USD 250.21 billion
Report ID:
SQMIG45E2227 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|Tables:
90
|Figures:
77
Hardware Encryption Market size was valued at USD 292.25 billion in 2022 and is poised to grow from USD 341.3 billion in 2023 to USD 1182.3 billion by 2031, growing at a CAGR of 16.8% during the forecast period (2024-2031).
Digital data can be protected via hardware encryption, a hardware-based method. The main benefit of hardware-based solutions is that they do not have the normal problems associated with software-based solutions, such as performance decrease for assaults on the encryption key stored in memory. Hardware encryption performs better when security parameters and safeguard keys are used. For instance, Samsung introduced a Secure Element (SE) turnkey solution certified to Common Criteria Evaluation Assurance Level (CC EAL) 5+ for mobile devices. The new solution is reputed to offer a robust security system made up of a security chip (S3K250AF). Cold boots and brute-force assaults are protected from these encryption security features. A cheap approach to protecting data in a range of applications is hardware encryption. The requirement of legal compliances regarding the protection of private and sensitive data as well as the rise of digital content are what are driving the worldwide hardware encryption market growth. Increased complexity, risk of data breaches, and brute-force assaults, along with a major advantage over software encryption architecture, are expected to drive market growth in the next few years. The expansion of the worldwide hardware encryption market is being driven by decreased hardware encryption device prices as well as increased regulatory compliances for the protection of private and sensitive data. When offering prediction analysis of the country data, the availability and presence of international brands, the difficulties they encounter owing to strong or weak competition from local and domestic brands, the impact of domestic tariffs, and trade routes are all taken into account.
Global Market Size
USD 250.21 billion
Largest Segment
Wired
Fastest Growth
Wired
Growth Rate
16.80% CAGR
To get more reports on the above market click here to Buy The Report
Global Hardware Encryption Market is segmented on the basis of product, connectivity, end use and region. By product, the market is segmented into hard disk drivers, solid-state drivers, USB drivers & external drivers, inline network encryptors.
By Application, market is segmented into Consumer Electronics, IT and Telecom, Automotive and Transportation and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.Analysis by Product
The dominant segment in the hardware encryption market is HDD Encryption. This is primarily due to the extensive use of hard disk drives in various devices, including desktop computers, laptops, servers, and data centers. HDD encryption solutions are widely adopted to secure sensitive data stored on these devices, ensuring data confidentiality and compliance with data protection regulations.
The growing segment in the hardware encryption market is Solid-State Drives (SSD) Encryption. As the demand for faster and more reliable storage solutions increases, SSDs are gaining popularity across industries. With the transition from HDDs to SSDs, the need for encryption solutions specifically designed for SSDs is growing. SSD encryption ensures the protection of valuable data stored on these high-performance storage devices, making it a growing segment within the hardware encryption market.
Analysis by Connectivity
The dominant segment in the connectivity segment of the hardware encryption market is Wired Encryption. Wired connections are widely used in enterprise networks, data centers, and critical infrastructure where the emphasis is on high-speed and secure data transmission. Wired encryption solutions offer robust security measures and are extensively deployed to protect sensitive data transmitted over wired networks. The dominant position of wired encryption is primarily due to its long-standing presence, reliability, and widespread adoption in various industries.
The growing segment in the connectivity segment of the hardware encryption market is Wireless Encryption. With the increasing adoption of wireless technologies, such as Wi-Fi and Bluetooth, in a wide range of devices and applications, the need for secure wireless communication has grown significantly. Wireless encryption solutions provide encryption capabilities that protect data transmitted over wireless channels, ensuring data confidentiality and integrity. As wireless connectivity continues to expand across industries and consumer devices, wireless encryption is experiencing significant growth within the hardware encryption market.
To get detailed analysis on other segments, Request For Free Sample Report
The region with the biggest market share is anticipated to keep that position over the forecast period, expanding at the highest CAGR of 5.5%. The expansion of IT and telecom networks in China, South Korea, India, and other regional growing countries, coupled with the creation of various electronic device manufacturers, are all factors that have contributed to the growth of this market. A number of businesses producing consumer electronics, including smartphones, as well as suppliers of cutting-edge ICT technology are concentrated in Asia Pacific. For data security and protection, businesses in the Asia Pacific region are implementing hardware encryption technologies.
North America is growing in the hardware encryption market is the Solid-State Drives (SSD) Encryption segment. The region has a strong presence of technology-driven industries and a high adoption rate of advanced storage solutions like SSDs, leading to increased demand for encryption solutions tailored for SSDs.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Increasing Adoption of Mobile Devices and BYOD Policies
Increasing Demand for High-Performance and Low-Latency Encryption
Restraints
Limited Scalability
Request Free Customization of this report to help us to meet your business objectives.
The competitive landscape of the hardware encryption market gives information by competitor. Included information includes a company overview, financials, revenue generated, market potential, research and development investments, new market efforts, global presence, production sites and facilities, production capacity, company strengths and weaknesses, and product launches.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global hardware encryption market has witnessed substantial growth due to increasing concerns about data security, rising cyber threats, and stringent data protection regulations. The market size has been expanding steadily, driven by the growing adoption of hardware encryption solutions across various industries. Factors such as the proliferation of digital data, the rise in data breaches, and the increasing focus on securing sensitive information have fuelled the demand for hardware encryption. The global hardware encryption market is driven by the need for robust data security, regulatory compliance, and the increasing awareness of data privacy. However, challenges related to cost, implementation complexity, and performance impact need to be addressed to unlock the market's full potential. With advancements in technology and continuous efforts to improve encryption solutions, the hardware encryption market is poised for significant growth in the coming years.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 250.21 billion |
Market size value in 2031 | USD 866.66 billion |
Growth Rate | 16.80% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Hardware Encryption Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hardware Encryption Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hardware Encryption Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hardware Encryption Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONHardware Encryption Market size was valued at USD 250.21 billion in 2021 and is poised to grow from USD 292.25 billion in 2022 to USD 866.66 billion by 2030, at a CAGR of 16.80% during the forecast period (2023-2030).
The competitive landscape of the hardware encryption market gives information by competitor. Included information includes a company overview, financials, revenue generated, market potential, research and development investments, new market efforts, presence, production sites and facilities, production capacity, company strengths and weaknesses, and product launches. 'Western Digital Corporation (United States)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Micron Technology, Inc. (United States)', 'Seagate Technology PLC (Ireland)', 'Toshiba Corporation (Japan)', 'Kingston Technology Company, Inc. (United States)', 'Intel Corporation (United States)', 'Gemalto N.V. (Netherlands)', 'NetApp, Inc. (United States)', 'Kanguru Solutions (United States)', 'WinMagic Inc. (Canada)', 'Thales Group (France)', 'Apricorn, LLC (United States)', 'SecureData Group (United Kingdom)', 'Kanguru Solutions (United States)', 'iStorage Limited (United Kingdom)', 'Imation Corp. (United States)', 'ADATA Technology Co., Ltd. (Taiwan)', 'Maxim Integrated Products, Inc. (United States)', 'Micronova Embedded Technologies B.V. (Netherlands)', 'iXsystems, Inc. (United States)'
The proliferation of mobile devices and the adoption of Bring Your Own Device (BYOD) policies in workplaces create new challenges for data security. Mobile devices are vulnerable to theft, loss, and unauthorized access, making encryption a crucial security measure. Hardware encryption solutions, such as encrypted solid-state drives (SSDs) and self-encrypting drives (SEDs), provide mobile device users with robust data protection, allowing organizations to embrace mobile technologies without compromising security.
SEDs are storage devices, such as solid-state drives (SSDs) and hard disk drives (HDDs), that have built-in encryption capabilities. They encrypt data in real-time, providing automatic protection without the need for additional software or hardware. The increasing adoption of SEDs is driven by their ease of implementation, enhanced data security, and compatibility with existing systems. SEDs are becoming a popular choice for organizations seeking hardware-based encryption solutions.
The region with the biggest market share is anticipated to keep that position over the forecast period, expanding at the highest CAGR of 5.5%. The expansion of IT and telecom networks in China, South Korea, India, and other regional growing countries, coupled with the creation of various electronic device manufacturers, are all factors that have contributed to the growth of this market. A number of businesses producing consumer electronics, including smartphones, as well as suppliers of cutting-edge ICT technology are concentrated in Asia Pacific. For data security and protection, businesses in the Asia Pacific region are implementing hardware encryption technologies.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG45E2227