HSM-as-a-Service Market Trends | Segmentation, Outlook, Industry Report to 2033

The global HSM-as-a-service market size totaled US$ 500.6 million in 2023. The market is expected to reach US$ 1,978.6 million by 2033, capturing a CAGR of 14.7% between 2023 and 2033.

HSM-as-a-Service does provide consumers with an extra layer of security for managing and storing data encryption keys; thereby getting away with on-premises actual hardware devices. The service acts as a general-purpose key vault to be applied in several use cases. As such, users could easily handle a broad spectrum of sophisticated use cases from the cloud by the employment of HSM-as-a-Service.

A User-friendly interface is being adopted for incorporating blockchain transaction security systems for the clients. The major requirement in the future would be a future-proofing hardware protection module with specialized and effective solutions that would address altering customer needs.

At the same time, the fact that when a business program or any organization exposes sensitive data by mistake, it ends up giving out the personal information of consumers, clients, and employees. If not adequately protected, this data could fall into the wrong hands. This factor may restrain the HSM-as-a-service market going forward.

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Future Market Insights, Inc. has walked through these facts with future prospects in its latest market study entitled ‘HSM-as-a-Service Market’. It has its line of expertise in the form of analysts and consultants to execute using an eagle’s eye view in its primary, secondary, and tertiary modes of research.

“With the growing demand for device authentication using digitization, the global HSM-as-a-Service market will continue to witness exponentiation in the forecast period”, says an analyst from Future Market Insights, Inc.

Key Takeaways for HSM-as-a-Service Market Report:

• Europe holds a sizable market share with France, Germany, and the UK leading from the front. This could be attributed to tabling cutting-edge technologies such as IoT, 5G, and AI (Artificial Intelligence) in the wake of cyberattacks targeting European banking and retail verticals. For example – The Works, in April 2022, witnessed a cyberattack, thereby compelling the company to shut down the locations and halt the replenishment deliveries.
• The Asia-Pacific is expected to grow at the quickest rate in the HSM-as-a-Service market with countries like China, India, and Japan continuously witnessing cyberattacks.
• North America is witnessing steadiness in the HSM-as-a-Service market with companies like Entrust Corporation expanding hardware security module service termed as ‘nShield as a Service’. Two data centers were established in 2021 in Australia as a response to rising demand for cloud-based HSM services.

Competitive Services

• Infineon Technologies AG, in October 2021, came up with SLS37 V2X hardware security module, which comes across as a plug-and-play security solution for V2X (vehicle-to-everything communication). This product is actually based on a highly secured, tamper-resistant microcontroller for meeting the security requirements of the V2X applications.
• Futurex, in June 2022, did unleash a hardware security module solution for VirtuCrypt financial cloud platform. The critical payment system cryptography-related requirements are thus supported this way.
• Infineon Technologies AG, in January 2022, came up with Aurix TC4x. It does offer improved connectivity along with advanced security and safety. Plus, Software Over the Air (SOTA) functions do assist the carmakers in catering to the demands for secure and quick car-to-cloud connection.
• Ultimaco, in June 2021, completed the acquisition of Realsec. The latter would be providing expertise in HSM, key management, regulations, and compliance to the former.
• Thales, in November 2021, did release Luna network HSM 7.12. It comprises several components like Luna T-series appliance software 7.12.0, Luna Client 7.12.0, Luna T7 Crypto Module firmware, and Luna User Documentation Revision G. These updates do offer cryptographic mechanisms.
• IBM< in June 2022, inked an agreement with Siam Commercial Bank for improvising on the security of platform’s several digital transactions.
• Thales, in June 2022, announced helping NAVER Cloud by introducing the very first Korean sovereign cloud HSM-as-a-Service. Thales’ Luna Network Hardware Security Module empowers it.

What Does the Report Cover?

• The research study is based on service type (self-managed and fully managed), enterprise size (large enterprises and SMEs), and industry (telecom, BFSI, healthcare, manufacturing, and likewise).
• The call for utmost safety relating to sensitive data, especially in the multi-cloud environment, is expected to take the HSM-as-a-Service market going forward.