With 32.66% CAGR, Hardware Encryption Market to Hit US$ 1,251 Billion by 2027 | Industry Research Report

PRESS RELEASE
Published February 9, 2023

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:

  • Base Year of the Analysis: 2021
  • Historical Period: 2016-2021
  • Forecast Period: 2022-2027

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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Market Trends:

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:

  • 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

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:

  • 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:

  • Asia Pacific
  • North America
  • Europe
  • Latin America
  • Middle East and Africa

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Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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