Global Hardware Encryption Market Report and Forecast 2023-2028

Global Hardware Encryption Market Report and Forecast 2023-2028


Market Outlook

According to the report by Expert Market Research (EMR), the global hardware encryption market reached a value of USD 227 million in 2022. 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 2023 and 2028 to reach a value of USD 637.41 million by 2028.

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.

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.

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
Competitive Landscape

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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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Hardware Encryption Market Analysis
8.1 Key Industry Highlights
8.2 Global Hardware Encryption Historical Market (2018-2022)
8.3 Global Hardware Encryption Market Forecast (2023-2028)
8.4 Global Hardware Encryption Market by Algorithm Standard
8.4.1 Advanced Encryption Standard (AES)
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Rivest- Shamir-Adleman (RSA)
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Others
8.5 Global Hardware Encryption Market by Architecture
8.5.1 Field-Programmable Gate Arrays (FPGA)
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Application-Specific Integrated Circuits (ASIC)
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Hardware Encryption Market by Product
8.6.1 External Hard Disk Drives
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Internal Hard Disk Drives
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Inline Network Encryptors
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 USB Flash Drives
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Others
8.7 Global Hardware Encryption Market by Application
8.7.1 Consumer Electronics
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Aerospace and Defence
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 BFSI
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Healthcare
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 IT and Telecom
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
8.7.6 Transportation
8.7.6.1 Historical Trend (2018-2022)
8.7.6.2 Forecast Trend (2023-2028)
8.7.7 Others
8.8 Global Hardware Encryption Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Hardware Encryption Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Hardware Encryption Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Hardware Encryption Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Hardware Encryption Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Hardware Encryption Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Micron Technology, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Samsung Electronics Co., Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Toshiba Electronic Devices & Storage Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 IBM Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Kingston Technology Company, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Western Digital Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Analog Devices, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 NetApp, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Thales Group
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Seagate Technology LLC
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Broadcom Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market

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