The global Hardware Security Modules Market is forecast to reach a market size of USD 1,916.5 Million in 2027, and register a significantly high revenue CAGR over the next seven years, according to a latest report by Reports and Data. Rising demand for hardware security modules can be attributed to increasing adoption of digital payment methods globally. Hardware security modules are mostly used by the banking and financial services industry to provide a high protection level for customer/client PINs and cryptographic keys used in EMV chip and magnetic stripe cards, as well as their corresponding applications used in smart devices. Also, hardware security modules are used in secure processing of payments done using cards (debit and credit cards) and e-wallets. Hardware security modules normally provide native support associated with cryptography for all leading payment applications.
Additionally, hardware security modules significantly improve transaction throughput by managing high volumes of asymmetric and symmetric encryption, which is a crucial prerequisite of payments initiatives, including 3-D Secure and MasterCard CAP.
Key market participants include Hewlett Packard Enterprise Company, Ultimaco GmbH, Atos SE, SWIFT, Yubico, Futurex, Thales E-Security Inc., IBM Corporation, Ultra Electronics, and CardContact Systems GmbH.
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Further key findings in the report
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For the purpose of this report, Reports and Data has segmented the global hardware security modules market on the basis of product type, application, industry vertical, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
Finally, all aspects of the Hardware Security Modules market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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