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)

BMIRE00030846 | Pages: 105 | Electronics and Semiconductor | Oct 2024 | Type: Regional | Status: Published

The South & Central America hardware security module market was valued at US$ 71.71 million in 2023 and is projected to reach US$ 165.38 million by 2031; it is estimated to register a CAGR of 11.0% from 2023 to 2031.

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 Revenue and Forecast to 2031 (US$ Million)

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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.

TABLE OF CONTENTS

 

1. Introduction

1.1 The Insight Partners 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 Insight Partners

 

List of Tables

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

 

List of Figures

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

  1. Thales SA.
  2. STMicroelectronics NV.
  3. Atos SE.
  4. International Business Machines Corp.
  5. Swift SC.
  6. Infineon Technologies AG.
  7. Hewlett Packard Enterprise Development LP.
  8. Utimaco Management Services GmbH.
  9. Marvell Technology Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America hardware security module market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • 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
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • 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
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
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