Global Market for Hardware Encryption is Anticipated to grow at a Significant Pace i.e., USD 440 Million during the Forecast Period 2021-2027

Published Date: Jul, 2021

 The global hardware encryption market is expected to witness a CAGR of 3.9% during the forecast period. The optimization of the encryption feature with the rest of the drive and all-time activation of the hardware encryptions makes it easier for the driver to meet the government standards, especially in service sectors such as BFSI. Hardware encryption requires minimum configuration and interaction with users without having an impact on the overall performance of the system and protects sensitive data are the drivers that have a positive impact on the growth of the hardware encryption market. The widespread adoption of cloud computing and the rapid growth of the Internet of Things, increasing concern over data security and privacy, increasing need for regulatory compliances, expansion of digital content, and significant advantage over software encryption will propel the growth of the hardware encryption market. There is a promising future of the hardware encryption market as there are many opportunities across diverse industry verticals such as consumer electronics, IT& Telecom, Transportation, aerospace and defense, healthcare, and BFSI.

HSE, originally developed by Micron and now available to the open-source community, is ideal for developers using all-flash infrastructure who require the benefits of open-source software, including the ability to customize or enhance code for their unique use cases.

The COVID-19 pandemic has encouraged organizations to opt for work-from-home culture due to the strict lockdown. So, there is a need for companies and individuals to focus on data protection, storage, and recovery. During these unprecedented times, the adoption of hardware encryption enabled the government sector to respond to the COVID-19 crisis securely and promptly.

Browse 73 market data Tables and 47 Figures spread through 220 Pages and in-depth TOC on " Hardware Encryption Market by Architecture Type (Application-Specific Integrated Circuits (ASIC), and Field-Programmable Gate Arrays (FPGA)), by Product Type (External Hard Disk Drives, Internal Hard Disk Drives, Inline Network Encryptors, Solid-State Drives, and USB Flash Drives), by Algorithm & Standard (Rivest-Shamir-Adleman (RSA) Algorithm, Advanced Encryption Standard (AES), Secure Hash Algorithm, Data Encryption Standard, and Elliptic Curve Cryptography), by Application (Automotive & Transportation, BFSI, Consumer Electronics, Healthcare, IT & Telecom, Aerospace and Defense, and Others), by End-User (Commercial, Industrial, Residential, and Government), and Region - Global Forecast to 2027"

Healthcare segment is anticipated to have a high CAGR over the projected period.

Based on application, the healthcare segment is projected to have a high CAGR, owing to the risk of data breach and increase in government initiatives for the adoption of hardware encryption in the healthcare sector. For instance, government regulatory policies such as Health Insurance Portability and Accountability Act (HIPAA) and Centers for Medicare & Medicaid Services (CMS) are the security requirements for electronic health records (EHRs) that have fuelled the market for hardware encryption globally.

Global Hardware Encryption Market Segmentation Analysis

Segment

Categorization

Leading Category

Architecture Type

Application-Specific Integrated Circuits (ASIC), and Field-Programmable Gate Arrays (FPGA)

Application-Specific Integrated Circuits (ASIC) (Highest)

Product Type

External Hard Disk Drives, Internal Hard Disk Drives, Inline Network Encryptors, Solid-State Drives, and USB Flash Drives

External Hard Disk Drives (Largest)

Solid-State Drives (High CAGR)

Algorithm & Standard

Rivest-Shamir-Adleman (RSA) Algorithm, Advanced Encryption Standard (AES), Secure Hash Algorithm, Data Encryption Standard, and Elliptic Curve Cryptography

Advanced Encryption Standard (Fastest)

Application

Automotive & Transportation, BFSI, Consumer Electronics, Healthcare, IT & Telecom, Aerospace and Defense, and Others

Consumer Electronics (Largest)

Healthcare (High CAGR)

End-User

Commercial, Industrial, Residential, and Government

Government (High CAGR)

Commercial (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (Largest)

North America (Healthy Growth)

 

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“APAC to witness a high CAGR during the forecast period 2021-2027.”

APAC is expected to have the largest share during the forecast period owing to its huge population, which is technology-savvy and is demanding encryption-enabled products. Moreover, robust advancement in the IT industry, rising internet penetration, and an increase in demand for smartphones and tablets are some of the factors contributing to the growth of the hardware encryption market. In addition, a significant contribution from China, India, Malaysia, South Korea, will accelerate the growth of the hardware encryption market in APAC during the projected period 2021-2027.

Some of the prominent players operating in the hardware encryption market across the globe are Western Digital Corporation, Samsung Electronics Co. Ltd., Micron Technology, Inc., NetApp, Kingston Technology Corp., Seagate Technology LLC, WinMagic, Maxim Integrated, IBM, and Toshiba Corporation.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Architecture Type, Product Type, Algorithm & Standard, Application, End-User, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Western Digital Corporation, Samsung Electronics Co. Ltd., Micron Technology, Inc., NetApp, Kingston Technology Corp., Seagate Technology LLC, WinMagic, Maxim Integrated, IBM, and Toshiba Corporation

 

Global Hardware Encryption Market Coverage

Architecture Type Insight and Forecast 2015-2027

  • Application-Specific Integrated Circuits (ASIC)
  • Field-Programmable Gate Arrays (FPGA)

Product Type Insight and Forecast 2015-2027

  • External Hard Disk Drives
  • Internal Hard Disk Drives
  • Inline Network Encryptors
  • Solid-State Drives
  • USB Flash Drives

Algorithm & Standard Insight and Forecast 2015-2027

  • Rivest-Shamir-Adleman (RSA) Algorithm
  • Advanced Encryption Standard (AES)
  • Secure Hash Algorithm
  • Data Encryption Standard
  • Elliptic Curve Cryptography

Application Insight and Forecast 2015-2027

  • Automotive & Transportation
  • BFSI
  • Consumer Electronics
  • Healthcare
  • IT & Telecom
  • Aerospace and Defense
  • Others

End-User Insight and Forecast 2015-2027

  • Commercial
  • Industrial
  • Residential
  • Government

Geographical Segmentation

Hardware Encryption Market by Region

North America

  • By Architecture Type
  • By Product type
  • By Algorithm & Standard
  • By Application
  • By End-User
  • By Country – U.S., Canada, and Mexico

Europe

  • By Architecture Type
  • By Product type
  • By Algorithm & Standard
  • By Application
  • By End-User
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Architecture Type
  • By Product type
  • By Algorithm & Standard
  • By Application
  • By End-User
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Architecture Type
  • By Product type
  • By Algorithm & Standard
  • By Application
  • By End-User
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global Market for Hardware Encryption is Anticipated to grow at a Significant Pace i.e., USD 440 Million during the Forecast Period 2021-2027