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Hardware Encryption Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A1852
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Market Overview 2023-2028:
The global hardware encryption market size reached US$ 304.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,658.0 Billion by 2028, exhibiting a growth rate (CAGR) of 32.54% during 2023-2028.
Encryption refers to the process of utilizing an algorithm to convert information or data into codes to prevent any unauthorized access. It protects sensitive data by transforming it into an unreadable ciphertext which can be decrypted using an encryption key. These types of encryption utilize a dedicated processor, which aids in the tasks of authentication and encryption. This processor is physically located on the encrypted drive which often generates the encryption key that can be unlocked using the user’s password. Since it protects the data against threats, such as cold boot, malicious code and brute force attacks, it is widely being adopted across diverse industry verticals, including banking, corporate, IT & Telecom, healthcare, etc.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Hardware Encryption Market Trends:
Escalating adoption rates of portable storage devices which are used to transfer information between computers and create backup are one of the major factors contributing to the market growth. Hardware encryption devices offer efficient confidentiality of personal data from unauthorized access, which has positively influenced their sales globally. Furthermore, the rising cases of cyber-attacks have led private organizations as well as governments to make a shift toward hardware encryption as these systems are more resilient and deliver faster performance when compared with software encryptions. Moreover, the increasing sales of consumer electronics have led smartphone manufacturers to include fingerprint scanners in their devices. This protects the privacy of the users as well as makes the process of encryption and decryption faster.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hardware encryption market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on algorithm and standard, architecture, product and application.
Breakup by Algorithm and Standard:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Advanced Encryption Standard (AES)
- Rivest- Shamir-Adleman (RSA)
- Others
Breakup by Architecture:
- Field-Programmable Gate Arrays (FPGA)
- Application-Specific Integrated Circuits (ASIC)
Breakup by Product:
- External Hard Disk Drives
- Internal Hard Disk Drives
- Inline Network Encryptors
- USB Flash Drives
- Others
Breakup by Application:
- Consumer Electronics
- IT & Telecom
- Transportation
- Aerospace and Defense
- Healthcare
- BFSI
- Others
Breakup by Region:
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- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Others
- Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Gemalto NV, IBM Corp., Imation Corp., Maxim Integrated Products, Micron Technology, Netapp, Samsung Electronics, SanDisk Corporation, Seagate Technology, Thales, Toshiba Corp., Western Digital Corp., Western Digital Technologies, Winmagic, etc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Algorithm and Standard, Architecture, Product, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates |
| Companies Covered | Gemalto NV, IBM Corp., Imation Corp., Maxim Integrated Products, Micron Technology, Netapp, Samsung Electronics, SanDisk Corporation, Seagate Technology, Thales, Toshiba Corp., Western Digital Corp., Western Digital Technologies and Winmagic |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global hardware encryption market was valued at US$ 304.5 Billion in 2022.
We expect the global hardware encryption market to exhibit a CAGR of 32.54% during 2023-2028.
The rising cases of cyber-attacks, along with the increasing adoption of hardware encryptions over software encryptions, as these systems are more resilient and deliver faster performance, are primarily driving the global hardware encryption market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of remote working model resulting in the escalating need for hardware encryption across numerous organizations for maintaining confidentiality of the data from unauthorized access.
Based on the algorithm and standard, the global hardware encryption market has been segmented into Advanced Encryption Standard (AES), Rivest- Shamir-Adleman (RSA), and others. Currently, Rivest-Shamir-Adleman (RSA) holds the majority of the total market share.
Based on the architecture, the global hardware encryption market can be divided into Field- Programmable Gate Arrays (FPGA) and Application-Specific Integrated Circuits (ASIC), where Application-Specific Integrated Circuits (ASIC) currently exhibit a clear dominance in the market.
Based on the product, the global hardware encryption market has been categorized into external hard disk drives, internal hard disk drives, inline network encryptors, USB flash drives, and others. Currently, external hard disk drives account for the majority of the global market share.
Based on the application, the global hardware encryption market can be segregated into consumer electronics, IT & telecom, transportation, aerospace and defense, healthcare, BFSI, and others. Among these, the consumer electronics sector holds the largest market share.
On a regional level, the market has been classified into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global hardware encryption market include Gemalto NV, IBM Corp., Imation Corp., Maxim Integrated Products, Micron Technology, Netapp, Samsung Electronics, SanDisk Corporation, Seagate Technology, Thales, Toshiba Corp., Western Digital Corp., Western Digital Technologies, Winmagic, etc.
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