According to IMARC Group’s latest report, titled “Hardware Encryption Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global hardware encryption market size reached US$ 228 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,251 Billion by 2027, exhibiting a CAGR of 32.66% during 2022-2027.
Year Considered to Estimate the Market Size:
Hardware encryption is a technique that employs complex mathematical operations to encrypt the data into codes to prevent unauthorized access. The encryption uses a dedicated processor on the encrypted drive to create the encryption key that can be unlocked via the user’s password. It offers various advantages, including malware protection, faster algorithm processing, tamper-proof key storage, and defense against unauthorized code. As compared to software encryption, hardware encryption delivers faster performance and is more resilient. As a result, it is witnessing a considerable surge in demand across the information technology (IT) and telecom, corporate, banking, financial services, and insurance (BFSI), and healthcare sectors.
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Rising organizational concerns regarding privacy and data security represent one of the primary factors boosting the hardware encryption market growth. In line with this, key market players are investing heavily in advanced technology to introduce new product variants with more storage capacities to increase their product portfolio, which is accelerating the market growth. Furthermore, the widespread adoption of cloud computing and extensive product applications in consumer electronics, such as cell phones, laptops, and computers, are providing an impetus to the market growth. Apart from this, the burgeoning cases of cyber-attacks and declining prices of hardware encryption devices are creating a positive outlook for the market.
Hardware Encryption Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the hardware encryption market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global hardware encryption market based on algorithm and standard, architecture, product, application and region.
Breakup by Algorithm and Standard:
Breakup by Architecture:
Breakup by Product:
Breakup by Application:
Breakup by Region:
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Key Highlights of the Report:
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