160
10.5.1.1.1Booming healthcare vertical160
10.5.1.2Argentina161
10.5.1.2.1Government-led initiatives to boost economic growth161
10.5.1.3Rest of South America161
10.5.2MIDDLE EAST & AFRICA162
10.5.2.1Saudi Arabia162
10.5.2.1.1Rising focus on boosting consumer electronics and healthcare verticals162
10.5.2.2United Arab Emirates (UAE)162
10.5.2.2.1Government policies to boost economic growth162
10.5.2.3Rest of Middle East & Africa163
11COMPETITIVE LANDSCAPE164
11.1OVERVIEW164
TABLE 126COMPANIES ADOPTED ACQUISITIONS AND PARTNERSHIPS AS KEY GROWTH STRATEGIES FROM JANUARY 2018 TO JUNE 2022164
11.2MARKET SHARE ANALYSIS165
TABLE 127HARDWARE SECURITY MODULES MARKET: DEGREE OF COMPETITION165
TABLE 128HARDWARE SECURITY MODULES MARKET: MARKET RANKING ANALYSIS165
FIGURE 45HARDWARE SECURITY MODULES MARKET: MARKET SHARE ANALYSIS166
11.3HARDWARE SECURITY MODULES MARKET: REVENUE ANALYSIS, 2019–2021168
FIGURE 46THREE-YEAR REVENUE SNAPSHOT OF KEY COMPANIES168
11.4COMPANY EVALUATION QUADRANT, 2021169
11.4.1STARS169
11.4.2PERVASIVE PLAYERS169
11.4.3EMERGING LEADERS169
11.4.4PARTICIPANTS169
FIGURE 47HARDWARE SECURITY MODULES MARKET: (GLOBAL) COMPANY EVALUATION QUADRANT, 2021170
11.5COMPETITIVE BENCHMARKING171
11.5.1PRODUCT FOOTPRINT (10 COMPANIES)171
TABLE 129TYPE: COMPANY FOOTPRINT (25 COMPANIES)172
TABLE 130DEPLOYMENT TYPE: COMPANY FOOTPRINT (25 COMPANIES)173
TABLE 131REGION: COMPANY FOOTPRINT (25 COMPANIES)174
TABLE 132OVERALL: COMPANY FOOTPRINT (25 COMPANIES)175

11.6STARTUP/SME EVALUATION QUADRANT, 2021176
11.6.1PROGRESSIVE COMPANIES176
11.6.2RESPONSIVE COMPANIES176
11.6.3DYNAMIC COMPANIES176
11.6.4STARTING BLOCKS176
FIGURE 48HARDWARE SECURITY MODULES MARKET: (GLOBAL) STARTUP/SME EVALUATION QUADRANT, 2021177
11.7COMPETITIVE SCENARIOS AND TRENDS177
11.7.1PRODUCT LAUNCHES178
TABLE 133HARDWARE SECURITY MODULES MARKET: PRODUCT LAUNCHES,
JANUARY 2018–MARCH 2021178
11.7.2DEALS181
TABLE 134HARDWARE SECURITY MODULES MARKET: DEALS, JANUARY
2018–JUNE 2022181
TABLE 135HARDWARE SECURITY MODULES MARKET: DETAILED LIST OF KEY STARTUPS/SMES188
12COMPANY PROFILES189
12.1KEY COMPANIES189
(Business Overview, Products Offered, Recent Developments, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats)*
12.1.1THALES190
TABLE 136THALES: COMPANY OVERVIEW190
FIGURE 49THALES: COMPANY SNAPSHOT191
TABLE 137THALES: PRODUCTS OFFERED191
TABLE 138THALES: PRODUCT LAUNCHES192
TABLE 139THALES: DEALS192
12.1.2UTIMACO195
TABLE 140UTIMACO: COMPANY OVERVIEW195
TABLE 141UTIMACO: PRODUCTS OFFERED195
TABLE 142UTIMACO: PRODUCT LAUNCHES196
TABLE 143UTIMACO: DEALS196
12.1.3FUTUREX200
TABLE 144FUTUREX: COMPANY OVERVIEW200
TABLE 145FUTUREX: PRODUCTS OFFERED200
TABLE 146FUTUREX: PRODUCT LAUNCHES201
TABLE 147FUTUREX: DEALS201
12.1.4INFINEON TECHNOLOGIES204
TABLE 148INFINEON TECHNOLOGIES: COMPANY OVERVIEW204
FIGURE 50INFINEON TECHNOLOGIES: COMPANY SNAPSHOT205
TABLE 149INFINEON TECHNOLOGIES: PRODUCTS OFFERED205
TABLE 150INFINEON TECHNOLOGIES: PRODUCT LAUNCHES206
TABLE 151INFINEON TECHNOLOGIES: DEALS206
12.1.5IBM208
TABLE 152IBM: COMPANY OVERVIEW208
FIGURE 51IBM: COMPANY SNAPSHOT209
TABLE 153IBM: PRODUCTS OFFERED210
TABLE 154IBM: DEALS211
12.1.6STMICROELECTRONICS213
TABLE 155STMICROELECTRONICS: COMPANY OVERVIEW213
FIGURE 52STMICROELECTRONICS: COMPANY SNAPSHOT214
TABLE 156STMICROELECTRONICS: PRODUCTS OFFERED215
TABLE 157STMICROELECTRONICS: PRODUCT LAUNCHES215
TABLE 158STMICROELECTRONICS: DEALS216
12.1.7MICROCHIP TECHNOLOGY217
TABLE 159MICROCHIP TECHNOLOGY: COMPANY OVERVIEW217
FIGURE 53MICROCHIP TECHNOLOGY: COMPANY SNAPSHOT218
TABLE 160MICROCHIP TECHNOLOGY: PRODUCTS OFFERED218
12.1.8ATOS SE219
TABLE 161ATOS SE: COMPANY OVERVIEW219
FIGURE 54ATOS SE: COMPANY SNAPSHOT220
TABLE 162ATOS SE: PRODUCTS OFFERED220
TABLE 163ATOS SE: PRODUCT LAUNCHES221
TABLE 164ATOS SE: DEALS221
12.1.9YUBICO222
TABLE 165YUBICO: COMPANY OVERVIEW222
TABLE 166YUBICO: PRODUCTS OFFERED222
TABLE 167YUBICO: PRODUCT LAUNCHES223
TABLE 168YUBICO: DEALS224
12.1.10SWIFT225
TABLE 169SWIFT: COMPANY OVERVIEW225
FIGURE 55SWIFT: COMPANY SNAPSHOT225
TABLE 170SWIFT: PRODUCTS OFFERED226
12.2OTHER PLAYERS227
12.2.1SECUROSYS227
TABLE 171SECUROSYS: COMPANY OVERVIEW227
12.2.2SPYRUS228
TABLE 172SPYRUS: COMPANY OVERVIEW228
12.2.3LEDGER229
TABLE 173LEDGER: COMPANY OVERVIEW229
12.2.4ULTRA ELECTRONICS230
TABLE 174ULTRA ELECTRONICS: COMPANY OVERVIEW230
12.2.5ADWEBTECH231
TABLE 175ADWEBTECH: COMPANY OVERVIEW231
12.2.6EFFICIENT INDIA232
TABLE 176EFFICIENT INDIA: COMPANY OVERVIEW232
12.2.7LATTICE SEMICONDUCTORS233
TABLE 177LATTICE SEMICONDUCTORS: COMPANY OVERVIEW233
12.2.8ELLIPTICSECURE234
TABLE 178ELLIPTICSECURE: COMPANY OVERVIEW234
12.2.9AMAZON INC.235
TABLE 179AMAZON INC.: COMPANY OVERVIEW235
12.2.10ENTRUST SECURITY236
TABLE 180ENTRUST SECURITY: COMPANY OVERVIEW236
12.2.11ESCRYPT237
TABLE 181ESCRYPT: COMPANY OVERVIEW237
12.2.12SANSEC TECHNOLOGY238
TABLE 182SANSEC TECHNOLOGY: COMPANY OVERVIEW238
12.2.13FORTANIX239
TABLE 183FORTANIX: COMPANY OVERVIEW239
12.2.14JISA SOFTECH240
TABLE 184JISA SOFTECH: COMPANY OVERVIEW240
12.2.15MICROSOFT241
TABLE 185MICROSOFT: COMPANY OVERVIEW241
*Details on Business Overview, Products Offered, Recent Developments, Deals, MnM view, Key strengths/right to win, Strategic choices made, Weakness/competitive threats might not be captured in case of unlisted companies.
13APPENDIX242
13.1INSIGHTS FROM INDUSTRY EXPERTS242
13.2DISCUSSION GUIDE243
13.3KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL246

Report Title: Hardware Security Modules Market by Deployment Type (On-premises, Cloud Based), Type (LAN Based/Network Attached, PCI Based, USB Based, Smart Cards ), Applications, Verticals and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027


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