Global Hardware Security Modules Market – Snapshot
One of the key factors driving the growth of the global Hardware security models Market is the increasing incidences of data breaches, cyber-attacks, and hacking which have resulted in the mandates for HSM manufacturers to comply with external and internal data security regulations and privacy regulations. It has also increased the importance of effective management cryptographic keys.
On the basis of application, it is the payment processing application which is leading in the market on account of the rising number of a digital transactions, electronic payments and online shopping as a result of which it is very important to safeguard credit card details and other Financial later. Hardware security module search that the internal processes and systems can be flexible and scalable so as to meet the regulatory requirements and Industry standards with regards to payment processing.
One of the key opportunities within the global Hardware security module Market is the rising demand for data security within the cloud environment. Today Cloud technology has become extremely popular and organizations both big and small art extensively adopting Cloud for storage, infrastructure, and virtual resources. The growing use of cloud is expected to drive the growth opportunities of the Hardware security models Market. Another important Trend that is influencing the growth of this Market is the achievement of point-to-point encryption by complying with PCI standards. On the other hand, the market faces challenges in the form of high costs associated with Hardware security models, the inability to control the key management from outside Hardware security module physical protection boundary, and lack of understanding the importance of protecting data by organizations.
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Global Hardware Security Modules Market: Overview
A hardware security module (HSM) is a physical, tamper-resistant computing device that performs several cryptographic processes and help organizations manage keys associated with these processes. These devices can protect several critical data processing activities related with server-based applications and provide robust authentication and dedicated crypto processing. HSMs are extensively used by organizations to implement their security policies and effectively manage their access controls. Most commonly, enterprises around the world deploy these modules for the purposes of authentication, application level encryption, payment processing, and Secure Sockets Layer (SSL). Mounting concerns related to privacy of payment processes and security of enterprise data have resulted in the evolution of the hardware security module market. Furthermore, the rise in mobile payment schemes and stringent data security standards are expected to drive the HSMs market.
Global Hardware Security Modules Market: Key Trends
A surge in data security breaches in organizations and the increasing number of cyber-attacks are the key factors driving the hardware security modules market. Intensifying regulatory requirement compelling enterprises to comply with various proprietary information security standards has propelled the global HSMs market. For instance, the contractual enforcement of Payment Card Industry Data Security Standard (PCI DSS) in major countries such as the U.S., Canada, and Australia is expected to boost the deployment of HSMs in organizations across the world.
The rapidly growing need for effective management of cryptographic keys among organizations has spurred the demand for HSMs. In addition, the development of cost-effective and customized solutions is anticipated to create lucrative avenues for the market over the forecast period. Usually, these solutions also enable better interoperability with other encryption management solutions bolstering its implementation.
Global Hardware Security Modules Market: Market Potential
The deployment of HSMs has become an integral part of cryptographic key management policies for a large number of organizations, particularly in the financial services industry. Thales, a leading provider of cybersecurity and data security solutions based in France, announced in April, 2017 that it has integrated its prominent solution nShield HSMs with Chain, a major provider of enterprise-grade blockchain infrastructure. The integration that includes its Chain Core, its key enterprise software, will help the company’s major strategic partners—Nasdaq, Citigroup, and Visa—to benefit from blockchain networks and build modern financial products and services. The integrated nShield HSMs will enable numerous companies in the financial sector to implement secure models for payment transactions among organizations and will facilitate the safe use of the blockchain technology.
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The technology company, Chain, believes that significant cost savings, speedy transactions, and enhanced data quality are some of the several benefits of an integrated HSM. An effective management of cryptographic keys is critical to blockchain technology and Chain will use the Thales nShield HSM to generate new set of one-time keys for every transaction, along with securing these keys. Chain has developed the Chain Key Derivation algorithm using CodeSafe technology from Thales to provide improved capability to manage more sensitive applications across blockchain platform. Such developments bode well for the growth of the global HSMs market.
Global Hardware Security Modules Market: Regional Outlook
Latin America is a prominent market for hardware security modules. The increased demand is attributed to the advent of various regulatory compliances and increased adoption of advanced technologies such as cloud computing and the IoT. The upsurge in losses arising out of remediating customer frauds due to data breaches has encouraged numerous organizations in Latin American countries to deploy HSMs.
Asia-Pacific is anticipated to offer lucrative opportunities for players in the HSMs market. Substantial investments in data security technologies by several companies in emerging markets like China and India have boosted the uptake of HSMs, thereby fuelling the Asia Pacific market for HSMs.
Global Hardware Security Modules Market: Competitive Analysis
Several vendors are actively offering customized HSM solutions, mainly focused on cloud-based applications and blockchain technology, to gain a competitive edge over others. Key players vying for a sustained share in the hardware security modules market include Gemalto NV, Thales e-Security, Inc., Utimaco GmbH, International Business Machines Corporation, Hewlett Packard Enterprise, FutureX, SWIFT, Atos SE, Ultra-Electronics, and Yubico.
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This post was originally published on Crypto Journal