According to the report by Expert Market Research (EMR), the global hardware encryption market size reached a value of USD 270.5 million in 2023. Aided by surging development of smart cities and digitalisation of various sectors, the market is projected to further grow at a CAGR of 18.70% between 2024 and 2032 to reach a value of USD 784.1 million by 2032.
Hardware encryption is a form of encryption where the physical device itself, rather than the software running on the device, performs data encryption. This method uses a dedicated processor physically located on the device and is considered to be significantly more secure than software-based encryption. Hardware encryption is widely used in various devices such as hard disk drives, USB drives, and mobile devices to protect data and ensure confidentiality.
One of the key hardware encryption market trends driving the market is the increasing prevalence of data breaches and cyber threats. With the growing amount of sensitive data being generated, transmitted, and stored across devices and platforms, the need for robust security solutions, such as hardware encryption, has become paramount.
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Regulatory compliance is another major driver fuelling the hardware encryption market demand. Many governments around the world have implemented stringent data protection laws, such as GDPR in Europe, which mandate the encryption of sensitive data. These regulations are pushing businesses and organisations to adopt hardware encryption solutions to avoid hefty fines and protect customer data.
Geographically, North America is currently leading the market, owing to advanced IT infrastructure, stringent data protection regulations, and the presence of key market players in the region. Europe follows closely, with Asia-Pacific anticipated to witness significant growth due to the increasing adoption of advanced data security solutions in emerging economies.
The increasing use of Internet of Things (IoT) devices, which are often vulnerable to cyber-attacks, is expected to further drive the demand for hardware encryption solutions. Moreover, the growing trends towards cloud storage and the adoption of edge computing are anticipated to create new opportunities for hardware encryption market growth.
Hardware Encryption Market Segmentation
The market can be divided based on algorithm standard, architecture, product, application, and region.
Market Breakup by Algorithm Standard
- Advanced Encryption Standard (AES)
- Rivest- Shamir-Adleman (RSA)
- Others
Market Breakup by Architecture
- Field-Programmable Gate Arrays (FPGA)
- Application-Specific Integrated Circuits (ASIC)
Market Breakup by Product
- External Hard Disk Drives
- Internal Hard Disk Drives
- Inline Network Encryptors
- USB Flash Drives
- Others
Market Breakup by Application
- Consumer Electronics
- Aerospace and Defence
- BFSI
- Healthcare
- IT and Telecom
- Transportation
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Hardware Encryption Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global hardware encryption market. Some of the major players explored in the report by Expert Market Research are as follows:
- Micron Technology, Inc.
- Samsung Electronics Co., Ltd.
- Toshiba Electronic Devices & Storage Corporation
- IBM Corporation
- Kingston Technology Company, Inc.
- Western Digital Corporation
- Analog Devices, Inc.
- NetApp, Inc.
- Thales Group
- Seagate Technology LLC
- Broadcom, Inc.
- Others
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