North America Hardware Security Module Market
No. of Pages: 109 | Report Code: BMIRE00030845 | Category: Electronics and Semiconductor
No. of Pages: 109 | Report Code: BMIRE00030845 | Category: Electronics and Semiconductor
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:
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.
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. 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.North America Hardware Security Module Strategic Insights
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
By Application
Regions and Countries Covered
North America
Market leaders and key company profiles
North America Hardware Security Module Regional Insights
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 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.
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.
The North America Hardware Security Module Market report typically cover these key segments-
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:
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:
The North America Hardware Security Module Market report is valuable for diverse stakeholders, including:
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.