Hardware Encryption

Hardware Encryption

Global Hardware Encryption Market to Reach US$369.3 Million by 2030

The global market for Hardware Encryption estimated at US$302.6 Million in the year 2023, is expected to reach US$369.3 Million by 2030, growing at a CAGR of 2.9% over the analysis period 2023-2030. Internal HDD, one of the segments analyzed in the report, is expected to record a 3.1% CAGR and reach US$140.9 Million by the end of the analysis period. Growth in the External HDD segment is estimated at 2.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$80.0 Million While China is Forecast to Grow at 2.8% CAGR

The Hardware Encryption market in the U.S. is estimated at US$80.0 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$59.3 Million by the year 2030 trailing a CAGR of 2.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.7% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR.

Global Hardware Encryption Market - Key Trends and Drivers Summarized

Hardware encryption is becoming increasingly vital in the digital age, where the security of data, both stationary and in transit, is a major concern for individuals and organizations alike. This encryption method utilizes a dedicated processor within the storage device itself, which operates independently of the main computer system, providing a secure environment for data encryption and decryption directly on the hardware level. By doing so, hardware encryption ensures that sensitive data is encoded in such a way that it can only be accessed by individuals with the correct decryption key, thereby safeguarding personal and organizational information from unauthorized access, potential breaches, and damage to reputation.

The process of hardware encryption enhances data security during transfers and storage by isolating the encryption mechanisms from the main operating system, which can remain unaffected by software-based attacks. This isolation helps maintain system performance without the slowdowns commonly associated with software encryption solutions. Devices like encrypted solid-state drives (SSDs) and self-encrypting drives (SEDs) that incorporate hardware encryption are less susceptible to software threats and provide a seamless user experience. While hardware encryption provides a high level of security due to its isolated and dedicated processing, it can be more costly than software encryption and less flexible when scaling across multiple platforms, as each new device requires its own hardware-based encryption capability.

The growth of the hardware encryption market is driven by several factors. Rising global data breaches and increased cybersecurity threats have heightened the need for robust data protection measures, making hardware encryption an essential solution for securing data at the hardware level. Stricter regulatory compliance across various industries also fuels demand for hardware encryption to protect sensitive information and meet legal requirements. Furthermore, advancements in digital technology and the expanding Internet of Things (IoT) ecosystem have created new vulnerabilities, thus propelling the use of hardware encryption to secure a growing array of connected devices. Additionally, the shift toward remote work and the increasing use of mobile devices for professional purposes demand more sophisticated data security solutions like hardware encryption to protect data accessed outside of secure corporate environments. Emerging technologies such as cloud computing and artificial intelligence further necessitate strong encryption to secure data within these complex systems, ensuring robust protection against increasingly sophisticated digital threats.

 

 

 

 

 

 

 

 

 

 

Select Competitors (Total 32 Featured) -

• Gemalto NV
• Kanguru Solutions
• Kingston Technology Co., Inc.
• Maxim Integrated
• Micron Technology, Inc.
• NetApp, Inc.
• Seagate Technology LLC
• Thales E-Security, Inc.
• Toshiba Memory Europe GmbH
• Western Digital Corporation
• Winmagic Inc.

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