Middle East & Africa Hardware Security Module Market Forecast to 2031

At 12.0% CAGR, Middle East & Africa Hardware Security Module Market is Speculated to be Worth US$ 317.08 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa hardware security module market was valued at US$ 127.74 million in 2023 and is anticipated to reach US$ 317.08 million by 2031, recording a CAGR of 12.0% from 2023 to 2031. Rising cases of data breach and growing adoption of cloud-based HSMs are among the critical factors attributed to drive the Middle East & Africa hardware security module market growth.

Many large-sized businesses and corporations work with a huge volume of sensitive and confidential data. The rise in digitalization has encouraged several businesses across various industry verticals to digitalize their business to gain competitive advantage, enhance operational workflow, and reach more targeted audiences. However, the adoption of digital solutions makes critical data vulnerable and accessible to hackers, leading to the loss of critical information, financial losses, and loss of customer trust, among others. The rise in the number of data breach cases affects the overall business performance. For instance, in July 2023, IBM Security released the Cost of a Data Breach report for 2023. The report indicated that the global average data breach cost reached US$ 4.45 million in 2023, a 15% increase over the previous three years.

To protect data and boost their network security, businesses are using hardware security module (HSM) solutions. Thus, the rise in the number of data breach cases generates the demand for enhanced security solutions, such as hardware security modules, which drives the hardware security module market.

On the contrary, high installation cost of hardware security module and other associated issues hamper the growth of Middle East & Africa hardware security module market.

Based on type, the Middle East & Africa hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held 38.5% market share in 2023, amassing US$ 49.17 million. It is projected to garner US$ 120.09 million by 2031 to register 11.8% CAGR during 2023–2031.

In terms of application, the Middle East & Africa 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 28.7% share of Middle East & Africa hardware security module market in 2023, amassing US$ 36.68 million. It is projected to garner US$ 94.13 million by 2031 to expand at 12.5% CAGR from 2023 to 2031.

By industry, the Middle East & Africa hardware security module market is categorized into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held 30.7% share of Middle East & Africa hardware security module market in 2023, amassing US$ 39.20 million. It is predicted to garner US$ 98.88 million by 2031 to expand at 12.3% CAGR between 2023 and 2031.

Based on country, the Middle East & Africa hardware security module market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 41.5% share of Middle East & Africa hardware security module market in 2023. It was assessed at US$ 53.05 million in 2023 and is likely to hit US$ 140.13 million by 2031, registering a CAGR of 12.9% during 2023–2031.

Key players operating in the Middle East & Africa 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 August 2023, International Business Machines Corp Introduced the integration of IBM Power Virtual Server with IBM Key Protect for AIX and Linux. 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. In August 2022, Marvell Technology Inc launched the LiquidSecurity 2 module to empower best-in-class HSM-as-a-service for the multi-cloud era. LiquidSecurity 2 module is the industry’s most advanced solution for enabling encryption, key management, authentication and other HSM services in the cloud. LS2 is a converged security platform for payment, privacy compliance, and general-purpose applications. It is powered by a cloud-optimized Marvell OCTEON data processing unit (DPU), proven at scale across the world’s largest hyperscale clouds.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa market trends and outlook coupled with the factors driving the Middle East & Africa 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. Middle East & Africa Hardware Security Module Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. Middle East & Africa 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 – Middle East & Africa Analysis
6.1 Hardware Security Module Market Revenue (US$ Million), 2021-2031
6.2 Hardware Security Module Market Forecast Analysis
7. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa Hardware Security Module Market – Country Analysis
10.1 Middle East & Africa Market Overview
10.1.1 Middle East and Africa: Hardware Security Module Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Middle East and Africa: Hardware Security Module Market – Revenue and Forecast Analysis – by Country
10.1.1.2 South Africa: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 South Africa: Hardware Security Module Market Breakdown, by Type
10.1.1.2.2 South Africa: Hardware Security Module Market Breakdown, by Application
10.1.1.2.3 South Africa: Hardware Security Module Market Breakdown, by Industry
10.1.1.3 Saudi Arabia: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Saudi Arabia: Hardware Security Module Market Breakdown, by Type
10.1.1.3.2 Saudi Arabia: Hardware Security Module Market Breakdown, by Application
10.1.1.3.3 Saudi Arabia: Hardware Security Module Market Breakdown, by Industry
10.1.1.4 United Arab Emirates: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 United Arab Emirates: Hardware Security Module Market Breakdown, by Type
10.1.1.4.2 United Arab Emirates: Hardware Security Module Market Breakdown, by Application
10.1.1.4.3 United Arab Emirates: Hardware Security Module Market Breakdown, by Industry
10.1.1.5 Rest of Middle East and Africa: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Rest of Middle East and Africa: Hardware Security Module Market Breakdown, by Type
10.1.1.5.2 Rest of Middle East and Africa: Hardware Security Module Market Breakdown, by Application
10.1.1.5.3 Rest of Middle East and Africa: 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. Middle East & Africa 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. Middle East and Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 8. South Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 9. South Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 10. South Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 11. Saudi Arabia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 12. Saudi Arabia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 13. Saudi Arabia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 14. United Arab Emirates: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 15. United Arab Emirates: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 16. United Arab Emirates: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 17. Rest of Middle East and Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 18. Rest of Middle East and Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 19. Rest of Middle East and Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 20. Heat Map Analysis by Key Players

LIST OF FIGURES

Figure 1. Middle East & Africa 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. Middle East & Africa Hardware Security Module Market, by Key Countries – Revenue (2023) (US$ Million)
Figure 27. Middle East and Africa: Hardware Security Module Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 28. South Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 29. Saudi Arabia: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 30. United Arab Emirates: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 31. Rest of Middle East and Africa: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 32. Company Positioning & Concentration