According to Future Market Insights (FMI), the global HSM-as-a-service market is anticipated to grow at a CAGR of 14.3% during the forecast period from 2022 to 2032. The market is set to reach a valuation of ~US$ 442.6 Million by the end of 2022 and US$ 1,667.4 Million by 2032.
As per FMI, there is an increasing adoption of HSM-as-a-service solutions in small and medium sized businesses for payment transaction and data protection as they enable businesses to test out novel use cases like blockchain or digital payments with more risk. The need for hardware security modules (HSM) services from businesses across various industries to safeguard their data and infrastructure has increased.
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A hardware security module service is used to secure physical devices from dangers that permit unauthorized access to enterprise systems, as well as to manage and store cryptographic keys for robust authentication. Hardware security module solutions protect data, identities, and network transactions by improving encryption procedures.
In order to increase data security, reduce risks, foster customer trust, uphold high service standards, and achieve agility, businesses are increasingly focusing on investing in HSM cloud-based services. It will further spur the adoption of HSM services over the forecast period of 2022-2032.
Key Takeaways: HSM-as-a-Service Market
- By service type, the self-managed services segment is expected to grow at a CAGR of 9% during the forecast period of 2022-2032.
- By enterprise size, the adoption of HSM-as-a-service solutions in small and mid-sized enterprises (SMEs) is anticipated to increase at a CAGR of 1% between 2022 & 2032.
- By industry, the adoption of HSM services in healthcare is set to grow at a CAGR of 8% between 2022 & 2032.
- The France HSM-as-a-service market is predicted to expand at the highest CAGR of 7% during the forecast period.
- The U.K. held about 9% of the Europe HSM-as-a-service market share in 2021.
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“HSM services can be remotely administered without the need for physical access as there is no hardware to install or software to maintain. This type of service may be accessed online and can be launched with a single click in a matter of minutes, which is expected to fuel the demand,” says a FMI analyst.
Rising Adoption of the Cloud is Likely to Bode Well for the Global Market
Adoption of the cloud is growing quickly among industries, thereby creating numerous security related challenges for cloud service providers, particularly when coping with the complexity of privacy and data protection legislation. Companies are gathering huge volumes of data, ranging from inconsequential information to highly private financial, commercial, and consumer data.
Cloud service providers are implementing technologies like encryption and cryptographic solutions, which would ensure secure data transfers and safety for cloud data. Manufacturers and cloud service providers are expected to achieve new growth opportunities to provide specialized solutions that offer key management and storage as a managed service as a result of the growing need for HSM services for protecting data and information in the cloud environment.
More Valuable Insights on HSM-as-a-Service Market
FMI’s report on the HSM-as-a-service industry research is segmented into four major sections – by service type (fully managed services and self-managed services), enterprise size (large enterprises, and small and mid-sized enterprises), industry (BFSI, telecom, healthcare, manufacturing, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the HSM-as-a-service demand outlook.
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HSM-as-a-Service Market Outlook by Category
By Service Type:
- Fully Managed HSM Services
- Self-Managed HSM Services
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Industry:
- BFSI
- Telecom
- Healthcare
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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