Soaring interest rates, looming food and energy shortages, a devastating and needless war, and the changing nature of work are creating an especially challenging climate.
ABI Research says these headwinds are pushing security higher on the enterprise priority list as organisations seek cost-effective and agile cryptographic applications to protect increasingly distributed and ephemeral corporate assets.
In response, hardware security modules are changing rapidly to meet these new demands.
“The Hardware Security Module (HSM) market was already on track for a shake-up, as new business models and new competitors vied to take advantage of emerging opportunities around enterprise digital transformation and cloud migration,” states Michela Menting, cybersecurity applications research director at ABI Research.
She added that presently enterprises are tightening budgets amid worries about their business stemming from high inflation and a potential recession.
“For HSM vendors, the market opportunity is clearly within the cloud, as enterprises will opt out of owning expensive HSMs in favour of Operational Expenditure (OPEX) service-based models,” she continued.
Stuart Carlaw, chief research officer, concludes, “We should heed one of the most important business lessons learned during 2020—that technology will not be a casualty of uncertainty, but rather a tool to overcome it.
“Companies that embrace, invest in, and deploy technology wisely will undoubtedly emerge stronger and better prepared to handle the next spate of challenges on the horizon, no matter the weather.”