Hardware Security Module Market Report: Everything You Need to Know

The global Hardware Security Module Market  is projected to reach USD 3.35 billion by 2030, growing at a CAGR of 11.9% from 2025 to 2030. The increasing adoption of cloud computing is driving demand for robust encryption and key management solutions to safeguard sensitive data.

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Key players in the HSM market include Thales e-Security, ETAS, FutureX, Hewlett Packard Enterprise, Atos, Ultra Electronics, Yubico, IBM, Utimaco, Amazon Web Services, Sansec, STMicroelectronics, Crypto4A, Entrust, and others. These companies are employing strategies such as product launches and partnerships to strengthen their market position and maintain competitiveness in the rapidly evolving cybersecurity space.

Recent product developments demonstrate the market’s innovation. In February 2024, ETAS introduced ESCRYPT CycurHSM, enhancing automotive embedded system security and aligning with evolving industry standards. In August 2023, Thales launched Thales PayShield Cloud HSM, providing secure key management and cryptographic operations for cloud-based payment transactions, addressing the growing demand for cybersecurity in digital payment ecosystems.