Payment HSMs Market Growth and Size by 2031

The payment HSMs market size is expected to grow at a CAGR of 7.2% from 2023 to 2031. The payment HSMs market includes growth prospects owing to the current payment HSMs market trends and their foreseeable impact during the forecast period. The payment HSMs market is growing due to factors such as the increasing number of cyber incidents and increasing awareness among consumers regarding the benefits of payment HSMs.

Payment HSMs Market Analysis

A Payment Hardware Security Module (HSM) is a specialized device used in financial transactions to securely manage, process, and store cryptographic keys and sensitive data, ensuring the integrity and confidentiality of payment information. HSMs play a crucial role in safeguarding payment systems against unauthorized access, fraud, and data breaches. Payment HSMs offer robust encryption and secure key storage, protecting financial transactions from unauthorized access or tampering. They help businesses comply with industry regulations such as PCI DSS by providing secure cryptographic operations. Payment HSMs are used by banks, payment processors, financial institutions, and merchants to secure credit card transactions, online payments, mobile payments, and other financial transactions.

Payment HSMs Market Overview

• As more businesses and consumers rely on digital transactions, the need for robust security measures has increased. Payment HSMs play a crucial role in ensuring the safety and integrity of these transactions by providing encryption, decryption, and key management services.
• With strict regulatory requirements and the constant threat of cyber-attacks, businesses are investing in Payment HSMs to safeguard sensitive financial data and maintain compliance.
• The Payment HSM market is witnessing steady growth driven by the increasing adoption of digital payments and the prioritization of security in financial transactions.

REGIONAL FRAMEWORK

Payment HSMs Market Driver

Increasing Number Of Cyber Incidents To Drive The Payment HSMs Market

• Businesses are facing continuous threat of cybercrimes, as they have grown more widespread in recent years. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2021, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyber risks.
• According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2021. Between 2021 and 2021, cyberattacks in the US have increased by 139% as the country registered a staggering 145.2 million cases in Q3 2021.
• As a result, businesses are prioritizing security measures such as Payment HSMs to safeguard against these threats. Payment HSMs provide encryption, decryption, and key management services, ensuring the confidentiality and integrity of payment transactions. With regulatory bodies imposing stricter compliance requirements and consumers demanding better security, the demand for Payment HSMs is on the rise.

Payment HSMs Market Report Segmentation Analysis

• Based on type, the payment HSMs market is segmented PCI based, USB based, and network based. The PCI based segment is expected to hold a substantial payment HSMs market share in 2023.

Payment HSMs Market Share Analysis By Geography

The scope of the payment HSMs market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant payment HSMs market share owing to factors such as high reliance on digital payment systems and the growing concerns over cybersecurity. With the United States and Canada being major hubs for financial transactions, businesses are prioritizing security measures such as Payment HSMs to protect sensitive payment data from cyber threats.

Payment HSMs Market Report Scope

The "Payment HSMs Market Analysis" was carried out based on type, application, end user, and geography. On the basis of type, the market is segmented into PCI based, USB based, and network based. On the basis of application, the market is segmented into Code and document signing, secure sockets layer (SSL), transport layer security (TLS), Authentication, database encryption, PKI or credential management, and others. Based on end user, the market is segmented into (BFSI, government, technology and communications, manufacturing industry, energy and utilities, retail and consumer products, and others); Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Payment HSMs Market Report Analysis

Payment HSMs Market

• 
  CAGR (2023 - 2031)

  XX%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• Gemalto NV
• Thales e Security Inc
• Utimaco GmbH
• IBM Corporation
• FutureX
• Hewlett Packard Enterprise Development LP
• SWIFT
• Atos SE
• Ultra Electronics

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By Type

• PCI Based
• USB Based
• Network Based

By Applications

• Code and Document Signing
• Secure Sockets Layer
• Transport Layer Security
• Authentication
• Database Encryption
• PKI or Credential Management

By End User

• BFSI
• Government
• Technology and Communications
• Manufacturing Industry
• Energy and Utilities
• Retail and Consumer Products

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MARKET PLAYERS

Payment HSMs Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the payment HSMs market. A few recent key market developments are listed below:

• In August 2023, Thales announced the launch of Thales payShield Cloud HSM, a subscription-based digital payments security service built on its market-leading payShield 10K Payment Hardware Security Module (HSM) technology to help customers accelerate the adoption of cloud-based payments infrastructure.

[Source: Thales, Press Release]

• In January 2021, Futurex announced the industry's first web API for payment hardware security modules (HSMs). Developers can now more easily integrate their payment applications with Futurex's enterprise encryption and key management technology, including Futurex's VirtuCrypt cloud payment HSMs.

[Source: Skoda Auto, Press Release]

Payment HSMs Market Report Coverage & Deliverables

The payment HSMs market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Payment HSMs Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

Payment HSMs Market Report Scope