Presently, many businesses gather data from their customers and rely on different database solutions to store it securely. Still, this data can be vulnerable to data breaches and cyberattacks considering the value of such data and increase attack surface. In some cases, even encrypted data can get leaked once its private keys get hacked. To prepare for such situations, many organisations are deploying robust hardware security modules (HSM). HSM is a cryptographic hardware system that conducts encryption and decryption operations in a protected environment. Moreover, data security has become a key strategy for success today. Modern businesses do not approach it just to comply with government regulations but to actually protect the sanctity of its data. Healthcare, IT, pharmaceuticals, and many other industries are deploying HSMs. Such unprecedented shifts in priority are poised to lead the global hardware security module market to fruition.
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Focused Efforts to Secure Valuable Medical Data in Healthcare Industry to Maintain Promising Growth Trajectory of Hardware Security Module Market
Of late, the healthcare and life sciences domain have been adopting modern digital and electronics technologies to facilitate more apt healthcare outcomes. That said, this growing dependence on modern IoT and data methodologies has made the industry vulnerable to cyber-attacks. Several healthcare industry stakeholders are seeking to secure their telemetrics infrastructure (TI) by deploying robust HSM solutions. This infrastructure relies heavily on smooth and secure exchange of patient data between doctors, hospitals, pharmacies, and other healthcare professionals. Moreover, several pharmaceutical players are also investing in HSMs to safeguard their intellectual properties and research findings. All these healthcare industry trends are boding well for the global hardware security module market.
Rising Employment of IoT, and Cloud Technologies to Elevate Scope of Growth for Hardware Security Module Market
In the past few years, the adoption of sophisticated IoT and cloud computing technologies has increased supersonic speeds. As such systems rely on well-connected ecosystem of several devices working in conjunction, malicious entities have several potencial vulnerabilities to intrude. In such a business landscape, the installation of robust HSM systems has quickly risen in the priority list of organisations. Securing people’s identities, cryptographic keys, and data has become more critical than ever. Users are also actively using internet banking and digital payment gateways, which means that any breach can potentially endanger financial processes more than ever. Such developments are expected to drive the global hardware security module market to maturity.
Paced Adoption of 4G LTE Technologies to Establish Europe’s Hardware Security Module Market Dominance
Europe is one of the forerunners in terms of 4G LTE technology adoption. Moreover, the latest 5G infrastructure in the region is also growing at a rapid pace with great interest from individual and organisations. Europe’s BFSI, healthcare, automobile, and IT and telecommunications industries are also very mature. Besides, the region’s data privacy and security norms are some of the most robust and stringent norms with significantly high data privacy awareness. The cumulative force of these prerequisites are establishing Europe as the dominant hardware security module market region.
Major Market Players
The most competitive players in the global hardware security module market include IBM Corporation, Thales Group (Gemalto), Entrust Corporation, Utimaco GmbH, Yubico, Ultra Electronics, Securosys, SPYRUS, Inc., Kryptoagile, Atos, Adweb Technologies, Nitrokey, and Futurex.
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