1 INTRODUCTION 22
1.1 STUDY OBJECTIVES 22
1.2 DEFINITION 22
1.2.1 GENERAL INCLUSIONS AND EXCLUSIONS 23
1.2.2 INCLUSIONS AND EXCLUSIONS AT COMPANY LEVEL 23
1.2.3 INCLUSIONS AND EXCLUSIONS AT TYPE LEVEL 23
1.2.4 INCLUSIONS AND EXCLUSIONS AT DEPLOYMENT TYPE LEVEL 24
1.2.5 INCLUSIONS AND EXCLUSIONS AT APPLICATION LEVEL 24
1.2.6 INCLUSIONS AND EXCLUSIONS AT VERTICAL LEVEL 24
1.2.7 INCLUSIONS AND EXCLUSIONS AT REGIONAL LEVEL 25
1.3 STUDY SCOPE 25
1.3.1 MARKETS COVERED 25
FIGURE 1 SEGMENTATION OF HARDWARE SECURITY MODULES MARKET 25
1.3.2 GEOGRAPHIC SCOPE 26
1.3.3 YEARS CONSIDERED 26
1.4 CURRENCY 26
TABLE 1 CURRENCY CONVERSION RATES 27
1.5 PACKAGE SIZE 27
1.6 LIMITATIONS 27
1.7 STAKEHOLDERS 27
1.8 SUMMARY OF CHANGES 28

2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
FIGURE 2 HARDWARE SECURITY MODULES MARKET: RESEARCH DESIGN 29
2.1.1 SECONDARY DATA 30
2.1.1.1 List of major secondary sources 30
2.1.1.2 Key data from secondary sources 30
2.1.2 PRIMARY DATA 31
2.1.3 PRIMARIES 31
2.1.4 HARDWARE SECURITY MODULES MARKET, BREAKDOWN OF PRIMARIES 31
2.1.4.1 Primary interviews with experts 31
2.1.4.2 Key data from primary sources 32
2.1.5 SECONDARY AND PRIMARY RESEARCH 33
2.1.5.1 Key industry insights 34
2.1.5.2 Breakdown of primaries 34
2.2 MARKET SIZE ESTIMATION 35
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE)—REVENUE GENERATED BY KEY PLAYERS IN HARDWARE SECURITY MODULES MARKET 35
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—ILLUSTRATION OF REVENUE ESTIMATION OF KEY PLAYERS IN HARDWARE SECURITY MODULES MARKET 36
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 (DEMAND SIDE)—BOTTOM-UP ESTIMATION OF HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE 37
2.2.1 BOTTOM-UP APPROACH 37
2.2.1.1 Approach for estimating market size by bottom-up analysis (demand side) 37
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 38
2.2.2 TOP-DOWN APPROACH 38
2.2.2.1 Approach for estimating market size by top-down analysis (supply side) 39
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 39
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 40
FIGURE 8 DATA TRIANGULATION 40
2.4 RISK ASSESSMENT 41
2.4.1 HARDWARE SECURITY MODULES MARKET: LIMITATIONS AND ASSOCIATED RISKS 41
TABLE 2 LIMITATIONS AND ASSOCIATED RISKS 41
2.5 RESEARCH ASSUMPTIONS 42
2.5.1 RESEARCH ASSUMPTIONS 42
FIGURE 9 ASSUMPTIONS FOR RESEARCH STUDY 42
2.5.2 LIMITATIONS 43
FIGURE 10 LIMITATIONS FOR RESEARCH STUDY 43

3 EXECUTIVE SUMMARY 44
3.1 HARDWARE SECURITY MODULES MARKET: PRE-COVID-19 AND POST-COVID-19 SCENARIO ANALYSIS 45
FIGURE 11 HARDWARE SECURITY MODULES MARKET: OPTIMISTIC, REALISTIC, AND PESSIMISTIC SCENARIO ANALYSIS (2017-2026) 45
3.2 HARDWARE SECURITY MODULES MARKET: REALISTIC SCENARIO 45
3.3 HARDWARE SECURITY MODULES MARKET: OPTIMISTIC SCENARIO 45
3.4 HARDWARE SECURITY MODULES MARKET: PESSIMISTIC SCENARIO 46
FIGURE 12 LAN BASED/NETWORK ATTACHED SEGMENT TO LEAD HARDWARE SECURITY MODULES MARKET FROM 2021 TO 2026 46
FIGURE 13 CLOUD SEGMENT TO ACCOUNT FOR LARGEST SIZE OF HARDWARE SECURITY MODULES MARKET FROM 2021 TO 2026 47
FIGURE 14 PAYMENT PROCESSING SEGMENT TO ACCOUNT FOR LARGEST SIZE OF HARDWARE SECURITY MODULES MARKET IN 2026 48
FIGURE 15 MEDICAL AND LIFE SCIENCES SEGMENT TO GROW AT HIGHEST CAGR IN FORECAST PERIOD 49
FIGURE 16 EUROPE ACCOUNTED FOR LARGEST SHARE OF HARDWARE SECURITY MODULES MARKET IN 2020 50

4 PREMIUM INSIGHTS 51
4.1 ATTRACTIVE OPPORTUNITIES IN HARDWARE SECURITY MODULES MARKET 51
FIGURE 17 MARKET GROWTH IS ATTRIBUTED TO ADVANCEMENTS IN NETWORKING AND COMMUNICATION TECHNOLOGIES 51
4.2 HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE 52
FIGURE 18 CLOUD TO HOLD LARGER MARKET SIZE THAN ON-PREMISE BY 2026 52
4.3 HARDWARE SECURITY MODULES MARKET FOR MEDICAL AND LIFE SCIENCES, BY REGION 52
FIGURE 19 EUROPE TO HOLD LARGEST SHARE OF HARDWARE SECURITY MODULES MARKET FOR MEDICAL AND LIFE SCIENCES 52
4.4 HARDWARE SECURITY MODULES MARKET IN 2020 53
FIGURE 20 BFSI AND EUROPE ACCOUNTED FOR LARGEST SHARE OF HARDWARE SECURITY MODULES MARKET IN 2020 53
4.5 HARDWARE SECURITY MODULES MARKET, BY REGION 53
FIGURE 21 HARDWARE SECURITY MODULES MARKET IN NORTH AMERICA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 53

5 MARKET OVERVIEW 54
5.1 INTRODUCTION 54
5.2 MARKET DYNAMICS 55
FIGURE 22 MARKET DYNAMICS: OVERVIEW 55
5.2.1 DRIVERS 56
FIGURE 23 DRIVERS AND THEIR IMPACT 56
5.2.1.1 Increase in data breaches and cyberattacks 56
FIGURE 24 NUMBER OF CYBERATTACKS IN US (2005-2020) 57
5.2.1.2 Stringent data security compliances 57
5.2.1.3 Requirement for effective management of cryptographic keys 57
5.2.2 RESTRAINTS 58
FIGURE 25 RESTRAINTS AND THEIR IMPACT 58
5.2.2.1 Costs associated with hardware security modules 58
5.2.2.2 Strong inclination of customers toward adoption of hardware security modules on rental basis 59
5.2.3 OPPORTUNITIES 59
FIGURE 26 OPPORTUNITIES AND THEIR IMPACT 59
5.2.3.1 Demand for data security in cloud environments 60
5.2.3.2 Advent of smart cities and IoT to open new latent growth opportunities 60
5.2.4 CHALLENGES 61
FIGURE 27 CHALLENGES AND THEIR IMPACT 61
5.2.4.1 Discovering sensitive data and understanding importance of protecting it by organizations 61
5.2.4.2 Inability to control key management from outside physical protection boundary of hardware security modules 62

6 INDUSTRY TRENDS 63
6.1 VALUE CHAIN ANALYSIS 63
FIGURE 28 VALUE CHAIN OF HARDWARE SECURITY MODULES MARKET 63
6.1.1 RESEARCH, DESIGN, AND DEVELOPMENT 63
6.1.2 RAW MATERIAL SUPPLIERS 64
6.1.3 OEMS 64
6.1.4 SYSTEM INTEGRATORS 64
6.1.5 SUPPLIERS AND DISTRIBUTORS 64
6.1.6 VERTICALS 64
6.2 ECOSYSTEM ANALYSIS 65
TABLE 3 HARDWARE SECURITY MODULES MARKET: ECOSYSTEM 65
FIGURE 29 KEY PLAYERS IN SMART CARD MARKET ECOSYSTEM 66
6.3 TECHNOLOGICAL TRENDS 66
6.3.1 COMMERCIALIZATION OF IOT 66
6.3.2 EMERGENCE OF 5G 66
6.3.3 INCREASING DEMAND FOR HARDWARE SECURITY MODULES IN CONTACTLESS SMART CARDS 67
6.4 AVERAGE SELLING PRICE (ASP) TRENDS 67
FIGURE 30 AVERAGE SELLING PRICE (USD) 67
6.5 PATENTS ANALYSIS 68
TABLE 4 PATENTS RELATED TO HARDWARE SECURITY MODULES 68
FIGURE 31 NUMBER OF PATENTS FOR HARDWARE SECURITY MODULES FROM 2010 TO 2020 70
TABLE 5 TOP 10 PATENT OWNERS FOR HARDWARE SECURITY MODULES 70
6.6 TRADE DATA 71
FIGURE 32 EXPORTS DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY, 2016-2020 (USD MILLION) 71
FIGURE 33 IMPORTS DATA FOR PRODUCTS UNDER HS CODE 8471, BY COUNTRY, 2016-2020 (USD MILLION 72
6.7 TARIFFS AND REGULATORY LANDSCAPE 72
6.7.1 GLOBAL REGULATIONS FOCUSED ON FRAUD PREVENTION AND STANDARDIZATION 72
6.7.2 REGULATIONS IN THE US FOCUSED ON CONSUMER PROTECTION 73
6.7.3 REGULATIONS IN EUROPE FOCUSED ON STANDARDIZATION 75
6.7.4 REGULATIONS IN APAC FOCUSED ON DOMESTIC PAYMENT NETWORKS 75
6.8 PORTER'S FIVE FORCES ANALYSIS 76
FIGURE 34 HARDWARE SECURITY MODULES MARKET: PORTER'S FIVE FORCES ANALYSIS 76
TABLE 6 IMPACT OF EACH OF PORTER'S FIVE FORCES 76
FIGURE 35 HARDWARE SECURITY MODULES MARKET: IMPACT OF EACH FORCE ON MARKET 77
6.8.1 THREAT OF NEW ENTRANTS 77
6.8.2 THREAT OF SUBSTITUTES 77
6.8.3 BARGAINING POWER OF SUPPLIERS 77
6.8.4 BARGAINING POWER OF BUYERS 78
6.8.5 INTENSITY OF COMPETITIVE RIVALRY 78
6.9 CASE STUDIES 78
6.9.1 FARMERS & MERCHANTS BANK IMPLEMENTED [email protected] SOLUTION BY CPI CARD GROUP 78
6.9.2 RBS DEPLOYED FINGERPRINT BIOMETRIC CARDS FOR PAYMENTS FOR FIRST TIME IN UK 79
6.9.3 MASTERCARD, IDEMIA, AND MATCHMOVE PARTNERED TO LAUNCH BIOMETRIC CARDS IN ASIA 79

7 HARDWARE SECURITY MODULES MARKET, BY DEPLOYMENT TYPE 80
7.1 INTRODUCTION 81
FIGURE 36 CLOUD DEPLOYMENT TYPE TO EXHIBIT HIGHER CAGR IN HARDWARE SECURITY MODULE MARKET FROM 2021 TO 2026 81
TABLE 7 HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE, 2017-2020 (USD MILLION) 81
TABLE 8 HARDWARE SECURITY MODULE MARKET, BY DEPLOYMENT TYPE, 2021-2026 (USD MILLION) 81
7.2 ON-PREMISE 82
7.2.1 NEED FOR COMPLETE CONTROL DRIVES DEMAND FOR ON-PREMISE DEPLOYMENT OF HARDWARE SECURITY MODULES 82
TABLE 9 HARDWARE SECURITY MODULE MARKET FOR ON-PREMISE, BY VERTICAL, 2017-2020 (USD MILLION) 82
TABLE 10 HARDWARE SECURITY MODULE MARKET FOR ON-PREMISE, BY VERTICAL, 2021-2026 (USD MILLION) 83
7.3 CLOUD 83
7.3.1 COST-EFFECTIVENESS OF CLOUD-BASED HARDWARE SECURITY MODULES WILL DRIVE MARKET GROWTH 83
TABLE 11 HARDWARE SECURITY MODULE MARKET FOR CLOUD, BY VERTICAL, 2017-2020 (USD MILLION) 84
TABLE 12 HARDWARE SECURITY MODULE MARKET FOR CLOUD, BY VERTICAL, 2021-2026 (USD MILLION) 84

8 HARDWARE SECURITY MODULES MARKET, BY APPLICATION 85
8.1 INTRODUCTION 86
FIGURE 37 AUTHENTICATION TO EXHIBIT HIGHEST CAGR IN HARDWARE SECURITY MODULE MARKET FROM 2021 TO 2026 86
TABLE 13 HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2017-2020 (USD MILLION) 86
TABLE 14 HARDWARE SECURITY MODULES MARKET, BY APPLICATION, 2021-2026 (USD MILLION) 87
TABLE 15 HARDWARE SECURITY MODULES MARKET IN NORTH AMERICA, BY APPLICATION, 2017-2020 (USD MILLION) 87
TABLE 16 HARDWARE SECURITY MODULES MARKET IN NORTH AMERICA, BY APPLICATION, 2021-2026 (USD MILLION) 88
TABLE 17 HARDWARE SECURITY MODULES MARKET IN EUROPE, BY APPLICATION, 2017-2020 (USD MILLION) 88
TABLE 18 HARDWARE SECURITY MODULES MARKET IN EUROPE, BY APPLICATION, 2021-2026 (USD MILLION) 89
TABLE 19 HARDWARE SECURITY MODULES MARKET IN APAC, BY APPLICATION, 2017-2020 (USD MILLION) 89
TABLE 20 HARDWARE SECURITY MODULES MARKET IN APAC, BY APPLICATION, 2021-2026 (USD MILLION) 90
TABLE 21 HARDWARE SECURITY MODULES MARKET IN ROW, BY APPLICATION, 2017-2020 (USD MILLION) 90
TABLE 22 HARDWARE SECURITY MODULES MARKET IN ROW, BY APPLICATION, 2021-2026 (USD MILLION) 91
8.2 PAYMENT PROCESSING 91
8.2.1 SOPHISTICATED PAYMENT PROCESSING METHODS ARE IN DEMAND FOR IMPROVING ELECTRONIC TRANSACTIONS 91
8.3 CODE AND DOCUMENT SIGNING 92
8.3.1 HIGH ADOPTION IN CODE AND DOCUMENT SIGNING TO BOOST DEMAND FOR HARDWARE SECURITY MODULES 92
8.4 SECURITY SOCKETS LAYER (SSL) AND TRANSPORT SECURITY LAYER (TSL) 92
8.4.1 INCREASED DEMAND FOR SSL AND TSL DRIVES DEMAND FOR HARDWARE SECURITY MODULES IN IT & TELECOMMUNICATIONS VERTICAL 92
8.5 AUTHENTICATION 93
8.5.1 GROWING NEED FOR HARDWARE SECURITY MODULES IN AUTHENTICATION APPLICATION PROPELS MARKET GROWTH 93
8.6 DATABASE ENCRYPTION 93
8.6.1 STRONG FOCUS ON PROTECTING DATA THROUGH ENCRYPTION WOULD BOOST DEMAND FOR HARDWARE SECURITY MODULES 93
8.7 PKI AND CREDENTIAL MANAGEMENT 93
8.7.1 ESCALATED DEMAND FOR HARDWARE SECURITY MODULES IN CREDENTIAL MANAGEMENT TO ENABLE USERS TO SAFELY TRANSMIT DATA 93
8.8 APPLICATION-LEVEL ENCRYPTION 94
8.8.1 REQUIREMENT TO ENHANCE EFFICIENCY AND ACCURACY OF COMPLIANCES DRIVES DEMAND FOR HARDWARE SECURITY MODULES 94

9 HARDWARE SECURITY MODULES MARKET, BY TYPE 95
9.1 INTRODUCTION 96
FIGURE 38 USB BASED/PORTABLE TO EXHIBIT HIGHEST CAGR IN HARDWARE SECURITY MODULE MARKET FROM 2021 TO 2026 96
TABLE 23 HARDWARE SECURITY MODULES MARKET, BY TYPE, 2017-2020 (USD MILLION) 96
TABLE 24 HARDWARE SECURITY MODULES MARKET, BY TYPE, 2021-2026 (USD MILLION) 97
TABLE 25 HARDWARE SECURITY MODULES MARKET IN NORTH AMERICA, BY TYPE, 2017-2020 (USD MILLION) 97
TABLE 26 HARDWARE SECURITY MODULES MARKET IN NORTH AMERICA, BY TYPE, 2021-2026 (USD MILLION) 97
TABLE 27 HARDWARE SECURITY MODULES MARKET IN EUROPE, BY TYPE, 2017-2020 (USD MILLION) 98
TABLE 28 HARDWARE SECURITY MODULES MARKET IN EUROPE, BY TYPE, 2021-2026 (USD MILLION) 98
TABLE 29 HARDWARE SECURITY MODULES MARKET IN APAC, BY TYPE, 2017-2020 (USD MILLION) 98
TABLE 30 HARDWARE SECURITY MODULES MARKET IN APAC, BY TYPE, 2021-2026 (USD MILLION) 99
TABLE 31 HARDWARE SECURITY MODULES MARKET IN ROW, BY TYPE, 2017-2020 (USD THOUSAND) 99
TABLE 32 HARDWARE SECURITY MODULES MARKET IN ROW, BY TYPE, 2021-2026 (USD THOUSAND) 99
9.2 LAN-BASED/NETWORK-ATTACHED HSM 100
9.2.1 LAN-BASED HSM CAN ACT AS A CENTRALIZED KEY MANAGEMENT SYSTEM 100
9.3 PCI-BASED OR EMBEDDED PLUGIN HSM 100
9.3.1 PCI-BASED HSM CAN SECURE ENTIRE ELECTRONIC CONTROL UNIT (ECU) 100
9.4 USB BASED OR PORTABLE HSM 101
9.4.1 PORTABLE HSM CAN PERFORM ENCRYPTION AND KEY PROTECTION 101
9.5 SMART CARDS 101
9.5.1 SMART CARDS STORE DATA AND PROTECT COMMUNICATION NETWORKS 101

10 HARDWARE SECURITY MODULES MARKET, BY VERTICAL 102
10.1 INTRODUCTION 103
FIGURE 39 MEDICAL & LIFE SCIENCES VERTICAL TO GROW AT HIGHEST CAGR IN HARDWARE SECURITY MODULES MARKET FROM 2021 TO 2026 103
TABLE 33 HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2017-2020 (USD MILLION) 103
TABLE 34 HARDWARE SECURITY MODULES MARKET, BY VERTICAL, 2021-2026 (USD MILLION) 104
10.2 BANKING, FINANCIAL SERVICES, AND INSURANCE 104
10.2.1 HARDWARE SECURITY MODULES HELP MITIGATE RISKS OF ONLINE FINANCIAL FRAUDS 104
TABLE 35 HARDWARE SECURITY MODULES MARKET FOR BFSI IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 105
TABLE 36 HARDWARE SECURITY MODULES MARKET FOR BFSI IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 105
TABLE 37 HARDWARE SECURITY MODULES MARKET FOR BFSI IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 105
TABLE 38 HARDWARE SECURITY MODULES MARKET FOR BFSI IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 106
TABLE 39 HARDWARE SECURITY MODULES MARKET FOR BFSI IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 106
TABLE 40 HARDWARE SECURITY MODULES MARKET FOR BFSI IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 107
TABLE 41 HARDWARE SECURITY MODULES MARKET FOR BFSI IN ROW, BY REGION, 2017-2020 (USD MILLION) 107
TABLE 42 HARDWARE SECURITY MODULES MARKET FOR BFSI IN ROW, BY COUNTRY, 2021-2026 (USD MILLION) 107
10.3 IT & TELECOMMUNICATIONS 108
10.3.1 NEED FOR STRONG AUTHENTICATION AND DEVICE SECURITY AND DEVELOPMENTS IN 5G INFRASTRUCTURE ARE DRIVING MARKET GROWTH 108
TABLE 43 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 108
TABLE 44 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 109
TABLE 45 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 109
TABLE 46 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 109
TABLE 47 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 110
TABLE 48 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 110
TABLE 49 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN ROW, BY REGION, 2017-2020 (USD MILLION) 110
TABLE 50 HARDWARE SECURITY MODULES MARKET FOR IT & TELECOMMUNICATIONS IN ROW, BY REGION, 2021-2026 (USD MILLION) 111
10.4 PUBLIC SECTOR/GOVERNMENT 111
10.4.1 NEED FOR PROLONGED DATA PROTECTION IRRESPECTIVE OF LOCATION IS EXPECTED TO DRIVE DEMAND FOR HARDWARE SECURITY MODULES 111
TABLE 51 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 112
TABLE 52 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 112
TABLE 53 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 112
TABLE 54 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 113
TABLE 55 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN APAC, BY COUNTRY, 2017-2020 (USD THOUSAND) 113
TABLE 56 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN APAC, BY COUNTRY, 2021-2026 (USD THOUSAND) 113
TABLE 57 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN ROW, BY REGION, 2017-2020 (USD THOUSAND) 114
TABLE 58 HARDWARE SECURITY MODULES MARKET FOR PUBLIC SECTOR/GOVERNMENT IN ROW, BY REGION, 2021-2026 (USD THOUSAND) 114
10.5 INDUSTRIAL MANUFACTURING 114
10.5.1 EXCHANGE OF DATA ACROSS MULTIPLE BUSINESS LEVELS IS FACILITATED USING HARDWARE SECURITY MODULES 114
TABLE 59 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 115
TABLE 60 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 115
TABLE 61 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 115
TABLE 62 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 116
TABLE 63 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 116
TABLE 64 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 117
TABLE 65 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN ROW, BY REGION, 2017-2020 (USD MILLION) 117
TABLE 66 HARDWARE SECURITY MODULES MARKET FOR INDUSTRIAL MANUFACTURING IN ROW, BY REGION, 2021-2026 (USD MILLION) 117
10.6 ENERGY & POWER 118
10.6.1 CRITICAL INFRASTRUCTURE FACILITIES REQUIRE INTEGRATION OF HARDWARE SECURITY MODULES TO ENHANCE SECURITY PROTOCOLS 118
TABLE 67 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 118
TABLE 68 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 118
TABLE 69 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 119
TABLE 70 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 119
TABLE 71 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 120
TABLE 72 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 120
TABLE 73 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN ROW, BY REGION, 2017-2020 (USD MILLION) 120
TABLE 74 HARDWARE SECURITY MODULES MARKET FOR ENERGY & POWER IN ROW, BY REGION, 2021-2026 (USD MILLION) 121
10.7 CONSUMER GOODS & RETAIL 121
10.7.1 SECURING PROPRIETARY INFORMATION IS CRUCIAL TO RETAIL SECTOR AND WILL DRIVE DEMAND FOR HSM 121
TABLE 75 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 121
TABLE 76 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 122
TABLE 77 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 122
TABLE 78 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 122
TABLE 79 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 123
TABLE 80 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 123
TABLE 81 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN ROW, BY REGION, 2017-2020 (USD MILLION) 123
TABLE 82 HARDWARE SECURITY MODULES MARKET FOR CONSUMER GOODS & RETAIL IN ROW, BY REGION, 2021-2026 (USD MILLION) 124
10.8 MEDICAL & LIFE SCIENCES 124
10.8.1 NEED OF SHARING DATA ONLY ACROSS TRUSTED PARTNERS AND DEVICES DRIVES DEMAND FOR HARDWARE SECURITY MODULES 124
TABLE 83 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 124
TABLE 84 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 125
TABLE 85 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 125
TABLE 86 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 125
TABLE 87 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 126
TABLE 88 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 126
TABLE 89 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN ROW, BY REGION, 2017-2020 (USD MILLION) 126
TABLE 90 HARDWARE SECURITY MODULES MARKET FOR MEDICAL & LIFE SCIENCES IN ROW, BY REGION, 2021-2026 (USD MILLION) 127
10.9 AEROSPACE & DEFENSE 127
10.9.1 HARDWARE SECURITY MODULES ARE USED TO SAFEGUARD CRITICAL DATA OF AEROSPACE & DEFENSE INDUSTRY 127
TABLE 91 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 127
TABLE 92 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 128
TABLE 93 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 128
TABLE 94 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 128
TABLE 95 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN APAC, BY COUNTRY, 2017-2020 (USD THOUSAND) 129
TABLE 96 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN APAC, BY COUNTRY, 2021-2026 (USD THOUSAND) 129
TABLE 97 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN ROW, BY REGION, 2017-2020 (USD MILLION) 129
TABLE 98 HARDWARE SECURITY MODULES MARKET FOR AEROSPACE & DEFENSE IN ROW, BY COUNTRY, 2021-2026 (USD MILLION) 130
10.10 TRANSPORTATION 130
10.10.1 DEVELOPMENTS IN CONNECTED CARS WILL DRIVE MARKET GROWTH 130
TABLE 99 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 131
TABLE 100 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 131
TABLE 101 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 131
TABLE 102 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 132
TABLE 103 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 132
TABLE 104 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 133
TABLE 105 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN ROW, BY REGION, 2017-2020 (USD THOUSAND) 133
TABLE 106 HARDWARE SECURITY MODULES MARKET FOR TRANSPORTATION IN ROW, BY REGION, 2021-2026 (USD THOUSAND) 133

11 GEOGRAPHIC ANALYSIS 134
11.1 INTRODUCTION 135
FIGURE 40 GEOGRAPHIC SNAPSHOT: HARDWARE SECURITY MODULES MARKET IN ROW TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 135
FIGURE 41 EUROPE TO DOMINATE HARDWARE SECURITY MODULE THROUGHOUT FORECAST PERIOD 135
TABLE 107 HARDWARE SECURITY MODULES MARKET, BY REGION, 2017-2020 (USD MILLION) 136
TABLE 108 HARDWARE SECURITY MODULES MARKET, BY REGION, 2021-2026 (USD MILLION) 136
11.2 NORTH AMERICA 136
TABLE 109 HARDWARE SECURITY MODULES MARKET IN NORTH AMERICA, BY COUNTRY, 2017-2020 (USD MILLION) 137
TABLE 110 HARDWARE SECURITY MODULES MARKET IN NORTH AMERICA, BY COUNTRY, 2021-2026 (USD MILLION) 137
FIGURE 42 NORTH AMERICA: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET 138
11.2.1 US 138
11.2.1.1 Surging adoption of communication devices to facilitate high-quality encrypted services drives demand for HSMs 138
11.2.2 CANADA 139
11.2.2.1 Expected demand for cloud-based hardware security modules would drive market growth in Canada 139
11.2.3 MEXICO 139
11.2.3.1 Rising demand for improved network security across automotive manufacturing plants to drive market growth 139
11.3 EUROPE 139
TABLE 111 HARDWARE SECURITY MODULES MARKET IN EUROPE, BY COUNTRY, 2017-2020 (USD MILLION) 140
TABLE 112 HARDWARE SECURITY MODULES MARKET IN EUROPE, BY COUNTRY, 2021-2026 (USD MILLION) 140
FIGURE 43 EUROPE: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET 141
11.3.1 GERMANY 142
11.3.1.1 Automotive industry is expected to drive demand for hardware security modules across connected networks 142
11.3.2 UK 142
11.3.2.1 Increasing adoption of advanced interconnected technologies to foster market growth 142
11.3.3 FRANCE 143
11.3.3.1 Rising adoption of hardware security modules in aerospace and medical & life sciences verticals 143
11.3.4 ITALY 143
11.3.4.1 Expected surge in adoption of hardware security modules in automotive and aerospace & defense verticals 143
11.3.5 NETHERLANDS 144
11.3.5.1 Booming consumer goods & retail and industrial manufacturing verticals to help revive demand for hardware security modules 144
11.3.6 RUSSIA 144
11.3.7 REST OF EUROPE 144
11.4 APAC 145
TABLE 113 HARDWARE SECURITY MODULES MARKET IN APAC, BY COUNTRY, 2017-2020 (USD MILLION) 145
TABLE 114 HARDWARE SECURITY MODULES MARKET IN APAC, BY COUNTRY, 2021-2026 (USD MILLION) 145
FIGURE 44 APAC: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET 146
11.4.1 CHINA 147
11.4.1.1 Growth of different manufacturing facilities drives demand for hardware security modules in China 147
11.4.2 JAPAN 147
11.4.2.1 Thriving consumer goods & retail, medical devices, and IT & Telecommunications industries to drive demand for hardware security modules 147
11.4.3 INDIA 148
11.4.3.1 Ongoing initiatives to boost foreign direct investments to support market growth 148
11.4.4 SOUTH KOREA 148
11.4.4.1 Surging adoption of hardware security modules in consumer goods & retail sector continues to drive market growth amidst pandemic 148
11.4.5 AUSTRALIA 149
11.4.5.1 Rising adoption of hardware security modules by IT and telecom service providers to promote market growth 149
11.4.6 REST OF APAC 149
11.5 ROW 150
TABLE 115 HARDWARE SECURITY MODULES MARKET IN ROW, BY COUNTRY, 2017-2020 (USD MILLION) 150
TABLE 116 HARDWARE SECURITY MODULES MARKET IN ROW, BY COUNTRY, 2021-2026 (USD MILLION) 150
FIGURE 45 ROW: SNAPSHOT OF HARDWARE SECURITY MODULES MARKET 151
11.5.1 SOUTH AMERICA 151
11.5.1.1 Brazil 152
11.5.1.1.1 Booming healthcare industry to create revenue pockets for providers of hardware security modules 152
11.5.1.2 Argentina 152
11.5.1.2.1 Government initiatives to boost economic growth would drive demand for hardware security modules 152
11.5.1.3 Rest of South America 153
11.5.2 MIDDLE EAST & AFRICA 153
11.5.2.1 Saudi Arabia 153
11.5.2.1.1 Preventive measures adopted by government will help revive demand for hardware security modules 153
11.5.2.2 United Arab Emirates (UAE) 154
11.5.2.2.1 Government policies to boost economic growth would help drive demand during forecast period 154
11.5.2.3 Rest of Middle East and Africa 154

12 COMPETITIVE LANDSCAPE 155
12.1 OVERVIEW 155
FIGURE 46 COMPANIES ADOPTED PRODUCT LAUNCHES AND DEVELOPMENTS AS KEY GROWTH STRATEGIES FROM JANUARY 2018 TO MARCH 2021 156
12.2 MARKET SHARE ANALYSIS 156
TABLE 117 HARDWARE SECURITY MODULES MARKET: DEGREE OF COMPETITION 157
TABLE 118 HARDWARE SECURITY MODULES MARKET: MARKET RANKING ANALYSIS 157
12.3 REVENUE ANALYSIS, 2016-2020 159
FIGURE 47 FIVE-YEAR REVENUE SNAPSHOT OF KEY COMPANIES (USD MILLION) 159
12.4 COMPANY EVALUATION QUADRANT, 2020 160
12.4.1 STAR 160
12.4.2 PERVASIVE 160
12.4.3 EMERGING LEADER 160
12.4.4 PARTICIPANT 160
FIGURE 48 HARDWARE SECURITY MODULES MARKET (GLOBAL) COMPANY EVALUATION QUADRANT, 2020 161
12.5 COMPETITIVE BENCHMARKING 162
12.5.1 PRODUCT FOOTPRINT (14 COMPANIES) 162
TABLE 119 TYPE FOOTPRINT OF COMPANIES (25 COMPANIES) 163
TABLE 120 DEPLOYMENT TYPE FOOTPRINT OF COMPANIES (25 COMPANIES) 164
TABLE 121 REGIONAL FOOTPRINT OF COMPANIES (25 COMPANIES) 165
TABLE 122 OVERALL FOOTPRINT OF COMPANIES (25 COMPANIES) 166
12.6 STARTUP/SME EVALUATION QUADRANT, 2020 167
12.6.1 PROGRESSIVE COMPANY 167
12.6.2 RESPONSIVE COMPANY 167
12.6.3 DYNAMIC COMPANIES 167
12.6.4 STARTING BLOCKS 167
FIGURE 49 HARDWARE SECURITY MODULES MARKET (GLOBAL) STARTUP/SME EVALUATION QUADRANT, 2020 168
12.7 COMPETITIVE SCENARIO AND TRENDS 168
12.7.1 PRODUCT LAUNCHES AND DEVELOPMENTS 169
TABLE 123 HARDWARE SECURITY MODULES MARKET: PRODUCT LAUNCHES AND DEVELOPMENTS, JANUARY 2018-MARCH 2021 169
12.7.2 DEALS 171
TABLE 124 LARGE FORMAT MARKET: DEALS, JANUARY 2018-MARCH 2021 171

13 COMPANY PROFILES 177
13.1 KEY COMPANIES 177
(Business Overview, Products, Key Insights, Recent Developments, MnM View)* 13.1.1 THALES 178
TABLE 125 THALES: BUSINESS OVERVIEW 178
FIGURE 50 THALES: COMPANY SNAPSHOT 179
TABLE 126 THALES: PRODUCTS OFFERED 179
TABLE 127 THALES: PRODUCT LAUNCHES 180
TABLE 128 THALES: DEALS 180
13.1.2 STMICROELECTRONICS 182
TABLE 129 STMICROELECTRONICS: BUSINESS OVERVIEW 182
FIGURE 51 STMICROELECTRONICS: COMPANY SNAPSHOT 183
TABLE 130 STMICROELECTRONICS: PRODUCTS OFFERED 183
TABLE 131 STMICROELECTRONICS: PRODUCT LAUNCHES 184
13.1.3 IBM 185
TABLE 132 IBM: BUSINESS OVERVIEW 185
FIGURE 52 IBM: COMPANY SNAPSHOT 186
TABLE 133 IBM: PRODUCTS OFFERED 186
TABLE 134 IBM: DEALS 187
13.1.4 INFINEON TECHNOLOGIES 189
TABLE 135 INFINEON TECHNOLOGIES: BUSINESS OVERVIEW 189
FIGURE 53 INFINEON TECHNOLOGIES: COMPANY SNAPSHOT 190
TABLE 136 INFINEON TECHNOLOGIES: PRODUCTS OFFERED 190
TABLE 137 INFINEON TECHNOLOGIES: DEALS 191
13.1.5 HEWLETT PACKARD ENTERPRISE 193
TABLE 138 HEWLETT PACKARD ENTERPRISE: BUSINESS OVERVIEW 193
FIGURE 54 HPE: COMPANY SNAPSHOT 194
TABLE 139 HEWLETT PACKARD ENTERPRISE: PRODUCTS OFFERED 194
TABLE 140 HEWLETT PACKARD ENTERPRISE: DEALS 195
13.1.6 MICROCHIP TECHNOLOGY 196
TABLE 141 MICROCHIP TECHNOLOGY: BUSINESS OVERVIEW 196
FIGURE 55 MICROCHIP TECHNOLOGY: COMPANY SNAPSHOT 196
TABLE 142 MICROCHIP TECHNOLOGY: PRODUCTS OFFERED 197
13.1.7 FUTUREX 198
TABLE 143 FUTUREX: BUSINESS OVERVIEW 198
TABLE 144 FUTUREX: PRODUCTS OFFERED 198
TABLE 145 FUTUREX: PRODUCT LAUNCHES 199
TABLE 146 FUTUREX: DEALS 199
13.1.8 ATOS SE 201
TABLE 147 ATOS SE: BUSINESS OVERVIEW 201
FIGURE 56 ATOS: COMPANY SNAPSHOT 202
TABLE 148 ATOS SE: PRODUCTS OFFERED 202
TABLE 149 ATOS SE: PRODUCT LAUNCHES 203
TABLE 150 ATOS SE: DEALS 203
13.1.9 YUBICO 204
TABLE 151 YUBICO: BUSINESS OVERVIEW 204
TABLE 152 YUBICO: PRODUCTS OFFERED 204
TABLE 153 YUBICO: PRODUCT LAUNCHES 205
TABLE 154 YUBICO: DEALS 205
13.1.10 UTIMACO 206
TABLE 155 UTIMACO: BUSINESS OVERVIEW 206
TABLE 156 UTIMACO: PRODUCTS OFFERED 206
TABLE 157 UTIMACO: PRODUCT LAUNCHES 207
TABLE 158 UTIMACO: DEALS 207
13.1.11 SWIFT 210
TABLE 159 SWIFT: BUSINESS OVERVIEW 210
FIGURE 57 SWIFT: COMPANY SNAPSHOT 210
TABLE 160 SWIFT: PRODUCTS OFFERED 210
13.1.12 SECUROSYS 211
TABLE 161 SECUROSYS: BUSINESS OVERVIEW 211
TABLE 162 SECUROSYS: PRODUCTS OFFERED 211
TABLE 163 SECUROSYS: PRODUCT LAUNCHES 211
TABLE 164 SECUROSYS: DEALS 212
13.1.13 SPYRUS 213
TABLE 165 SPYRUS: BUSINESS OVERVIEW 213
TABLE 166 SPYRUS: PRODUCTS OFFERED 213
TABLE 167 SPYRUS: PRODUCT LAUNCHES 214
13.2 OTHER PLAYERS 215
13.2.1 LEDGER 215
TABLE 168 LEDGER: COMPANY OVERVIEW 215
13.2.2 ULTRA ELECTRONICS 216
TABLE 169 ULTRA ELECTRONICS: COMPANY OVERVIEW 216
13.2.3 ADWEB TECHNOLOGIES 217
TABLE 170 ADWEB TECHNOLOGIES: COMPANY OVERVIEW 217
13.2.4 EFFICIENT INDIA 218
TABLE 171 EFFICIENT INDIA: COMPANY OVERVIEW 218
13.2.5 LATTICE SEMICONDUCTORS 219
TABLE 172 LATTICE SEMICONDUCTORS: COMPANY OVERVIEW 219
13.2.6 ELLIPTICSECURE 220
TABLE 173 ELLIPTICSECURE: COMPANY OVERVIEW 220
13.2.7 AMAZON INC. 221
TABLE 174 AMAZON INC.: COMPANY OVERVIEW 221
13.2.8 ENTRUST SECURITY 222
TABLE 175 ENTRUST SECURITY: COMPANY OVERVIEW 222
13.2.9 ASSA ABLOY 223
TABLE 176 ASSA ABLOY: COMPANY OVERVIEW 223
13.2.10 SANSEC TECHNOLOGY 224
TABLE 177 SANSEC TECHNOLOGY: COMPANY OVERVIEW 224
13.2.11 MICRO FOCUS 225
TABLE 178 MICRO FOCUS: COMPANY OVERVIEW 225
13.2.12 REALSEC 225
TABLE 179 REALSEC: COMPANY OVERVIEW 225
*Details on Business Overview, Products, Key Insights, Recent Developments, MnM View might not be captured in case of unlisted companies. 14 APPENDIX 226
14.1 INSIGHTS FROM INDUSTRY EXPERTS 226
14.2 DISCUSSION GUIDE 227
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 230
14.4 AVAILABLE CUSTOMIZATIONS 232
14.5 RELATED REPORTS 232
14.6 AUTHOR DETAILS 233