The global hardware security modules market size was valued at USD 1.33 billion in 2023 and is projected to grow from USD 1.47 billion in 2024 to USD 3.74 billion by 2032, exhibiting a CAGR of 12.4% from 2024 to 2032. The North America dominated the global market with market share of 36.84% in 2023. Increased partnerships and expansions have driven market growth. For instance, Ericsson integrated the Thales hardware security module into its 5G Core authentication solution in 2022 to mitigate the growing security risks within the broader 5G ecosystem.