硬体安全模组市场 - 全球产业规模、份额、趋势、机会和预测：按类型、部署模式、应用、垂直产业、地区和竞争格局预测，2021-2031年

全球硬体安全模组 (HSM) 市场预计将从 2025 年的 14.2 亿美元成长到 2031 年的 27.8 亿美元，复合年增长率达到 11.85%。

硬体安全模组 (HSM) 是一种实体的、防篡改的运算设备，旨在保护数位金钥并执行加密和解密等加密操作，从而为保护身分和金融交易提供信任基础。推动这一成长的关键因素包括：GDPR 和 PCI DSS 等严格的资料保护条例要求强大的金钥管理；资料外洩事件日益频繁；以及不断扩展的数位支付生态系统，这些都迫使企业加强其加密基础设施。此外，敏感工作负载向云端环境的广泛迁移也推动了对高度可靠安全基础架构的需求。

然而，由于缺乏管理这些复杂系统所需的专业人才，市场面临严峻的挑战。企业内部缺乏密码学专业知识阻碍了安全架构的有效部署。 ISC2 的人才数据也印证了这项营运障碍，数据显示，到 2024 年，67% 的受访者表示其所在机构将面临网路安全人才短缺的问题。这种人才短缺可能会限制企业充分利用基于硬体的安全解决方案的能力，并阻碍市场整体扩张的步伐。

市场驱动因素

网路攻击和资料外洩事件的日益频繁是推动全球硬体安全模组 (HSM) 市场发展的主要动力，促使各组织机构采用 HSM 来保护加密金钥免受供应链安全漏洞和凭证窃取等高阶威胁的侵害。这种营运上的紧迫性源自于事件数量的激增。身分盗窃资源中心 (Identity Theft Resource Center) 报告称，2024 年 1 月的资料外洩事件年增了 78%。因此，企业正在整合 HSM 以减轻安全漏洞造成的财务和声誉损失。 IBM 的数据显示，2024 年全球资料外洩的平均成本将达到创纪录的 488 万美元，这进一步凸显了 HSM 的必要性。

此外，随着企业将关键工作负载迁移到混合云和多重云端环境，基于云端和 HSM 即服务 (HaaS) 部署模式的加速发展正在推动市场扩张。云端原生 HSM 能够有效应对「责任共用」的安全模型，因为传统的网路边界正在消失，这使得企业能够在利用云端的可扩展性的同时，保持对加密金钥的控制。泰雷兹 2024 年云端安全调查显示，企业对这种高度可信赖的机制的需求显而易见。调查发现，储存在云端的企业数据中约有 47% 被认为是敏感数据，这推动了企业采用基于云端的加密模组来确保合规性和数据主权。

市场挑战

专业人才的匮乏是全球硬体安全模组 (HSM) 市场扩张的一大障碍。这些复杂的加密设备需要特定的高阶技能才能进行配置、维护和整合。这些设备需要金钥管理流程、合规标准和加密 API 的专业知识，而这些知识对于普通 IT 人员来说往往难以掌握。企业内部缺乏此类专业人才会导致营运瓶颈。这种无法实施复杂解决方案的情况常常迫使企业推迟采购，或选择无需此类专业管理的更简单的替代方案。

人才短缺直接影响市场发展势头，限制了企业采用新技术的能力，导致高可靠性安全需求与合格专业人员供应之间存在巨大缺口。根据ISACA预测，到2024年，57%的组织将面临网路安全团队人手不足的问题。这种长期存在的人才短缺意味着，即使企业拥有足够的预算来部署硬体安全模组（HSM），也往往缺乏有效运作这些模组的人才，从而减缓了市场的整体成长速度。

市场趋势

随着各组织机构为应对量子电脑可能破解传统公开金钥加密的威胁而做好准备，后量子密码学 (PQC) 的整合变得迫在眉睫。这一趋势正推动着传统密码硬体被能够运行符合 NIST 标准的新型演算法的密码自适应硬体安全模组 (HSM) 所取代，从而有效阻止「即时收集后解密」的策略。人们对此风险的广泛认知进一步凸显了其迫切性。根据泰雷兹发布的《2025 年资料威胁报告》，63% 的受访者认为未来的密码攻击将构成重大威胁，这推动了对量子就绪型设备的需求激增，这些设备能够在不中断现有基础设施的情况下实现核心信任操作的无缝迁移。

随着企业寻求在高速 CI/CD 管线中实现安全代码签名和金钥管理的自动化，硬体安全模组 (HSM) 与 DevSecOps 的融合正在重塑市场格局。由于软体供应链已成为攻击者的主要目标，企业正将 HSM 直接整合到开发工作流程中，以保护机器身分和用于验证软体交付物的签章金钥。这种转变的必然原因是非人类凭证数量的爆炸性成长。根据 Cyber​​Ark 发布的《2025 年身分安全展望》报告，机器身分的数量目前是人类身分的 82 倍，这迫使企业采用基于 HSM 的集中式金钥管理解决方案，以维护不断扩展的数位生态系统的完整性。

目录

第一章概述

第二章调查方法

第三章执行摘要

第四章：客户评价

第五章 全球硬体安全模组（HSM）市场展望

• 市场规模及预测
  • 按金额
• 市占率及预测
  • 按类型（基于 LAN/网路连接、基于 PCI/嵌入式插件、基于 USB/可携式、智慧卡）
  • 依部署模式（本机部署、云端部署）
  • 依用途（支付处理、程式码和文件签章、验证、应用层级加密、资料库加密、PKI 和凭证管理、安全通讯端层 (SSL) 和传输安全层 (TLS)）
  • 按行业划分（消费品及零售、银行、金融服务及保险 (BFSI)、航太及国防、公共部门/政府、能源及电力、製造业、医疗保健及生命科学、运输、IT及电信）
  • 按地区
  • 按公司（2025 年）
• 市场地图

6. 北美硬体安全模组 (HSM) 市场展望

• 市场规模及预测
• 市占率及预测
• 北美洲：国家分析
  • 美国
  • 加拿大
  • 墨西哥

7. 欧洲硬体安全模组 (HSM) 市场展望

• 市场规模及预测
• 市占率及预测
• 欧洲：国家分析
  • 德国
  • 法国
  • 英国
  • 义大利
  • 西班牙

8. 亚太地区硬体安全模组（HSM）市场展望

• 市场规模及预测
• 市占率及预测
• 亚太地区：国家分析
  • 中国
  • 印度
  • 日本
  • 韩国
  • 澳洲

9. 中东和非洲硬体安全模组 (HSM) 市场展望

• 市场规模及预测
• 市占率及预测
• 中东和非洲：国家分析
  • 沙乌地阿拉伯
  • 阿拉伯聯合大公国
  • 南非

10. 南美洲硬体安全模组 (HSM) 市场展望

• 市场规模及预测
• 市占率及预测
• 南美洲：国家分析
  • 巴西
  • 哥伦比亚
  • 阿根廷

第十一章 市场动态

• 司机
• 任务

第十二章 市场趋势与发展

• 併购
• 产品发布
• 最新进展

第十三章 全球硬体安全模组（HSM）市场：SWOT分析

第十四章 波特五力分析

• 产业竞争
• 新进入者的可能性
• 供应商电力
• 顾客权力
• 替代品的威胁

第十五章 竞争格局

• ST Microelectronics NV
• Ultra Electronics Holdings plc
• Thales Group
• International Business Machines Corporation
• Entrust Corporation
• Infineon Technologies AG
• Synopsys Inc.
• Exceet Secure Solutions GmbH
• Atos SE
• Cavium, Inc.

第十六章 策略建议

第十七章：关于研究公司及免责声明

The Global Hardware Security Module (HSM) Market is projected to grow from USD 1.42 Billion in 2025 to USD 2.78 Billion by 2031, achieving a CAGR of 11.85%. A Hardware Security Module is a physical, tamper-resistant computing device designed to safeguard digital keys and perform cryptographic operations, such as encryption and decryption, serving as a root of trust for securing identities and financial transactions. Key drivers for this growth include strict data protection regulations like GDPR and PCI DSS that mandate robust key management, as well as the rising frequency of data breaches and the expansion of digital payment ecosystems which compel organizations to strengthen their cryptographic infrastructure. Furthermore, the widespread migration of sensitive workloads to cloud environments increases the demand for high-assurance security foundations.

However, the market faces a significant challenge due to the scarcity of specialized personnel required to manage these complex systems, as a lack of in-house cryptographic expertise hinders the effective deployment of security architectures. This operational obstacle is underscored by workforce data from ISC2, which revealed that in 2024, 67 percent of respondents reported cybersecurity staffing shortages within their organizations. This talent gap restricts the ability of enterprises to fully leverage hardware-based security solutions and could potentially impede the overall rate of market expansion.

Market Driver

The escalating frequency of cyberattacks and data breaches acts as a primary catalyst for the Global Hardware Security Module (HSM) Market, compelling organizations to deploy HSMs to secure cryptographic keys against sophisticated threats like supply chain compromises and credential theft. This operational urgency is driven by the volume of incidents; the Identity Theft Resource Center reported a 78 percent increase in data compromises in January 2024 compared to the previous year. Consequently, enterprises are integrating HSMs to mitigate the financial and reputational damage of security failures, a necessity highlighted by IBM data showing the global average cost of a data breach reached a record $4.88 million in 2024.

Market expansion is further propelled by the accelerated adoption of cloud-based and HSM-as-a-Service deployment models as businesses migrate critical workloads to hybrid and multi-cloud environments. Cloud-native HSMs enable organizations to maintain control over encryption keys while leveraging the scalability of the cloud, effectively addressing the "shared responsibility" security model as the traditional network perimeter dissolves. The need for such high-assurance mechanisms is evident in Thales' '2024 Cloud Security Study', which found that nearly 47 percent of corporate data stored in the cloud is considered sensitive, driving the adoption of cloud-based cryptographic modules to ensure compliance and data sovereignty.

Market Challenge

The scarcity of specialized personnel constitutes a formidable barrier to the expansion of the Global Hardware Security Module (HSM) Market, as these intricate cryptographic appliances require a specific, high-level skill set for configuration, maintenance, and integration. These devices demand expertise in key ceremonies, compliance standards, and cryptographic APIs that general IT staff rarely possess, leading to operational bottlenecks when organizations lack niche internal talent. This inability to execute complex implementations often forces enterprises to defer purchases or opt for simpler alternatives that do not require such specialized management.

This workforce deficit directly impacts market momentum by limiting the capacity of enterprises to adopt new technology, creating a significant gap between the demand for high-assurance security and the supply of qualified professionals. According to ISACA, 57 percent of organizations reported in 2024 that their cybersecurity teams were understaffed. This chronic shortage means that even when companies have sufficient budgets to adopt HSMs, they frequently lack the human resources to operate them effectively, thereby dampening the overall growth rate of the market.

Market Trends

The Integration of Post-Quantum Cryptography (PQC) is emerging as a critical imperative as organizations prepare for the threat of quantum computers breaking traditional public-key encryption. This trend drives the replacement of legacy cryptographic hardware with crypto-agile HSMs capable of running new NIST-standardized algorithms to thwart "harvest now, decrypt later" strategies. The urgency is underscored by the widespread recognition of this risk; according to Thales' '2025 Data Threat Report', 63 percent of respondents identified future encryption compromise as a major threat, fueling a surge in demand for quantum-ready appliances that facilitate seamless migration of root-of-trust operations without disrupting existing infrastructure.

The Convergence of HSMs with DevSecOps is also reshaping the market as enterprises seek to automate secure code signing and secrets management within high-velocity CI/CD pipelines. As software supply chains become prime targets for attackers, organizations are embedding HSMs directly into development workflows to protect the machine identities and signing keys that authenticate software artifacts. This shift is necessitated by the explosive growth of non-human credentials; CyberArk's '2025 Identity Security Landscape' report notes that machine identities now outnumber human identities by 82 to 1, compelling businesses to adopt centralized, HSM-backed key management solutions to maintain integrity across expanding digital ecosystems.

Key Market Players

• ST Microelectronics NV
• Ultra Electronics Holdings plc
• Thales Group
• International Business Machines Corporation
• Entrust Corporation
• Infineon Technologies AG
• Synopsys Inc.
• Exceet Secure Solutions GmbH
• Atos SE
• Cavium, Inc.

Report Scope

In this report, the Global Hardware Security Module (HSM) Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Hardware Security Module (HSM) Market, By Type

• LAN Based/Network Attached
• PCI-Based/Embedded Plugins
• USB-Based/Portable
• Smart Cards

Hardware Security Module (HSM) Market, By Deployment Mode

• On-premise
• Cloud

Hardware Security Module (HSM) Market, By Application

• Payment Processing
• Code & Document Signing
• Authentication
• Application-Level Encryption
• Database Encryption
• PKI & Credential Management
• Security Sockets Layer (SSL) & Transport Security Layer (TSL)

Hardware Security Module (HSM) Market, By Industry Vertical

• Consumer Goods & Retail
• Banking Financial Services & Insurance (BFSI)
• Aerospace & Defense
• Public Sector/Government
• Energy & Power
• Industrial Manufacturing
• Medical & Life Sciences
• Transportation
• IT & Telecommunications

Hardware Security Module (HSM) Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Hardware Security Module (HSM) Market.

Available Customizations:

Global Hardware Security Module (HSM) Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Hardware Security Module (HSM) Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Type (LAN Based/Network Attached, PCI-Based/Embedded Plugins, USB-Based/Portable, Smart Cards)
  • 5.2.2. By Deployment Mode (On-premise, Cloud)
  • 5.2.3. By Application (Payment Processing, Code & Document Signing, Authentication, Application-Level Encryption, Database Encryption, PKI & Credential Management, Security Sockets Layer (SSL) & Transport Security Layer (TSL))
  • 5.2.4. By Industry Vertical (Consumer Goods & Retail, Banking Financial Services & Insurance (BFSI), Aerospace & Defense, Public Sector/Government, Energy & Power, Industrial Manufacturing, Medical & Life Sciences, Transportation, IT & Telecommunications)
  • 5.2.5. By Region
  • 5.2.6. By Company (2025)
• 5.3. Market Map

6. North America Hardware Security Module (HSM) Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Type
  • 6.2.2. By Deployment Mode
  • 6.2.3. By Application
  • 6.2.4. By Industry Vertical
  • 6.2.5. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Hardware Security Module (HSM) Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Type
      • 6.3.1.2.2. By Deployment Mode
      • 6.3.1.2.3. By Application
      • 6.3.1.2.4. By Industry Vertical
  • 6.3.2. Canada Hardware Security Module (HSM) Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Type
      • 6.3.2.2.2. By Deployment Mode
      • 6.3.2.2.3. By Application
      • 6.3.2.2.4. By Industry Vertical
  • 6.3.3. Mexico Hardware Security Module (HSM) Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Type
      • 6.3.3.2.2. By Deployment Mode
      • 6.3.3.2.3. By Application
      • 6.3.3.2.4. By Industry Vertical

7. Europe Hardware Security Module (HSM) Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Type
  • 7.2.2. By Deployment Mode
  • 7.2.3. By Application
  • 7.2.4. By Industry Vertical
  • 7.2.5. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Hardware Security Module (HSM) Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Type
      • 7.3.1.2.2. By Deployment Mode
      • 7.3.1.2.3. By Application
      • 7.3.1.2.4. By Industry Vertical
  • 7.3.2. France Hardware Security Module (HSM) Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Type
      • 7.3.2.2.2. By Deployment Mode
      • 7.3.2.2.3. By Application
      • 7.3.2.2.4. By Industry Vertical
  • 7.3.3. United Kingdom Hardware Security Module (HSM) Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Type
      • 7.3.3.2.2. By Deployment Mode
      • 7.3.3.2.3. By Application
      • 7.3.3.2.4. By Industry Vertical
  • 7.3.4. Italy Hardware Security Module (HSM) Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Type
      • 7.3.4.2.2. By Deployment Mode
      • 7.3.4.2.3. By Application
      • 7.3.4.2.4. By Industry Vertical
  • 7.3.5. Spain Hardware Security Module (HSM) Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Type
      • 7.3.5.2.2. By Deployment Mode
      • 7.3.5.2.3. By Application
      • 7.3.5.2.4. By Industry Vertical

8. Asia Pacific Hardware Security Module (HSM) Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Type
  • 8.2.2. By Deployment Mode
  • 8.2.3. By Application
  • 8.2.4. By Industry Vertical
  • 8.2.5. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Hardware Security Module (HSM) Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Type
      • 8.3.1.2.2. By Deployment Mode
      • 8.3.1.2.3. By Application
      • 8.3.1.2.4. By Industry Vertical
  • 8.3.2. India Hardware Security Module (HSM) Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Type
      • 8.3.2.2.2. By Deployment Mode
      • 8.3.2.2.3. By Application
      • 8.3.2.2.4. By Industry Vertical
  • 8.3.3. Japan Hardware Security Module (HSM) Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Type
      • 8.3.3.2.2. By Deployment Mode
      • 8.3.3.2.3. By Application
      • 8.3.3.2.4. By Industry Vertical
  • 8.3.4. South Korea Hardware Security Module (HSM) Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Type
      • 8.3.4.2.2. By Deployment Mode
      • 8.3.4.2.3. By Application
      • 8.3.4.2.4. By Industry Vertical
  • 8.3.5. Australia Hardware Security Module (HSM) Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Type
      • 8.3.5.2.2. By Deployment Mode
      • 8.3.5.2.3. By Application
      • 8.3.5.2.4. By Industry Vertical

9. Middle East & Africa Hardware Security Module (HSM) Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Type
  • 9.2.2. By Deployment Mode
  • 9.2.3. By Application
  • 9.2.4. By Industry Vertical
  • 9.2.5. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Hardware Security Module (HSM) Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Type
      • 9.3.1.2.2. By Deployment Mode
      • 9.3.1.2.3. By Application
      • 9.3.1.2.4. By Industry Vertical
  • 9.3.2. UAE Hardware Security Module (HSM) Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Type
      • 9.3.2.2.2. By Deployment Mode
      • 9.3.2.2.3. By Application
      • 9.3.2.2.4. By Industry Vertical
  • 9.3.3. South Africa Hardware Security Module (HSM) Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Type
      • 9.3.3.2.2. By Deployment Mode
      • 9.3.3.2.3. By Application
      • 9.3.3.2.4. By Industry Vertical

10. South America Hardware Security Module (HSM) Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Type
  • 10.2.2. By Deployment Mode
  • 10.2.3. By Application
  • 10.2.4. By Industry Vertical
  • 10.2.5. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Hardware Security Module (HSM) Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Type
      • 10.3.1.2.2. By Deployment Mode
      • 10.3.1.2.3. By Application
      • 10.3.1.2.4. By Industry Vertical
  • 10.3.2. Colombia Hardware Security Module (HSM) Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Type
      • 10.3.2.2.2. By Deployment Mode
      • 10.3.2.2.3. By Application
      • 10.3.2.2.4. By Industry Vertical
  • 10.3.3. Argentina Hardware Security Module (HSM) Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Type
      • 10.3.3.2.2. By Deployment Mode
      • 10.3.3.2.3. By Application
      • 10.3.3.2.4. By Industry Vertical

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Hardware Security Module (HSM) Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. ST Microelectronics NV
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. Ultra Electronics Holdings plc
• 15.3. Thales Group
• 15.4. International Business Machines Corporation
• 15.5. Entrust Corporation
• 15.6. Infineon Technologies AG
• 15.7. Synopsys Inc.
• 15.8. Exceet Secure Solutions GmbH
• 15.9. Atos SE
• 15.10. Cavium, Inc.

16. Strategic Recommendations

17. About Us & Disclaimer