Hardware Encryption Market by Product Type (External HDD, Internal HDD, SSD, Inline Network Encryptor, USB Flash Drive), Application (Consumer Electronics, Aerospace & Defense, Transportation, Healthcare) and Region – Forecast to 2027

Hardware Encryption Market by Product Type (External HDD, Internal HDD, SSD, Inline Network Encryptor, USB Flash Drive), Application (Consumer Electronics, Aerospace & Defense, Transportation, Healthcare) and Region – Forecast to 2027

The hardware encryption market was valued at USD 271 million in 2021 and is expected to grow at a CAGR of 4.8% from 2022 to reach USD 357 million by 2027. Increasing apprehension over data security and confidentiality, compliance with data privacy security regulations and standards, and digital content development are the key factors driving the hardware encryption market.

Solid-state drives to witness highest CAGR during the forecast period

The solid-state drives segment is expected to grow with the highest CAGR during the forecast period from 2022 to 2027. SSDs are much faster and offer reduced boot time, which increases their adoption in the computing process. Additionally, SSDs are drawing users’ attention worldwide due to their numerous advantages, such as fast read-write speed, no noise, lower consumption, portability, and so on. It can offer a faster, more energy-efficient, and more secure data storage experience to users

Solid-state drives are widely used for domestic and commercial applications owing to their ease of use and enhanced data security level offered by them. Several IT firms use a solid-state drive for storing their important data, as these drives are portable and provide optimum security.

North America accounted for second largest market share of the hardware encryption market during forecast period

The hardware encryption market in North America is estimated to account for a share of ~29% of the overall hardware encryption market. The US is one of the key contributors to the growth of the hardware encryption market in North America. The US is globally considered a hotbed for start-up activities, and the usage of hardware encryption-enabled products in manufacturing facilities of the country is expected to fuel the growth of the hardware encryption market in the US. Organizations in various countries of this region have leveraged the benefits of AI, ML, and deep learning technologies to stay ahead in the market. North American countries have well-established economies, which enable hardware encryption vendors to invest in new technologies. Furthermore, the region is regarded as the center of innovation because the major North American IT companies roll out new offerings and aggressive collaborations occur in the region. The organizations in the region have been massively adopting PCs to streamline their work processes. Additionally, the rapid penetration of mobile devices, such as smartphones, laptops, and USBs, and the imperative need to secure data residing within companies and being transferred over business networks are driving the adoption of hardware encryption in North America.

Breakdown of primary participants:

By Company Type: Tier 1 = 40%, Tier 2 = 30%, and Tier 3 = 30%

By Designation: C-level Executives = 40%, Directors = 40%, and Others = 20%

By Region: North America = 40%, Europe = 30%, Asia Pacific = 20%, and Rest of the World = 10%

The key players in the hardware encryption market include Western Digital Technologies, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Micron Technology, Inc. (US), Kingston Technology Corporation (US), Seagate Technology Holdings PLC (US), NetApp, Inc. (US), KIOXIA Holdings Corporation (Japan), Kanguru Solutions (US), Intel Corporation (US), WinMagic Inc. (Canada), Maxim Integrated Products, Inc. (US), Thales e-Security, Inc. (US), McAfee, LLC (US), Broadcom Inc. (US), International Business Machines Corporation (US), Micro Focus (UK), Giesecke+Devrient (Germany), IDEMIA (France), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), Check Point Software Technologies Ltd. (US), Sophos Group Plc (UK), ESET spol. s.r.o. (Slovak Republic), Trend Micro Incorporated (Japan), and Chipspirit (India).

Research Coverage:

This report has segmented the hardware encryption market based on architecture, product, application, and geography. The report discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across 4 main regions—North America, Europe, Asia Pacific, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the hardware encryption ecosystem.

Key Benefits to Buy Report:

This report includes statistics for the hardware encryption market based on architecture, product, application, and geography, along with their respective market sizes.

Value chain analysis and key industry trends have been provided for the market.

Major drivers, restraints, opportunities, and challenges for the hardware encryption market have been provided in detail in this report.

This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches/developments, contracts/collaborations/agreements/acquisitions.