NEWARK, Del, Aug. 29, 2022 (GLOBE NEWSWIRE) -- 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 Mn by the end of 2022.
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.
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.
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Key Takeaways: HSM-as-a-Service Market
- By service type, the self-managed services segment is expected to grow at a CAGR of 12.9% 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 19.1% between 2022 & 2032.
- By industry, the adoption of HSM services in healthcare is set to grow at a CAGR of 17.8% between 2022 & 2032.
- The France HSM-as-a-service market is predicted to expand at the highest CAGR of 13.7% during the forecast period.
- The U.K. held about 17.9% of the Europe HSM-as-a-service market share in 2021.
“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.
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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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Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on software, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.
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
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Service Type Innovation / Development Trends
4. Pricing Analysis
4.1. Types of Pricing Models, By Service
4.2. Global Pricing Analysis Benchmark
Explore FMI’s Extensive Coverage on Technology Domain:
Public Key Infrastructure (PKI) Market Share : Newly released Public Key Infrastructure (PKI) Market analysis report by Future Market Insights shows that global sales of Public Key Infrastructure (PKI) Market in 2021 was held at US$ 3.9 Bn.
Digital Signature Market Size : The global digital signature market value reached US$ 2.1 Billion in 2021, and is forecast to register a Y-o-Y expansion rate worth 28.5% to reach a valuation of US$ 2.7 Billion in 2022.
Cloud Encryption Market Forecast : The global cloud encryption market revenue totaled US$ 1.8 Bn in 2021. Expanding at a prolific 30.9% CAGR over the forecast period, the cloud encryption market size is expected to reach US$ 34.8 Bn by 2032.
Hardware Security Module Market Analysis : The global hardware security module (HSM) market revenue totaled US$ 1.2 Bn in 2021. The market is expected to reach US$ 6.6 Bn by 2032, exhibiting growth at a 16.2% CAGR between 2022 and 2032.
DevSecOps Market Trends : The global DevSecOps market revenue totalled US$ 3,753.7 Mn in 2021 and it is likely to reach US$ 4,373.4 Mn in 2022.
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