According to the research report titled ‘Global Trusted Platform Module Market Size study, by Type (Discrete TPMs, Integrated TPMs), by Application (Mobile Security, Automotive, Banking, Transport, Pay TV ID, Wearable, Security in IoT Connectivity, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global trusted platform module market accumulated USD 1.86 billion in 2019 and is expected to grow with a CAGR of 14.27% during 2020-2027.
 

Increase in demand for devices containing trusted platform module chips as they are reliable, cost effective, and space efficient, along with rising adoption of IoT technology are the major factors expected to drive global trusted platform module market during the forecast period. According to McKinsey & Company, proportion of businesses to adopt IoT technologies has raised to 25 % in 2019, from 13 % in the year 2014.
 

Moreover, surging digitization and presence of various online platforms leading to growing concerns regarding privacy & security of the consumers will create lucrative opportunities for global trusted platform module market outlook.
 

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Also, rising prevalence of COVID-19 has fueled online penetration and digitization globally, bolstering the demand for trusted platform module for better portability and convenience, thereby positively impacting global trusted platform module industry trends. 
 

Notably, trusted platform module is used to ensure platform integrity and has several applications in disk encryption, data encryption, and data protection. Increasing competition and presence of leading companies in the marketspace will augment the growth of global trusted platform module industry over 2020-2027.
 

Based on application spectrum, global trusted platform module market is segmented into banking, transport, pay TV id, mobile security, security in IoT connectivity, wearable, automotive, and others. With regards to type, the industry is bifurcated into integrated TPMs, and discrete TPMs.
 

As per regional analysis, global trusted platform module market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America was the major contributor in terms of revenue share in the recent past, mainly due to growing cognizance about consumer privacy and security.
 

Meanwhile, Asia Pacific trusted platform module market is anticipated to witness the highest growth rate over 2020-2027, owing to government initiatives to ensure privacy & security of the users and rapid digitization in the region.
 

Major players in global trusted platform module market landscape include Advanced Micro Devices Inc., Microsoft Corporation, Infineon Technologies AG, Nationz Foundation Inc., Nuvoton Technology Corporation, Hewlett-Packard Company, Samsung Group, IBM Corporation (International Business Machines Corporation), Lenovo Group Limited, and Intel Corporation.