South & Central America Hardware Security Module Market Forecast to 2031
South & Central America Hardware Security Module Market Forecast to 2031 – Regional Analysis – by Type (LAN Based, PCIe Based, and USB Based), Application (Payment Processing, Secure Socket Layer, Authentication, Code and Document Signing, Database Encryption, Credential Management, and Application-Level Encryption), and Industry (BFSI, Government, IT and Telecom, Healthcare, Manufacturing, Retail and Consumer Goods, and Others)
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Description
Growing Adoption of Cloud-based HSMs Fuels South & Central America Hardware Security Module Market
HSMs using cloud-based technologies offer physical data access protection, generation of keys, secure management of key material, and a secure execution environment for cloud applications. A few of the major market players are focusing on developing advanced hardware security modules for cloud-based applications. For instance, in September 2022, Marvell unveiled its LiquidSecurity 2 (LS2) hardware security module adapter, an advanced solution that offers encryption, key management, authentication, and other hardware security module services in the cloud. Furthermore, LS2 is a converged security platform for payment, privacy compliance, and general-purpose applications. It is powered by Marvell OCTEON, a cloud-optimized data processing unit (DPU), which is proven at scale across the world as the largest hyperscale cloud. The new adapter offers the highest-performing cryptographic acceleration and processing, as well as hardware-secured storage of up to one million keys for AES, RSA, and ECC encryption algorithms and 45 partitions for robust multi-tenant use cases. Also, in August 2023, Thales announced the launch of its new payShield Cloud HSM service, aimed to boost the adoption of cloud payments infrastructure. The solution, built on its payShield 10k Payment Hardware Security Module (HSM), focuses on providing clients with improved flexibility, scalability, and speed-to-market solutions. Thus, the growing adoption of cloud-based HSMs is expected to create lucrative opportunities for the hardware security module market growth during the forecast period.
South & Central America Hardware Security Module Market Overview
The South & Central America hardware security module market is segmented into Brazil, Argentina, and the Rest of South America. Economies in South & Central America have developed at a faster growth rate on average than the economies of developed countries in the last few years. However, they still lag in terms of technological development when compared to other regions. The deployment of 5G networks signifies an important opportunity for development in South America. With the rollout of 5G networks, hybrid asymmetric/symmetric algorithms are designed to authenticate user identity and to defend against unauthorized access. Running algorithms within the tamper-resistant environment of a hardware security module has become critical for the security of these rollouts. Typically offered as certified devices, hardware security modules have also evolved to meet the varying requirements for compliance with regulatory necessities.
In 2021, Chile became the first South American country to include the 5G network throughout its national territory. Brazil is expected to have the largest 5G network coverage in South and Central America by 2025. In countries such as Colombia, Peru, Brazil, and Puerto Rico, there have been commercial 5G launches. As per the Telefonaktiebolaget LM Ericsson, the digitalization of industries in South America is expected to be valued at over US$ 21 billion annually. According to 5G Americas, currently, nearly 18 5G networks are operating in South America. By the end of 2026, 5G is expected to represent ~43% of mobile subscriptions in Latin America.
Investments in 5G networks are continuously growing. For instance, GSMA estimated that 5G investments will peak by 2025. Mobile operators invested US$ 11.3 billion in 2020, which is expected to rise to US$ 13 billion in 2025. Overall investments between 2020 and 2025 are expected to reach US$ 73 billion. Thus, all these factors are likely to propel the hardware security module market in South & Central America.
South & Central America Hardware Security Module Market Revenue and Forecast to 2031 (US$ Million)
South & Central America Hardware Security Module Market Segmentation
The South & Central America hardware security module market is categorized into type, application, industry, and country.
Based on type, the South & Central America hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held the largest market share in 2023.
In terms of application, the South & Central America 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 the largest market share in 2023.
By industry, the South & Central America hardware security module market is segmented into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held the largest market share in 2023.
By country, the South & Central America hardware security module market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America hardware security module market share in 2023.
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 are some of the leading companies operating in the South & Central America hardware security module market.
Summary Info
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According to Business Market Insights’ research, the South & Central America hardware security module market was valued at US$ 71.71 million in 2023 and is anticipated to reach US$ 165.38 million by 2031, recording a CAGR of 11.0% from 2023 to 2031. Rising adoption of 5G network and growing adoption of cloud-based HSMs are among the critical factors attributed to drive the South & Central America hardware security module market growth.
The 5G network is increasingly faster than the 4G network, making real-time data acquisition easier. According to the Groupe Speciale Mobile Association (GSMA), 5G penetration across the globe is expected to grow from 17% in 2022 to 54% by 2030. As 5G network technology enables innovation and supports digital transformation, its demand is increasing worldwide. Hence, governments of several countries across the globe are investing in 5G infrastructure. Thus, the rising adoption of 5G networks for critical infrastructure has surged the need for more secure solutions, which is expected to bring new hardware security module market trends in the coming years.
On the contrary, high installation cost of hardware security module and other associated issues hamper the growth of South & Central America hardware security module market.
Based on type, the South & Central America hardware security module market is segmented into LAN based, PCLe based, and USB based. The LAN based segment held 42.5% market share in 2023, amassing US$ 30.44 million. It is projected to garner US$ 69.10 million by 2031 to register 10.8% CAGR during 2023-2031.
In terms of application, the South & Central America 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 29.5% share of South & Central America hardware security module market in 2023, amassing US$ 21.17 million. It is projected to garner US$ 50.59 million by 2031 to expand at 11.5% CAGR from 2023 to 2031.
By industry, the South & Central America hardware security module market is categorized into BFSI, government, IT and telecom, healthcare, manufacturing, retail and consumer goods, and others. The BFSI segment held 31.5% share of South & Central America hardware security module market in 2023, amassing US$ 22.57 million. It is predicted to garner US$ 53.30 million by 2031 to expand at 11.3% CAGR between 2023 and 2031.
Based on country, the South & Central America hardware security module market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 72.8% share of South & Central America hardware security module market in 2023. It was assessed at US$ 52.23 million in 2023 and is likely to hit US$ 124.42 million by 2031, registering a CAGR of 11.5% during 2023-2031.
Key players operating in the South & Central America 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 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 South & Central America 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 South & Central America market trends and outlook coupled with the factors driving the South & Central America 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.
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. South & Central America Hardware Security Module Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. South & Central America 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 – South & Central America Analysis
6.1 Hardware Security Module Market Revenue (US$ Million), 2021-2031
6.2 Hardware Security Module Market Forecast Analysis
7. South & Central America 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. South & Central America 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. South & Central America 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. South & Central America Hardware Security Module Market – Country Analysis
10.1 South & Central America
10.1.1.1 South and Central America: Hardware Security Module Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Brazil: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Brazil: Hardware Security Module Market Breakdown, by Type
10.1.1.2.2 Brazil: Hardware Security Module Market Breakdown, by Application
10.1.1.2.3 Brazil: Hardware Security Module Market Breakdown, by Industry
10.1.1.3 Argentina: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Argentina: Hardware Security Module Market Breakdown, by Type
10.1.1.3.2 Argentina: Hardware Security Module Market Breakdown, by Application
10.1.1.3.3 Argentina: Hardware Security Module Market Breakdown, by Industry
10.1.1.4 Rest of South and Central America: Hardware Security Module Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 Rest of South and Central America: Hardware Security Module Market Breakdown, by Type
10.1.1.4.2 Rest of South and Central America: Hardware Security Module Market Breakdown, by Application
10.1.1.4.3 Rest of South and Central America: 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
Table 1. South & Central America 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. South & Central America: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 8. Brazil: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 9. Brazil: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 10. Brazil: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 11. Argentina: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 12. Argentina: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 13. Argentina: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 14. Rest of South and Central America: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 15. Rest of South and Central America: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 16. Rest of South and Central America: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million) – by Industry
Table 17. Heat Map Analysis by Key Players
Figure 1. South & Central America 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. South & Central America Hardware Security Module Market, by Key Countries – Revenue (2023) (US$ Million)
Figure 27. South & Central America: Hardware Security Module Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 28. Brazil: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 29. Argentina: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 30. Rest of South & Central America: Hardware Security Module Market – Revenue and Forecast to 2031(US$ Million)
Figure 31. Company Positioning & Concentration
The List of Companies – South & Central America Hardware Security Module Market
o Thales SA.
o STMicroelectronics NV.
o Atos SE.
o International Business Machines Corp.
o Swift SC.
o Infineon Technologies AG.
o Hewlett Packard Enterprise Development LP.
o Utimaco Management Services GmbH.
o Marvell Technology Inc.
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