Report : South & Central America 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 11.0% CAGR, South & Central America Hardware Security Module Market is Projected to be Worth US$ 165.38 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the South & Central America hardware security module market was valued at US$ 71.71 million in 2023 and is anticipated to reach US$ 165.38 million by 2031, recording a CAGR of 11.0% from 2023 to 2031. Rising adoption of 5G network and growing adoption of cloud-based HSMs are among the critical factors attributed to drive the South & Central America hardware security module market growth.
The 5G network is increasingly faster than the 4G network, making real-time data acquisition easier. According to the Groupe Speciale Mobile Association (GSMA), 5G penetration across the globe is expected to grow from 17% in 2022 to 54% by 2030. As 5G network technology enables innovation and supports digital transformation, its demand is increasing worldwide. Hence, governments of several countries across the globe are investing in 5G infrastructure. Thus, the rising adoption of 5G networks for critical infrastructure has surged the need for more secure solutions, which is expected to bring new hardware security module market trends in the coming years.
On the contrary, high installation cost of hardware security module and other associated issues hamper the growth of South & Central America hardware security module market.
Based on type, the South & Central America hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held 42.5% market share in 2023, amassing US$ 30.44 million. It is projected to garner US$ 69.10 million by 2031 to register 10.8% CAGR during 2023-2031.
In terms of application, the South & Central America 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 29.5% share of South & Central America hardware security module market in 2023, amassing US$ 21.17 million. It is projected to garner US$ 50.59 million by 2031 to expand at 11.5% CAGR from 2023 to 2031.
By industry, the South & Central America hardware security module market is categorized into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held 31.5% share of South & Central America hardware security module market in 2023, amassing US$ 22.57 million. It is predicted to garner US$ 53.30 million by 2031 to expand at 11.3% CAGR between 2023 and 2031.
Based on country, the South & Central America hardware security module market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 72.8% share of South & Central America hardware security module market in 2023. It was assessed at US$ 52.23 million in 2023 and is likely to hit US$ 124.42 million by 2031, registering a CAGR of 11.5% during 2023-2031.
Key players operating in the South & Central America hardware security module market are Thales SA, STMicroelectronics NV, Atos SE, International Business Machines Corp, Swift SC, Infineon Technologies AG, Hewlett Packard Enterprise Development LP, Utimaco Management Services GmbH, and Marvell Technology Inc, among others.
- In August 2023, International Business Machines Corp introduced the integration of IBM Power Virtual Server with IBM Key Protect for AIX and Linux. The integration of IBM Power Virtual Server with IBM Key Protect enables enhanced data security through encryption to meet compliance requirements. IBM Key Protect for IBM Power Virtual Server supports businesses to achieve cost and operational efficiency by reducing their CapEx attached to on-premises infrastructure and the time needed to maintain that infrastructure. Similarly, IBM Key Protect for IBM Cloud provides data-at-rest encryption benefits for data stored in IBM Cloud using envelope encryption techniques that leverage FIPS 140-2 Level 3 certified cloud-based hardware security modules.
- In August 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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