SOURCE RESEARCH
Hardware Security Modules Market Data Overview: 2Q 2025
Presentation | 2Q 2025 | PT-3204
Get The ReportHardware Security Module (HSM) shipment revenue growth was revised down slightly, from 5.7% last year to 5.4% this year for the forthcoming period, reflecting shipment forecast trends.
ASPs went up slightly across all end markets between 2024 and 2025. Going forward, however, expected ASP growth rates across the board were revised slightly downward, from 1% to 2% to 0% to 1%. Developed economies are likely to still see some marginal ASP growth. But for emerging and developing economies, ASPs are unlikely to grow much, if at all, over the forecast period. Overall, North America and Europe remain the largest markets for HSM shipments and, therefore, revenue
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