QYR Market Research USA hardware security modules market research | Page 4

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The BFSI type application held the largest market size during the forecast
period. The emergence of digital transactions, electronic payments, and the
need to safeguard the most sensitive financial data results in the largest
market share of the payment processing application. To keep systems and
internal processes flexible and scalable, HSMs have been specially designed
to meet the industry standards and regulatory requirement with respect to
the payment processing, resulting in the high growth rate for payment
processing application during the forecast period.
The West was the largest revenue market with a market share of 23.47% in
2012 and 24.27% in 2017 with an increase of 4.18%. Mid-Atlantic ranked the
second market with the market share of 19.29% in 2016. Also, the Mid-
Atlantic market for HSM is expected to be the market with the most
promising growth rate. Rising per capita income of people in emerging
economies has led to an increase in demand.