1	INTRODUCTION	32
1.1	STUDY OBJECTIVES	32
1.2	MARKET DEFINITION	32
1.3	INCLUSIONS AND EXCLUSIONS	33
1.3.1	HARDWARE SECURITY MODULES MARKET, BY COMPANY	33
1.3.2	HARDWARE SECURITY MODULES MARKET, BY TYPE	33
1.3.3	HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE	34
1.3.4	HARDWARE SECURITY MODULES MARKET, BY APPLICATION	34
1.3.5	HARDWARE SECURITY MODULES MARKET, BY VERTICAL	34
1.3.6	HARDWARE SECURITY MODULES MARKET, BY REGION	35
1.4	STUDY SCOPE	35
1.4.1	MARKETS COVERED	35
FIGURE 1	HARDWARE SECURITY MODULES MARKET SEGMENTATION	35
1.4.2	REGIONAL SCOPE	36
1.4.3	YEARS CONSIDERED	36
1.5	CURRENCY CONSIDERED	37
1.6	UNITS CONSIDERED	37
1.7	LIMITATIONS	37
1.8	STAKEHOLDERS	37
1.9	SUMMARY OF CHANGES	38
1.10	RECESSION IMPACT	38
FIGURE 2	GDP GROWTH PROJECTION TILL 2023 FOR MAJOR ECONOMIES	39
2	RESEARCH METHODOLOGY	40
2.1	RESEARCH DATA	40
FIGURE 3	HARDWARE SECURITY MODULES MARKET: RESEARCH DESIGN	40
2.1.1	SECONDARY DATA	41
2.1.1.1	Major secondary sources	41
2.1.1.2	Key data from secondary sources	41
2.1.2	PRIMARY DATA	42
2.1.2.1	Primary data sources	42
2.1.2.2	Breakdown of primaries	42
2.1.2.3	Key industry insights	43
2.2	MARKET SIZE ESTIMATION	43
FIGURE 4	MARKET SIZE ESTIMATION METHODOLOGY: REVENUE OF MARKET PLAYERS	44
2.2.1	BOTTOM-UP APPROACH	44
2.2.1.1	Capturing market size using bottom-up approach (demand side)	45
FIGURE 5	MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH	45
 
2.2.2	TOP-DOWN APPROACH	45
2.2.2.1	Capturing market size using top-down approach (supply side)	46
FIGURE 6	MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH	46
2.3	MARKET BREAKDOWN AND DATA TRIANGULATION	47
FIGURE 7	DATA TRIANGULATION	47
2.4	GROWTH RATE ASSUMPTIONS/FORECAST	48
2.5	RESEARCH ASSUMPTIONS	49
2.6	RISK ASSESSMENT	49
2.7	RECESSION IMPACT ANALYSIS	50
TABLE 1	ASSUMPTIONS: RECESSION IMPACT	50
2.8	RESEARCH LIMITATIONS	51
3	EXECUTIVE SUMMARY	52
FIGURE 8	LAN-BASED/NETWORK-ATTACHED SEGMENT TO LEAD MARKET  FROM 2023 TO 2028	53
FIGURE 9	CLOUD SEGMENT TO ACCOUNT FOR LARGER SHARE DURING FORECAST PERIOD	53
FIGURE 10	PAYMENT PROCESSING SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028	54
FIGURE 11	BFSI SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD	55
FIGURE 12	EUROPE ACCOUNTED FOR LARGEST MARKET SHARE IN 2022	56
4	PREMIUM INSIGHTS	57
4.1	ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HARDWARE SECURITY MODULES MARKET	57
FIGURE 13	RISING DEMAND FOR CLOUD-BASED HARDWARE SECURITY MODULES DUE TO DIGITIZATION OF BANKING PROCESSES	57
4.2	HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE	58
FIGURE 14	CLOUD SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028	58
4.3	HARDWARE SECURITY MODULES MARKET, BY APPLICATION	58
FIGURE 15	PAYMENT PROCESSING APPLICATION TO LEAD MARKET DURING  FORECAST PERIOD	58
4.4	HARDWARE SECURITY MODULES MARKET, BY VERTICAL	59
FIGURE 16	MEDICAL & LIFE SCIENCES VERTICAL TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD	59
4.5	HARDWARE SECURITY MODULES MARKET, BY TYPE	59
FIGURE 17	USB-BASED/PORTABLE SEGMENT TO RECORD HIGHEST GROWTH DURING FORECAST PERIOD	59
4.6	HARDWARE SECURITY MODULES MARKET, BY VERTICAL  AND REGION	60
FIGURE 18	BFSI SEGMENT AND EUROPE ACCOUNTED FOR LARGEST MARKET  SHARES IN 2022	60
4.7	HARDWARE SECURITY MODULES MARKET, BY REGION	60
FIGURE 19	NORTH AMERICA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD	60
4.8	HARDWARE SECURITY MODULES MARKET, BY KEY COUNTRY	61
FIGURE 20	ITALY TO DOMINATE MARKET DURING FORECAST PERIOD	61
5	MARKET OVERVIEW	62
5.1	INTRODUCTION	62
5.2	MARKET DYNAMICS	62
FIGURE 21	HARDWARE SECURITY MODULES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES	62
5.2.1	DRIVERS	63
FIGURE 22	HARDWARE SECURITY MODULES MARKET: DRIVERS AND THEIR IMPACT	63
5.2.1.1	Increased frequency of data breaches and cyberattacks	63
FIGURE 23	NUMBER OF CYBERATTACKS IN US, 2015–2022	64
5.2.1.2	Stringent data security compliances	64
5.2.1.3	Adoption of holistic approach for effective management of cryptographic keys	64
5.2.1.4	Widespread adoption of digital payment methods	65
5.2.2	RESTRAINTS	66
FIGURE 24	HARDWARE SECURITY MODULES MARKET: RESTRAINTS AND THEIR IMPACT	66
5.2.2.1	High ownership costs associated with hardware security modules	66
5.2.3	OPPORTUNITIES	67
FIGURE 25	HARDWARE SECURITY MODULES MARKET: OPPORTUNITIES AND THEIR IMPACT	67
5.2.3.1	Surging demand for cloud data security	68
5.2.3.2	Increasing deployment of connected devices and Internet of Things (IoT) technology in smart cities	69
5.2.3.3	Proliferation of 5G networks worldwide	69
5.2.3.4	Rising implementation of security modules in healthcare industry	70
5.2.3.5	Growing adoption of blockchain and cryptocurrencies	70
5.2.4	CHALLENGES	71
FIGURE 26	HARDWARE SECURITY MODULES MARKET: CHALLENGES AND THEIR IMPACT	71
5.2.4.1	Identification and protection of sensitive data	71
5.2.4.2	Complexities associated with HSM integration process	72
5.2.4.3	Need to incorporate advanced technologies to mitigate cyber threats and protect sensitive data	72
5.3	VALUE CHAIN ANALYSIS	73
FIGURE 27	HARDWARE SECURITY MODULES MARKET: VALUE CHAIN ANALYSIS	73
5.3.1	R&D ENGINEERS AND PROTYPE DESIGNERS	73
5.3.2	RAW MATERIAL SUPPLIERS	73
5.3.3	ORIGINAL EQUIPMENT MANUFACTURERS	73
5.3.4	SYSTEM INTEGRATORS	74
5.3.5	SUPPLIERS AND DISTRIBUTORS	74
5.3.6	VERTICALS	74
5.4	ECOSYSTEM ANALYSIS	74
TABLE 2	KEY PARTICIPANTS AND THEIR ROLE IN ECOSYSTEM	74
FIGURE 28	KEY PLAYERS IN HARDWARE SECURITY MODULES ECOSYSTEM	75
 
5.5	TECHNOLOGY ANALYSIS	76
5.5.1	KEY TECHNOLOGY TRENDS	76
5.5.1.1	Virtualization of HSMs	76
5.5.1.2	Incorporation of AI and ML technologies into HSMs	76
5.5.1.3	Integration of hardware security modules into contactless smart cards	76
5.5.2	ADJACENT TECHNOLOGY TRENDS	76
5.5.2.1	Commercialization of Internet of Things (IoT)	76
5.5.2.2	Utilization of blockchain and distributed ledger technologies	77
5.5.2.3	Trend of digital signature	77
5.6	AVERAGE SELLING PRICE ANALYSIS	78
TABLE 3	PRICING ANALYSIS OF HARDWARE SECURITY MODULES, 2022	78
5.6.1	AVERAGE SELLING PRICE OF HARDWARE SECURITY MODULES OFFERED BY KEY PLAYERS, BY TYPE	79
FIGURE 29	AVERAGE SELLING PRICE OF HARDWARE SECURITY MODULES OFFERED  BY KEY PLAYERS, BY TYPE	79
TABLE 4	AVERAGE SELLING PRICE OF HARDWARE SECURITY MODULES OFFERED  BY KEY PLAYERS, BY TYPE	80
FIGURE 30	AVERAGE SELLING PRICE (USD) OF HARDWARE SECURITY MODULES	80
5.7	PATENT ANALYSIS	80
TABLE 5	PATENTS RELATED TO HARDWARE SECURITY MODULES MARKET	80
TABLE 6	TOP 20 PATENT OWNERS IN HARDWARE SECURITY MODULES MARKET, 2013–2023	83
FIGURE 31	TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS  IN LAST 10 YEARS	84
FIGURE 32	NUMBER OF PATENTS GRANTED PER YEAR, 2013–2023	84
5.8	IMPORT/EXPORT SCENARIOS, BY HS CODE	84
TABLE 7	IMPORT DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY,  2018–2022 (USD MILLION)	85
TABLE 8	EXPORT DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY,  2018–2022 (USD MILLION)	85
5.9	TARIFFS	86
TABLE 9	MFN TARIFFS FOR HARDWARE SECURITY MODULES EXPORTED BY US	86
TABLE 10	MFN TARIFFS FOR HARDWARE SECURITY MODULES EXPORTED BY CHINA	86
5.10	REGULATORY LANDSCAPE AND STANDARDS	86
5.10.1	REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	87
TABLE 11	NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS	87
TABLE 12	EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	87
TABLE 13	ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	87
TABLE 14	ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	88
 
5.10.2	GLOBAL REGULATIONS: FRAUD PREVENTION AND STANDARDIZATION	88
5.10.3	NORTH AMERICA: CONSUMER PROTECTION	89
5.10.4	EUROPE: STANDARDIZATION OF PAYMENTS	90
5.10.5	ASIA PACIFIC: DOMESTIC PAYMENT NETWORKS	91
5.11	PORTER’S FIVE FORCES ANALYSIS	91
FIGURE 33	HARDWARE SECURITY MODULES MARKET: PORTER’S FIVE FORCES ANALYSIS	92
TABLE 15	IMPACT OF PORTER’S FIVE FORCES ON MARKET	92
5.11.1	THREAT OF NEW ENTRANTS	93
5.11.2	THREAT OF SUBSTITUTES	93
5.11.3	BARGAINING POWER OF SUPPLIERS	93
5.11.4	BARGAINING POWER OF BUYERS	93
5.11.5	INTENSITY OF COMPETITIVE RIVALRY	93
5.12	CASE STUDY ANALYSIS	94
5.12.1	POMELO ACQUIRED HSM SOLUTIONS FROM FUTUREX TO DEPLOY IN CLOUD	94
5.12.2	MAJOR ISRAELI BANK APPROACHED STANCHION AND FUTUREX FOR SECURE PAYMENT ENVIRONMENTS	94
5.12.3	NCC BANK OF BANGLADESH ENSURED REAL-TIME BINIMOY TRANSACTIONS WITH THALES LUNA HSMS	95
5.12.4	TREEZOR DEPLOYED CLOUD HSM FROM THALES TO SECURE PAYMENT CHAIN	95
5.13	KEY CONFERENCES AND EVENTS, 2023–2024	96
TABLE 16	HARDWARE SECURITY MODULES MARKET: KEY CONFERENCES AND EVENTS	96
5.14	KEY STAKEHOLDERS AND BUYING PROCESS	97
5.14.1	KEY STAKEHOLDERS IN BUYING PROCESS	97
FIGURE 34	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS	97
TABLE 17	IMPACT OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS (%)	97
5.14.2	BUYING CRITERIA	98
FIGURE 35	KEY BUYING CRITERIA FOR TOP THREE VERTICALS	98
TABLE 18	KEY BUYING CRITERIA FOR TOP THREE VERTICALS	98
5.15	TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS	99
FIGURE 36	REVENUE SHIFT AND NEW REVENUE POCKETS IN HARDWARE SECURITY MODULES MARKET	99
6	HARDWARE SECURITY MODULES MARKET, BY TYPE	100
6.1	INTRODUCTION	101
FIGURE 37	USB-BASED/PORTABLE SEGMENT TO RECORD HIGHEST CAGR DURING FORECAST PERIOD	101
TABLE 19	HARDWARE SECURITY MODULES MARKET, BY TYPE, 2019–2022 (USD MILLION)	101
TABLE 20	HARDWARE SECURITY MODULES MARKET, BY TYPE, 2023–2028 (USD MILLION)	102
TABLE 21	HARDWARE SECURITY MODULES MARKET, BY TYPE, 2019–2022 (THOUSAND UNITS)	102
TABLE 22	HARDWARE SECURITY MODULES MARKET, BY TYPE, 2023–2028 (THOUSAND UNITS)	103
6.2	LAN-BASED/NETWORK-ATTACHED	103
6.2.1	EFFICIENCY AND RESILIENCE OF HARDWARE SECURITY MODULES TO DRIVE MARKET	103
TABLE 23	LAN-BASED/NETWORK-ATTACHED: HARDWARE SECURITY MODULES MARKET,  BY REGION, 2019–2022 (USD MILLION)	104
TABLE 24	LAN-BASED/NETWORK-ATTACHED: HARDWARE SECURITY MODULES MARKET BY REGION, 2023–2028 (USD MILLION)	104
6.3	PCI-BASED/EMBEDDED PLUGIN	104
6.3.1	ENHANCED FOCUS ON SYSTEM SECURITY AND SOFTWARE CONTROL TO FUEL DEMAND	104
TABLE 25	PCI-BASED/EMBEDDED PLUGIN: HARDWARE SECURITY MODULES MARKET,  BY REGION, 2019–2022 (USD MILLION)	105
TABLE 26	PCI-BASED/EMBEDDED PLUGIN: HARDWARE SECURITY MODULES MARKET,  BY REGION, 2023–2028 (USD MILLION)	105
6.4	USB-BASED/PORTABLE	105
6.4.1	GROWING IMPLEMENTATION OF PORTABLE HSMS IN LOW-VOLUME TRANSACTION ENVIRONMENTS TO DRIVE MARKET	105
TABLE 27	USB-BASED/PORTABLE: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	106
TABLE 28	USB-BASED/PORTABLE: HARDWARE SECURITY MODULES MARKET,  BY REGION, 2023–2028 (USD MILLION)	106
6.5	SMART CARDS	107
6.5.1	INDISPENSABLE NEED TO MITIGATE CYBER RISKS TO FUEL SEGMENTAL GROWTH	107
TABLE 29	SMART CARDS: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	107
TABLE 30	SMART CARDS: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	108
7	HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE	109
7.1	INTRODUCTION	110
FIGURE 38	CLOUD SEGMENT TO EXHIBIT HIGHER CAGR DURING FORECAST PERIOD	110
TABLE 31	HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,  2019–2022 (USD MILLION)	110
TABLE 32	HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE,  2023–2028 (USD MILLION)	110
7.2	ON-PREMISES	111
7.2.1	PREFERENCE FOR COMPLETE CONTROL OF DATA AND INFRASTRUCTURE MANAGEMENT TO FOSTER SEGMENTAL GROWTH	111
TABLE 33	ON-PREMISES: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2019–2022 (USD MILLION)	112
TABLE 34	ON-PREMISES: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2023–2028 (USD MILLION)	113
 
7.3	CLOUD	113
7.3.1	COST-EFFECTIVENESS OF CLOUD-BASED HARDWARE SECURITY MODULES TO BOOST DEMAND	113
TABLE 35	CLOUD: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2019–2022 (USD MILLION)	114
TABLE 36	CLOUD: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2023–2028 (USD MILLION)	115
8	HARDWARE SECURITY MODULES MARKET, BY VERTICAL	116
8.1	INTRODUCTION	117
FIGURE 39	BFSI VERTICAL TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD	117
TABLE 37	HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2019–2022 (USD MILLION)	117
TABLE 38	HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2023–2028 (USD MILLION)	118
8.2	BANKING, FINANCIAL SERVICES, AND INSURANCE	118
8.2.1	PRESSING NEED TO MITIGATE RISK OF ONLINE FINANCIAL FRAUDS TO BOOST DEMAND	118
TABLE 39	BFSI: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	119
TABLE 40	BFSI: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	120
TABLE 41	BFSI: HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE,  2019–2022 (USD MILLION)	120
TABLE 42	BFSI: HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE,  2023–2028 (USD MILLION)	120
8.3	IT & TELECOMMUNICATIONS	120
8.3.1	SIGNIFICANT FOCUS ON 5G INFRASTRUCTURE DEVELOPMENT TO DRIVE MARKET	120
TABLE 43	IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	122
TABLE 44	IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	122
TABLE 45	IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	122
TABLE 46	IT & TELECOMMUNICATIONS: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	122
8.4	PUBLIC SECTOR/GOVERNMENT	123
8.4.1	RISING NEED FOR PROLONGED DATA PROTECTION TO DRIVE MARKET	123
TABLE 47	PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	124
TABLE 48	PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	124
TABLE 49	PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET,  BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	124
TABLE 50	PUBLIC SECTOR/GOVERNMENT: HARDWARE SECURITY MODULES MARKET,  BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	125
8.5	INDUSTRIAL MANUFACTURING	125
8.5.1	ADOPTION OF HARDWARE SECURITY MODULES FOR DATA EXCHANGE TO DRIVE MARKET	125
TABLE 51	INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	126
TABLE 52	INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	126
TABLE 53	INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET,  BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	126
TABLE 54	INDUSTRIAL MANUFACTURING: HARDWARE SECURITY MODULES MARKET,  BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	126
8.6	ENERGY & POWER	127
8.6.1	INTEGRATION OF HARDWARE SECURITY MODULES INTO CRITICAL INFRASTRUCTURES TO ENHANCE SECURITY PROTOCOLS	127
TABLE 55	ENERGY & POWER: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	128
TABLE 56	ENERGY & POWER: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	128
TABLE 57	ENERGY & POWER: HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	128
TABLE 58	ENERGY & POWER: HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	129
8.7	CONSUMER GOODS & RETAIL	129
8.7.1	NEED FOR SECURING PROPRIETARY INFORMATION TO DRIVE MARKET	129
TABLE 59	CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	130
TABLE 60	CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	130
TABLE 61	CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	131
TABLE 62	CONSUMER GOODS & RETAIL: HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	131
8.8	MEDICAL & LIFE SCIENCES	131
8.8.1	INCREASING NEED FOR SECURITY AGAINST CYBER THREATS TO DRIVE MARKET	131
TABLE 63	MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	133
TABLE 64	MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	133
TABLE 65	MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	133
TABLE 66	MEDICAL & LIFE SCIENCES: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	133
8.9	AEROSPACE & DEFENSE	134
8.9.1	INCREASING USE OF HARDWARE SECURITY MODULES TO SAFEGUARD CRITICAL DATA	134
TABLE 67	AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	134
TABLE 68	AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	135
TABLE 69	AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	135
TABLE 70	AEROSPACE & DEFENSE: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	135
8.10	TRANSPORTATION	135
8.10.1	TECHNOLOGICAL ADVANCEMENTS IN CONNECTED CARS TO DRIVE MARKET	135
TABLE 71	TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	137
TABLE 72	TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	137
TABLE 73	TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)	137
TABLE 74	TRANSPORTATION: HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)	138
9	HARDWARE SECURITY MODULES MARKET, BY APPLICATION	139
9.1	INTRODUCTION	140
FIGURE 40	SSL AND TLS SEGMENT TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD	140
TABLE 75	HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2019–2022 (USD MILLION)	140
TABLE 76	HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2023–2028 (USD MILLION)	141
9.2	PAYMENT PROCESSING	142
9.2.1	HIGH DEMAND FOR SECURE PAYMENT PROCESSING METHODS TO DRIVE MARKET	142
TABLE 77	PAYMENT PROCESSING: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	143
TABLE 78	PAYMENT PROCESSING: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	143
9.3	CODE AND DOCUMENT SIGNING	143
9.3.1	URGENT NEED FOR TAMPER-RESISTANT HARDWARE-BASED SOLUTIONS TO PROPEL MARKET	143
TABLE 79	CODE AND DOCUMENT SIGNING: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	144
TABLE 80	CODE AND DOCUMENT SIGNING: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	144
9.4	SECURITY SOCKETS LAYER AND TRANSPORT SECURITY LAYER	145
9.4.1	INCREASED DEMAND FOR SSL AND TSL IN IT & TELECOMMUNICATIONS VERTICAL TO DRIVE MARKET	145
TABLE 81	SSL AND TLS: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	145
TABLE 82	SSL AND TLS: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	145
 
9.5	AUTHENTICATION	146
9.5.1	GROWING NEED FOR HARDWARE SECURITY MODULES  IN AUTHENTICATION APPLICATIONS TO FUEL MARKET	146
TABLE 83	AUTHENTICATION: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	146
TABLE 84	AUTHENTICATION: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	147
9.6	DATABASE ENCRYPTION	147
9.6.1	PRESSING NEED FOR PROTECTING DATABASES FROM UNAUTHORIZED ACCESS TO FUEL DEMAND FOR ENCRYPTION	147
TABLE 85	DATABASE ENCRYPTION: HARDWARE SECURITY MODULES MARKET, BY REGION,  2019–2022 (USD MILLION)	148
TABLE 86	DATABASE ENCRYPTION: HARDWARE SECURITY MODULES MARKET, BY REGION,  2023–2028 (USD MILLION)	148
9.7	PUBLIC KEY INFRASTRUCTURE AND CREDENTIAL MANAGEMENT	148
9.7.1	INCREASING DEMAND FOR SECURITY MODULES IN CREDENTIAL MANAGEMENT TO ENABLE SAFE DATA TRANSMIT	148
TABLE 87	PKI AND CREDENTIAL MANAGEMENT: HARDWARE SECURITY MODULES MARKET,  BY REGION, 2019–2022 (USD MILLION)	149
TABLE 88	PKI AND CREDENTIAL MANAGEMENT: HARDWARE SECURITY MODULES MARKET,  BY REGION, 2023–2028 (USD MILLION)	149
9.8	APPLICATION-LEVEL ENCRYPTION	150
9.8.1	ENHANCED EFFICIENCY AND ACCURACY OF APPLICATION-LEVEL ENCRYPTION TO DRIVE MARKET	150
TABLE 89	APPLICATION-LEVEL ENCRYPTION: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	150
TABLE 90	APPLICATION-LEVEL ENCRYPTION: HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	150
10	HARDWARE SECURITY MODULES MARKET, BY REGION	151
10.1	INTRODUCTION	152
FIGURE 41	HARDWARE SECURITY MODULES MARKET, BY REGION	152
FIGURE 42	EUROPE TO LEAD MARKET DURING FORECAST PERIOD	152
TABLE 91	HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	152
TABLE 92	HARDWARE SECURITY MODULES MARKET, BY REGION, 2023–2028 (USD MILLION)	153
10.2	NORTH AMERICA	153
10.2.1	NORTH AMERICA: RECESSION IMPACT	154
FIGURE 43	NORTH AMERICA: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET	155
TABLE 93	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2019–2022 (USD MILLION)	155
TABLE 94	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2023–2028 (USD MILLION)	156
TABLE 95	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2019–2022 (USD MILLION)	156
TABLE 96	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2023–2028 (USD MILLION)	156
TABLE 97	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY TYPE,  2019–2022 (USD MILLION)	157
TABLE 98	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY TYPE,  2023–2028 (USD MILLION)	157
TABLE 99	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	157
TABLE 100	NORTH AMERICA: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	158
10.2.2	US	158
10.2.2.1	Wide adoption of communication devices to fuel demand	158
10.2.3	CANADA	159
10.2.3.1	Rising number of cyberattacks to fuel demand for security modules	159
10.2.4	MEXICO	160
10.2.4.1	Urgent demand for improved network security in automobile manufacturing plants to drive market	160
10.3	EUROPE	160
10.3.1	EUROPE: RECESSION IMPACT	161
FIGURE 44	EUROPE: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET	162
TABLE 101	EUROPE: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2019–2022 (USD MILLION)	163
TABLE 102	EUROPE: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2023–2028 (USD MILLION)	163
TABLE 103	EUROPE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2019–2022 (USD MILLION)	164
TABLE 104	EUROPE: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2023–2028 (USD MILLION)	164
TABLE 105	EUROPE: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2019–2022 (USD MILLION)	164
TABLE 106	EUROPE: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2023–2028 (USD MILLION)	165
TABLE 107	EUROPE: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	165
TABLE 108	EUROPE: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	165
10.3.2	GERMANY	166
10.3.2.1	High deployment of hardware security modules in automotive industry to drive market	166
10.3.3	UK	166
10.3.3.1	Increasing use of advanced interconnected technologies to drive market	166
10.3.4	FRANCE	167
10.3.4.1	Wide use of HSMs in aerospace & defense sector to drive market	167
10.3.5	ITALY	167
10.3.5.1	Pressing need for security measures to fuel market	167
 
10.3.6	NETHERLANDS	168
10.3.6.1	Innovation in digital technologies to propel market	168
10.3.7	RUSSIA	168
10.3.7.1	Rapid establishment of manufacturing units to drive market	168
10.3.8	REST OF EUROPE	169
10.4	ASIA PACIFIC	169
10.4.1	ASIA PACIFIC: RECESSION IMPACT	170
FIGURE 45	ASIA PACIFIC: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET	171
TABLE 109	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2019–2022 (USD MILLION)	171
TABLE 110	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2023–2028 (USD MILLION)	172
TABLE 111	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2019–2022 (USD MILLION)	172
TABLE 112	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY VERTICAL,  2023–2028 (USD MILLION)	173
TABLE 113	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY TYPE,  2019–2022 (USD MILLION)	173
TABLE 114	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY TYPE,  2023–2028 (USD MILLION)	173
TABLE 115	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	174
TABLE 116	ASIA PACIFIC: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	174
10.4.2	CHINA	174
10.4.2.1	Growing security concerns to drive demand for digital solutions	174
10.4.3	JAPAN	175
10.4.3.1	Established automobile sector to drive market	175
10.4.4	INDIA	176
10.4.4.1	Rising initiative for foreign direct investments to boost market	176
10.4.5	SOUTH KOREA	176
10.4.5.1	Growing need for enhanced security measures to drive market	176
10.4.6	AUSTRALIA	177
10.4.6.1	High demand for mobile security solutions to drive market	177
10.4.7	REST OF ASIA PACIFIC	177
10.5	ROW	178
10.5.1	ROW: RECESSION IMPACT	178
FIGURE 46	ROW: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET	179
TABLE 117	ROW: HARDWARE SECURITY MODULES MARKET, BY REGION, 2019–2022 (USD MILLION)	179
TABLE 118	ROW: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2023–2028 (USD MILLION)	180
TABLE 119	MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2019–2022 (USD MILLION)	180
TABLE 120	MIDDLE EAST & AFRICA: HARDWARE SECURITY MODULES MARKET, BY COUNTRY,  2023–2028 (USD MILLION)	180
TABLE 121	ROW: HARDWARE SECURITY MODULE MARKET, BY VERTICAL, 2019–2022 (USD MILLION)	181
TABLE 122	ROW: HARDWARE SECURITY MODULE MARKET, BY VERTICAL, 2023–2028 (USD MILLION)	181
TABLE 123	ROW: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2019–2022 (USD MILLION)	181
TABLE 124	ROW: HARDWARE SECURITY MODULES MARKET, BY TYPE, 2023–2028 (USD MILLION)	182
TABLE 125	ROW: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	182
TABLE 126	ROW: HARDWARE SECURITY MODULES MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	182
10.5.2	SOUTH AMERICA	183
10.5.2.1	Brazil	183
10.5.2.1.1	Booming healthcare sector to boost market	183
10.5.2.2	Argentina	183
10.5.2.2.1	Government initiatives to tackle global volatility and uncertainty to fuel economic growth	183
10.5.2.3	Rest of South America	184
10.5.3	MIDDLE EAST & AFRICA	184
10.5.3.1	GCC Countries	185
10.5.3.1.1	Growing investments in networking infrastructure to boost market	185
10.5.3.2	Rest of Middle East & Africa	185
11	COMPETITIVE LANDSCAPE	186
11.1	OVERVIEW	186
11.1.1	KEY PLAYER STRATEGIES/RIGHT TO WIN	186
TABLE 127	OVERVIEW OF KEY GROWTH STRATEGIES ADOPTED BY MAJOR COMPANIES	186
11.2	REVENUE ANALYSIS OF KEY PLAYERS	189
FIGURE 47	FIVE-YEAR REVENUE SNAPSHOT OF KEY COMPANIES	189
11.3	MARKET SHARE ANALYSIS	189
TABLE 128	HARDWARE SECURITY MODULES MARKET: MARKET SHARE ANALYSIS	189
FIGURE 48	HARDWARE SECURITY MODULES MARKET: MARKET SHARE ANALYSIS	190
11.4	COMPANY EVALUATION MATRIX	192
11.4.1	STARS	192
11.4.2	EMERGING LEADERS	192
11.4.3	PERVASIVE PLAYERS	192
11.4.4	PARTICIPANTS	193
FIGURE 49	HARDWARE SECURITY MODULES MARKET: (GLOBAL) COMPANY EVALUATION MATRIX, 2022	193
11.5	START-UP/SME EVALUATION MATRIX	194
11.5.1	PROGRESSIVE COMPANIES	194
11.5.2	RESPONSIVE COMPANIES	194
 
11.5.3	DYNAMIC COMPANIES	194
11.5.4	STARTING BLOCKS	194
FIGURE 50	HARDWARE SECURITY MODULES MARKET: (GLOBAL) START-UP/SME EVALUATION MATRIX, 2022	195
11.6	COMPETITIVE BENCHMARKING	196
TABLE 129	HARDWARE SECURITY MODULES MARKET: KEY START-UP/SMES	196
TABLE 130	HARDWARE SECURITY MODULES MARKET: COMPETITIVE BENCHMARKING OF KEY START-UP/SMES	197
11.7	COMPANY FOOTPRINT	197
TABLE 131	OVERALL COMPANY FOOTPRINT (28 COMPANIES)	197
TABLE 132	TYPE: COMPANY FOOTPRINT (28 COMPANIES)	198
TABLE 133	DEPLOYMENT TYPE: COMPANY FOOTPRINT (28 COMPANIES)	199
TABLE 134	REGION: COMPANY FOOTPRINT (28 COMPANIES)	201
11.8	COMPETITIVE SCENARIOS AND TRENDS	202
11.8.1	HARDWARE SECURITY MODULES MARKET: PRODUCT LAUNCHES, APRIL 2019–OCTOBER 2023	202
TABLE 135	HARDWARE SECURITY MODULES MARKET: PRODUCT LAUNCHES, APRIL 2019– OCTOBER 2023	202
11.8.2	HARDWARE SECURITY MODULES MARKET: DEALS, FEBRUARY 2019–OCTOBER 2023	205
TABLE 136	HARDWARE SECURITY MODULES MARKET: DEALS, FEBRUARY 2019 –OCTOBER 2023	205
11.8.3	HARDWARE SECURITY MODULES MARKET: OTHERS, FEBRUARY 2022–JULY 2023	213
TABLE 137	HARDWARE SECURITY MODULES MARKET: OTHERS, FEBRUARY 2022–JULY 2023	213
12	COMPANY PROFILES	214
(Business overview, Products/Services/Solutions offered, Recent Developments, MNM view)*
12.1	INTRODUCTION	214
12.2	KEY PLAYERS	215
12.2.1	THALES GROUP	215
TABLE 138	THALES GROUP: COMPANY OVERVIEW	215
FIGURE 51	THALES GROUP: COMPANY SNAPSHOT	216
TABLE 139	THALES GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED	216
TABLE 140	THALES GROUP: PRODUCT LAUNCHES	218
TABLE 141	THALES GROUP: DEALS	219
12.2.2	UTIMACO	222
TABLE 142	UTIMACO: COMPANY OVERVIEW	222
TABLE 143	UTIMACO: PRODUCTS/SOLUTIONS/SERVICES OFFERED	222
TABLE 144	UTIMACO: PRODUCT LAUNCHES	224
TABLE 145	UTIMACO: DEALS	224
TABLE 146	UTIMACO: OTHERS	228
 
12.2.3	FUTUREX	229
TABLE 147	FUTUREX: COMPANY OVERVIEW	229
TABLE 148	FUTUREX: PRODUCTS/SOLUTIONS/SERVICES OFFERED	229
TABLE 149	FUTUREX: PRODUCT LAUNCHES	230
TABLE 150	FUTUREX: DEALS	230
12.2.4	INFINEON TECHNOLOGIES	233
TABLE 151	INFINEON TECHNOLOGIES: COMPANY OVERVIEW	233
FIGURE 52	INFINEON TECHNOLOGIES: COMPANY SNAPSHOT	234
TABLE 152	INFINEON TECHNOLOGIES: PRODUCTS/SERVICES/SOLUTIONS OFFERED	234
TABLE 153	INFINEON TECHNOLOGIES: PRODUCT LAUNCHES	235
TABLE 154	INFINEON TECHNOLOGIES: DEALS	236
12.2.5	IBM	239
TABLE 155	IBM: COMPANY OVERVIEW	239
FIGURE 53	IBM: COMPANY SNAPSHOT	240
TABLE 156	IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED	241
TABLE 157	IBM: DEALS	242
12.2.6	STMICROELECTRONICS	244
TABLE 158	STMICROELECTRONICS: COMPANY OVERVIEW	244
FIGURE 54	STMICROELECTRONICS: COMPANY SNAPSHOT	245
TABLE 159	STMICROELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED	245
TABLE 160	STMICROELECTRONICS: DEALS	246
12.2.7	MICROCHIP TECHNOLOGY	247
TABLE 161	MICROCHIP TECHNOLOGY: COMPANY OVERVIEW	247
FIGURE 55	MICROCHIP TECHNOLOGY: COMPANY SNAPSHOT	248
TABLE 162	MICROCHIP TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED	248
TABLE 163	MICROCHIP TECHNOLOGY: PRODUCT LAUNCHES	249
TABLE 164	MICROCHIP TECHNOLOGY: OTHERS	249
12.2.8	ATOS SE	250
TABLE 165	ATOS SE: COMPANY OVERVIEW	250
FIGURE 56	ATOS SE: COMPANY SNAPSHOT	251
TABLE 166	ATOS SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED	251
TABLE 167	ATOS SE: PRODUCT LAUNCHES	252
TABLE 168	ATOS SE: DEALS	253
12.2.9	YUBICO	254
TABLE 169	YUBICO: COMPANY OVERVIEW	254
TABLE 170	YUBICO: PRODUCTS/SOLUTIONS/SERVICES OFFERED	254
TABLE 171	YUBICO: PRODUCT LAUNCHES	255
TABLE 172	YUBICO: DEALS	256
12.2.10	SWIFT	257
TABLE 173	SWIFT: COMPANY OVERVIEW	257
FIGURE 57	SWIFT: COMPANY SNAPSHOT	257
TABLE 174	SWIFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED	258
12.3	OTHER PLAYERS	259
12.3.1	SECUROSYS SA	259
TABLE 175	SECUROSYS SA: COMPANY OVERVIEW	259
12.3.2	SPYRUS	260
TABLE 176	SPYRUS: COMPANY OVERVIEW	260
12.3.3	LEDGER	261
TABLE 177	LEDGER: COMPANY OVERVIEW	261
12.3.4	ULTRA ELECTRONICS	262
TABLE 178	ULTRA ELECTRONICS: COMPANY OVERVIEW	262
12.3.5	ADWEBTECH	263
TABLE 179	ADWEBTECH: COMPANY OVERVIEW	263
12.3.6	EFFICIENT INDIA	264
TABLE 180	EFFICIENT INDIA: COMPANY OVERVIEW	264
12.3.7	LATTICE SEMICONDUCTORS	265
TABLE 181	LATTICE SEMICONDUCTORS: COMPANY OVERVIEW	265
12.3.8	ELLIPTICSECURE	266
TABLE 182	ELLIPTICSECURE: COMPANY OVERVIEW	266
12.3.9	AMAZON INC.	267
TABLE 183	AMAZON INC.: COMPANY OVERVIEW	267
12.3.10	ENTRUST SECURITY	268
TABLE 184	ENTRUST SECURITY: COMPANY OVERVIEW	268
12.3.11	ESCRYPT	269
TABLE 185	ESCRYPT: COMPANY OVERVIEW	269
12.3.12	BEIJING SANSEC TECHNOLOGY DEVELOPMENT CO., LTD	270
TABLE 186	BEIJING SANSEC TECHNOLOGY DEVELOPMENT CO., LTD: COMPANY OVERVIEW	270
12.3.13	FORTANIX	271
TABLE 187	FORTANIX: COMPANY OVERVIEW	271
12.3.14	JISA SOFTECH	272
TABLE 188	JISA SOFTECH: COMPANY OVERVIEW	272
12.3.15	MICROSOFT	273
TABLE 189	MICROSOFT: COMPANY OVERVIEW	273
12.3.16	NITROKEY	274
12.3.17	KRYPTOAGILE	275
12.3.18	KRYPTUS	275
*Details on Business overview, Products/Services/Solutions offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
 
13	APPENDIX	276
13.1	DISCUSSION GUIDE	276
13.2	KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL	279
13.3	CUSTOMIZATION OPTIONS	281
13.4	RELATED REPORTS	281
13.5	AUTHOR DETAILS	282
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