Asia Pacific Hardware Security Module Market Forecast to 2031

At 15.3% CAGR, Asia Pacific Hardware Security Module Market is Speculated to be Worth US$ 914.88 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific hardware security module market was valued at US$ 292.15 million in 2023 and is anticipated to reach US$ 914.88 million by 2031, recording a CAGR of 15.3% from 2023 to 2031. Growing adoption of HSM for retail payment transactions and growing adoption of cloud-based HSMs are among the critical factors attributed to drive the Asia Pacific hardware security module market growth.

The popularity of online data-sharing applications, as well as digital technologies, is increasing due to the trend of remote working. This trend promotes digital transition, particularly for financial institutions such as banks, as e-banking usage and online sales have significantly increased. Digital transactions and payments have also risen as a result of mobile banking and third-party payment apps such as Google Pay or Amazon Pay that are connected to open banking platforms. Financial institutions are implementing hardware security modules for payments in an effort to streamline cryptography processes. They consistently manage numerous security apps and safeguard important payment information and transactions with a single hardware security module (HSM). For retail payment transactions, hardware security modules are implemented to protect the sensitive data of customers. As a result, market players are increasingly focusing on product development in the retail payment ecosystem. For instance, in September 2023, Thales announced the launch of the payShield Cloud HSM service to make it easy and flexible for payment HSMs to migrate to the cloud. Similarly, in June 2023, AWS announced a new service, AWS Payment Cryptography. This service simplifies cryptography operations, which help secure data in payment processing applications for credit, debit, and stored-value cards in accordance with the network, payment card industry (PCI), and American National Standards Institute (ANSI) standards and regulations. Financial service providers can replace their on-premises hardware security modules with shift payments-specific cryptography and major management functions to the cloud. Therefore, the growing adoption of HSM for retail payment transactions fuels the hardware security module market growth.

On the contrary, high installation cost of hardware security module and other associated issues hamper the growth of Asia Pacific hardware security module market.

Based on type, the Asia Pacific hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held 41.6% market share in 2023, amassing US$ 121.48 million. It is projected to garner US$ 374.50 million by 2031 to register 15.1% CAGR during 2023-2031.

In terms of application, the Asia Pacific hardware security module market is categorized into payment processing, secure socket layer, authentication, code and document signing, database encryption, credential management, and application-level encryption. The payment processing segment held 27.6% share of Asia Pacific hardware security module market in 2023, amassing US$ 80.65 million. It is projected to garner US$ 260.82 million by 2031 to expand at 15.8% CAGR from 2023 to 2031.

By industry, the Asia Pacific hardware security module market is categorized into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held 29.4% share of Asia Pacific hardware security module market in 2023, amassing US$ 85.97 million. It is predicted to garner US$ 273.78 million by 2031 to expand at 15.6% CAGR between 2023 and 2031.

Based on country, the Asia Pacific hardware security module market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 31.8% share of Asia Pacific hardware security module market in 2023. It was assessed at US$ 92.79 million in 2023 and is likely to hit US$ 327.32 million by 2031, registering a CAGR of 17.1% during 2023-2031.

Key players operating in the Asia Pacific hardware security module market are Thales SA, STMicroelectronics NV, Atos SE, International Business Machines Corp, Swift SC, Infineon Technologies AG, Hewlett Packard Enterprise Development LP, Utimaco Management Services GmbH, and Marvell Technology Inc, among others.

In October 2021, Infineon Technologies AG launched the SLS37 V2X hardware security module (HSM), a plug-and-play security solution for vehicle-to-everything communication (V2X). The SLS37 V2X HSM is based on a highly secured, tamper-resistant microcontroller tailored to the security needs of V2X applications within telematics control units. It protects the integrity and authenticity of messages, as well as the privacy of the sender. The HSM received the Common Criteria EAL4+ certification, which is expected to become mandatory in European V2X systems.

In August 2023, The integration of IBM Power Virtual Server with IBM Key Protect enables enhanced data security through encryption to meet compliance requirements. IBM Key Protect for IBM Power Virtual Server supports businesses to achieve cost and operational efficiency by reducing their CapEx attached to on-premises infrastructure and the time needed to maintain that infrastructure. Similarly, IBM Key Protect for IBM Cloud provides data-at-rest encryption benefits for data stored in IBM Cloud using envelope encryption techniques that leverage FIPS 140-2 Level 3 certified cloud-based hardware security modules.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific hardware security module market.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific hardware security module market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific hardware security module market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Asia Pacific Hardware Security Module Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. Asia Pacific Hardware Security Module Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Cases of Data Breach
5.1.2 Growing Adoption of HSM for Retail Payment Transactions
5.2 Market Restraints
5.2.1 High Installation Cost of Hardware Security Module and Other Associated Issues
5.3 Market Opportunities
5.3.1 Growing Adoption of Cloud-based HSMs
5.4 Future Trends
5.4.1 Rising Adoption of 5G Network
5.5 Impact of Drivers and Restraints:
6. Hardware Security Module Market – Asia Pacific Analysis
6.1 Hardware Security Module Market Revenue (US$ Million), 2021-2031
6.2 Hardware Security Module Market Forecast Analysis
7. Asia Pacific Hardware Security Module Market Analysis – by Type
7.1 LAN based
7.1.1 Overview
7.1.2 LAN based: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
7.2 PCIe based
7.2.1 Overview
7.2.2 PCIe based: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
7.3 USB Based
7.3.1 Overview
7.3.2 USB Based: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
8. Asia Pacific Hardware Security Module Market Analysis – by Application
8.1 Payment Processing
8.1.1 Overview
8.1.2 Payment Processing: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Secure Socket Layer
8.2.1 Overview
8.2.2 Secure Socket Layer: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Authentication
8.3.1 Overview
8.3.2 Authentication: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Code and Document Signing
8.4.1 Overview
8.4.2 Code and Document Signing: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Database Encryption
8.5.1 Overview
8.5.2 Database Encryption: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
8.6 Credential Management
8.6.1 Overview
8.6.2 Credential Management: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
8.7 Application-Level Encryption
8.7.1 Overview
8.7.2 Application-Level Encryption: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
9. Asia Pacific Hardware Security Module Market Analysis – by Industry
9.1 BFSI
9.1.1 Overview
9.1.2 BFSI: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Government
9.2.1 Overview
9.2.2 Government: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
9.3 IT and Telecom
9.3.1 Overview
9.3.2 IT and Telecom: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Healthcare
9.4.1 Overview
9.4.2 Healthcare: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Manufacturing
9.5.1 Overview
9.5.2 Manufacturing: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Retail and Consumer Goods
9.6.1 Overview
9.6.2 Retail and Consumer Goods: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10. Asia Pacific Hardware Security Module Market – Country Analysis
10.1 Asia Pacific
10.1.1 Asia Pacific: Hardware Security Module Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Asia Pacific: Hardware Security Module Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Australia: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Australia: Hardware Security Module Market Breakdown, by Type
10.1.1.2.2 Australia: Hardware Security Module Market Breakdown, by Application
10.1.1.2.3 Australia: Hardware Security Module Market Breakdown, by Industry
10.1.1.3 China: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 China: Hardware Security Module Market Breakdown, by Type
10.1.1.3.2 China: Hardware Security Module Market Breakdown, by Application
10.1.1.3.3 China: Hardware Security Module Market Breakdown, by Industry
10.1.1.4 India: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 India: Hardware Security Module Market Breakdown, by Type
10.1.1.4.2 India: Hardware Security Module Market Breakdown, by Application
10.1.1.4.3 India: Hardware Security Module Market Breakdown, by Industry
10.1.1.5 Japan: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Japan: Hardware Security Module Market Breakdown, by Type
10.1.1.5.2 Japan: Hardware Security Module Market Breakdown, by Application
10.1.1.5.3 Japan: Hardware Security Module Market Breakdown, by Industry
10.1.1.6 South Korea: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 South Korea: Hardware Security Module Market Breakdown, by Type
10.1.1.6.2 South Korea: Hardware Security Module Market Breakdown, by Application
10.1.1.6.3 South Korea: Hardware Security Module Market Breakdown, by Industry
10.1.1.7 Rest of APAC: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Rest of APAC: Hardware Security Module Market Breakdown, by Type
10.1.1.7.2 Rest of APAC: Hardware Security Module Market Breakdown, by Application
10.1.1.7.3 Rest of APAC: Hardware Security Module Market Breakdown, by Industry
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Thales SA
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 STMicroelectronics NV
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Atos SE
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 International Business Machines Corp
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Swift SC
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Infineon Technologies AG
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Hewlett Packard Enterprise Development LP
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Utimaco Management Services GmbH
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Marvell Technology Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Research Team

LIST OF TABLES

Table 1. Asia Pacific Hardware Security Module Market Segmentation
Table 2. List of Vendors
Table 3. Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 5. Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 6. Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 7. Asia Pacific: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 8. Australia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 9. Australia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 10. Australia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 11. China: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 12. China: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 13. China: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 14. India: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 15. India: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 16. India: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 17. Japan: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 18. Japan: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 19. Japan: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 20. South Korea: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 21. South Korea: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 22. South Korea: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 23. Rest of APAC: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 24. Rest of APAC: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 25. Rest of APAC: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 26. Heat Map Analysis by Key Players

LIST OF FIGURES

Figure 1. Asia Pacific Hardware Security Module Market Segmentation, by Country
Figure 2. Ecosystem Analysis
Figure 3. Hardware Security Module Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Hardware Security Module Market Revenue (US$ Million), 2021-2031
Figure 6. Hardware Security Module Market Share (%) – by Type (2023 and 2031)
Figure 7. LAN based: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. PCIe based: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. USB Based: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Hardware Security Module Market Share (%) – by Application (2023 and 2031)
Figure 11. Payment Processing: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Secure Socket Layer: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Authentication: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Code and Document Signing: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Database Encryption: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Credential Management: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Application-Level Encryption: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Hardware Security Module Market Share (%) – by Industry (2023 and 2031)
Figure 19. BFSI: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Government: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. IT and Telecom: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Healthcare: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Manufacturing: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Retail and Consumer Goods: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Others: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Asia Pacific Hardware Security Module Market, by Key Countries – Revenue (2023) (US$ Million)
Figure 27. Asia Pacific: Hardware Security Module Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 28. Australia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 29. China: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 30. India: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 31. Japan: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 32. South Korea: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 33. Rest of APAC: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 34. Company Positioning & Concentration