North America Hardware Security Module Market

Historic Data: 2021-2022   |   Base Year: 2023   |   Forecast Period: 2024-2031

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)


No. of Pages: 109    |    Report Code: BMIRE00030845    |    Category: Electronics and Semiconductor

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North America Hardware Security Module Market

The North America hardware security module market was valued at US$ 399.71 million in 2023 and is projected to reach US$ 1,080.94 million by 2031; it is estimated to register a CAGR of 13.2% from 2023 to 2031.

Rising Cases of Data Breach Fuels North America Hardware Security Module Market



Many large-sized businesses and corporations work with a huge volume of sensitive and confidential data. The rise in digitalization has encouraged several businesses across various industry verticals to digitalize their business to gain competitive advantage, enhance operational workflow, and reach more targeted audiences. However, the adoption of digital solutions makes critical data vulnerable and accessible to hackers, leading to the loss of critical information, financial losses, and loss of customer trust, among others. The rise in the number of data breach cases affects the overall business performance. A few of the data breach incidents are mentioned below:

  • In July 2023, IBM Security released the Cost of a Data Breach report for 2023. The report indicated that the global average data breach cost reached US$ 4.45 million in 2023, a 15% increase over the previous three years.
  • In July 2023, MOVEit, the file transfer tool, experienced a massive data hack, which impacted 200 organizations and 17.5 million individuals. The data of multiple critical organizations and government bodies, such as the Department of Agriculture, Department of Energy, and Department of Health and Human Services, were leaked.
  • In May 2023, Deutsche Telekom AG's brand T-Mobile experienced its second data breach case for 2023, where over 800 customer's PINs, full names, and phone numbers were leaked.

To protect data and boost their network security, businesses are using hardware security module (HSM) solutions. Thus, the rise in the number of data breach cases generates the demand for enhanced security solutions, such as hardware security modules, which drives the hardware security module market.

North America Hardware Security Module Market Overview



The hardware security module market in North America accounted for the second-largest share in 2023. The US accounted for the largest share in 2021, followed by Canada and Mexico. Increasing government initiatives to reduce the risk of cyberattacks is the major factor driving the market growth. For instance, in July 2023, as per the International Association of Privacy Professionals, the US Securities and Exchange Commission (SEC) implemented a rule demanding publicly traded companies to reveal any cybersecurity event within four days of identifying that it is "material" and then to file periodic updates as further information becomes available. "Material" is a key term in the SEC's regulatory framework, which is based on the proposition that investors are entitled to all material information about a company's financial condition. The requirement applies not only to breaches of customer data but to any cyber event that could impact a company's operations. Thus, the demand for hardware security modules in the US is expected to grow during the forecast period.

Canada is expected to register the second-highest CAGR during the forecast period. An intricate set of provincial and federal statutes encompasses data protection law in Canada. These laws comprise federal and provincial data protection statutes of general application, as well as sector-specific statutes, such as health privacy laws and related laws-including consumer protection and anti-spam laws. Further, key market players are focusing on product development. For instance, in May 2023, a Canadian company, Crypto4A Technologies Inc., announced the launch of an industry-first fifth-generation hardware security module QxHSM in a revolutionary modular blade form factor that offers operational efficiencies and a reduced total cost of ownership. QxHS delivers the quantum-safe cryptographic agility, scalability, and mobility required to keep up with rapid technological development, ensures true ownership of cryptographic material without vendor lock-in, and supports flexible cloud-scale deployment architectures while adapting to changing markets, requirements, and standards.

North America Hardware Security Module Market Revenue and Forecast to 2031 (US$ Million)

North America Hardware Security Module Market Revenue and Forecast to 2031 (US$ Million)
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North America Hardware Security Module Strategic Insights

Strategic insights for the North America Hardware Security Module provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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North America Hardware Security Module Report Scope

Report Attribute Details
Market size in 2023 US$ 399.71 Million
Market Size by 2031 US$ 1,080.94 Million
Global CAGR (2023 - 2031) 13.2%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Type
  • LAN Based
  • PCIe Based
  • USB Based
By Application
  • Payment Processing
  • Secure Socket Layer
  • Authentication
  • Code and Document Signing
  • Database Encryption
  • Credential Management
  • Application-Level Encryption
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Market leaders and key company profiles
  • 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.
  • Marvell Technology Inc.
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    North America Hardware Security Module Regional Insights

    The geographic scope of the North America Hardware Security Module refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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    North America Hardware Security Module Market Segmentation 



    The North America hardware security module market is categorized into type, application, industry, and country.

    Based on type, the North America hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held the largest market share in 2023.

    In terms of application, the North 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 the largest market share in 2023.

    By industry, the North America hardware security module market is segmented into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held the largest market share in 2023.

    By country, the North America hardware security module market is segmented into the US, Canada, and Mexico. The US dominated the North America hardware security module market share in 2023.

    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 are some of the leading companies operating in the North America hardware security module market.

    The List of Companies - North America Hardware Security Module Market

    1. Thales SA.
    2. STMicroelectronics NV.
    3. Atos SE.
    4. International Business Machines Corp.
    5. Futurex LP.
    6. Swift SC.
    7. Infineon Technologies AG.
    8. Hewlett Packard Enterprise Development LP.
    9. Utimaco Management Services GmbH.
    10. Marvell Technology Inc.
    Frequently Asked Questions
    How big is the North America Hardware Security Module Market?

    The North America Hardware Security Module Market is valued at US$ 399.71 Million in 2023, it is projected to reach US$ 1,080.94 Million by 2031.

    What is the CAGR for North America Hardware Security Module Market by (2023 - 2031)?

    As per our report North America Hardware Security Module Market, the market size is valued at US$ 399.71 Million in 2023, projecting it to reach US$ 1,080.94 Million by 2031. This translates to a CAGR of approximately 13.2% during the forecast period.

    What segments are covered in this report?

    The North America Hardware Security Module Market report typically cover these key segments-

  • Type (LAN Based, PCIe Based, USB Based)
  • Application (Payment Processing, Secure Socket Layer, Authentication, Code and Document Signing, Database Encryption, Credential Management, Application-Level Encryption)
  • What is the historic period, base year, and forecast period taken for North America Hardware Security Module Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Hardware Security Module Market report:

  • Historic Period : 2021-2022
  • Base Year : 2023
  • Forecast Period : 2024-2031
  • Who are the major players in North America Hardware Security Module Market?

    The North America Hardware Security Module Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • 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.
  • Marvell Technology Inc.
  • Who should buy this report?

    The North America Hardware Security Module Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the North America Hardware Security Module Market value chain can benefit from the information contained in a comprehensive market report.