Today, I'm thrilled to announce that Entrust Datacard has completed its acquisition of nCipher Security. Here's why we're so excited to welcome the nCipher team to Entrust Datacard.
Hardware Security Modules, or "HSMs" have never been more important. HSM use is expanding in the payment and cybersecurity markets, as the need for data security multiplies from mobile devices and cloud services to connected IoT devices and digital payments. In fact, IDC's Robert Westervelt sees the general purpose HSM market at $400M in 2018, and expects it to increase at 12% compound annual growth.
While invisible to end users, HSMs are part of the core infrastructure that enables businesses and governments to trust, communicate and transact. Behind the scenes, HSMs form part of the root of trust for the PKI and SSL offerings of both Entrust Datacard and nCipher Security. They allow consumers secure use of their cell phones, computers, thermostat, cars, credit cards and more, and enable secure issuance of payment cards and identity documents to meet stringent regulatory requirements.
I'd like to welcome the more than 300 nCipher employees who are now part of the Entrust Datacard team. Entrust Datacard has built the industry's most complete portfolio of digital and physical security solutions, and the acquisition of nCipher will help us further extend and expand our solutions in the cloud, IoT, and other digital initiatives.
We're building a security powerhouse for today, and for the future of identity and security.