Hardware Security Module Market to Witness Contraction, as Uncertainty Looms Following Global Coronavirus Outbreak
Analysts at Future Market Insights find that the global Hardware Security Module market has been evolving at a CAGR of xx% during the historic period 2013-2017. The market study suggests that the global market size of Hardware Security Module is projected to reach ~US$ xx Mn/Bn by the end of 2028 with a CAGR of xx% over the stipulated timeframe 2018-2028.
The COVID-19 pandemic has been posing measurable impact on the global economy and, in turn, on the Hardware Security Module market. Quarantines, traveling constraints, and social distancing measures on a broad-scale drive a steep decline in business and consumer spending until the end of Q2. This research work intends to offer market players with a viewpoint on the changing scenario and implications for the market players.
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The rising adoption of next-generation security solutions, which is a remarkable trend in the market, aids in improving the products as well as the operational efficiency of enterprises. Existing security solutions are evolving towards context-aware computing technology, which enables enterprises to detect advanced threats in a drastically changing environment. This factor is expected to create potential opportunities in the global cyber security market over the forecast period.
Enterprises are progressively implementing Internet of Things (IoT)-based solutions. IoT solution providers are integrating cyber security solutions to reduce cyber-attacks on connected devices to identify threats and to resolve susceptibilities before launching their products in the market. With growing applications of security solutions in the IoT space, the demand for hardware security modules is expected to rise significantly over the next few years.
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Hardware security modules can make an organization achieve peak security standards for applications ranging from key management to data encryption and authentication. Hardware security modules play a vital role in an enterprise’s security ecosystem.
However, the cost-per-unit factor of hardware security modules is significantly higher than their software-based counterparts. Moreover, Hardware Security Module-as-a-Service (HSMaaS) solutions offered by some vendors in the market are expensive. Though hardware security modules offer reliable security, cost is a major factor to be taken care of to capture the market as well as achieve market growth.
Several hardware security module vendors are making efforts to make hardware security module services available at reduced costs by means of cloudHSM. However, the incorporation of cloud in critical applications, such as key management and key storage, through HSM induces problems common to cloud infrastructures. As a result, cloud hardware security module services are still expensive and are required to be further enhanced..
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What does the Hardware Security Module market research holds for the readers?
- One by one company profile of key vendors.
- Influence of modern technologies, such as big data & analytics, artificial intelligence, and social media platforms on the global Hardware Security Module market.
- Evaluation of supply-demand ratio in every end use industry.
- Regional analysis on the basis of market share, growth outlook, and key countries.
- Positive and negative aspects associated with the consumption of Hardware Security Module.
The Hardware Security Module market research clears away the following queries:
- What is the present and future outlook of the global Hardware Security Module market on the basis of region?
- What tactics are the Hardware Security Module market vendors implementing to give tough competition to their business counterparts?
- What are the macro- and microeconomic factors affecting the global Hardware Security Module market?
- Which end use segment is spectated to lead by the end of 2029?
- Why region has the highest consumption of Hardware Security Module?
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