Report : Europe Hardware Security Module Market Forecast to 2031 - Regional Analysis - by Type (LAN Based, PCIe Based, and USB Based), Application (Payment Processing, Secure Socket Layer, Authentication, Code and Document Signing, Database Encryption, Credential Management, and Application-Level Encryption), and Industry (BFSI, Government, IT and Telecom, Healthcare, Manufacturing, Retail and Consumer Goods, and Others)
At 14.3% CAGR, Europe Hardware Security Module Market is Projected to be Worth US$ 1,371.76 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe hardware security module market was valued at US$ 471.97 million in 2023 and is anticipated to reach US$ 1,371.76 million by 2031, recording a CAGR of 14.3% from 2023 to 2031. Growing adoption of cloud-based HSMs and rising adoption of 5G network are among the critical factors attributed to drive the Europe hardware security module market growth.
HSMs using cloud-based technologies offer physical data access protection, generation of keys, secure management of key material, and a secure execution environment for cloud applications. A few of the major market players are focusing on developing advanced hardware security modules for cloud-based applications. For instance, in September 2022, Marvell unveiled its LiquidSecurity 2 (LS2) hardware security module adapter, an advanced solution that offers encryption, key management, authentication, and other hardware security module services in the cloud. Furthermore, LS2 is a converged security platform for payment, privacy compliance, and general-purpose applications. It is powered by Marvell OCTEON, a cloud-optimized data processing unit (DPU), which is proven at scale across the world as the largest hyperscale cloud. The new adapter offers the highest-performing cryptographic acceleration and processing, as well as hardware-secured storage of up to one million keys for AES, RSA, and ECC encryption algorithms and 45 partitions for robust multi-tenant use cases. Also, in August 2023, Thales announced the launch of its new payShield Cloud HSM service, aimed to boost the adoption of cloud payments infrastructure. The solution, built on its payShield 10k Payment Hardware Security Module (HSM), focuses on providing clients with improved flexibility, scalability, and speed-to-market solutions. Thus, the growing adoption of cloud-based HSMs is expected to create lucrative opportunities for the hardware security module market growth during the forecast period.
On the contrary, high installation cost of hardware security module and other associated issues hamper the growth of Europe hardware security module market.
Based on type, the Europe hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held 39.4% market share in 2023, amassing US$ 186.12 million. It is projected to garner US$ 532.19 million by 2031 to register 14.0% CAGR during 2023-2031.
In terms of application, the Europe hardware security module market is categorized into payment processing, secure socket layer, authentication, code and document signing, database encryption, credential management, and application-level encryption. The payment processing segment held 25.1% share of Europe hardware security module market in 2023, amassing US$ 118.54 million. It is projected to garner US$ 355.97 million by 2031 to expand at 14.7% CAGR from 2023 to 2031.
By industry, the Europe hardware security module market is categorized into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held 27.7% share of Europe hardware security module market in 2023, amassing US$ 130.51 million. It is predicted to garner US$ 386.77 million by 2031 to expand at 14.5% CAGR between 2023 and 2031.
Based on country, the Europe hardware security module market is categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 27.8% share of Europe hardware security module market in 2023. It was assessed at US$ 131.02 million in 2023 and is likely to hit US$ 428.12 million by 2031, registering a CAGR of 16.0% during 2023-2031.
Key players operating in the Europe hardware security module market are Thales SA, STMicroelectronics NV, Atos SE, International Business Machines Corp, Futurex LP, Swift SC, Infineon Technologies AG, Hewlett Packard Enterprise Development LP, Utimaco Management Services GmbH, and Marvell Technology Inc, among others.
- In October 2021, Infineon Technologies AG launched the SLS37 V2X hardware security module (HSM), a plug-and-play security solution for vehicle-to-everything communication (V2X). The SLS37 V2X HSM is based on a highly secured, tamper-resistant microcontroller tailored to the security needs of V2X applications within telematics control units. It protects the integrity and authenticity of messages, as well as the privacy of the sender. The HSM received the Common Criteria EAL4+ certification, which is expected to become mandatory in European V2X systems.
- In September 2022, Marvell Technology Inc launched the LiquidSecurity 2 module to empower best-in-class HSM-as-a-service for the multi-cloud era. LiquidSecurity 2 module is the industry's most advanced solution for enabling encryption, key management, authentication and other HSM services in the cloud. LS2 is a converged security platform for payment, privacy compliance, and general-purpose applications. It is powered by a cloud-optimized Marvell OCTEON data processing unit (DPU), proven at scale across the world's largest hyperscale clouds.
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