Global Hardware Encryption Market, By Type (Application-specific Integrated Circuit (ASIC) and Field-programmable Gate Array (FPGA)), Algorithm and Standard (Rivest, Shamir, and Adelman (RSA), Advanced Encryption Standard (AES), and Others), Product Type (External HDD, Internal HDD, Solid-state Drive, Inline Network Encryptor, USB Flash Drive), Application (Consumer Electronics, IT and Telecom, Healthcare, Aerospace and Defense, Transportation, Others), End Use (Industrial, Commercial, Residential, Government) - Industry Trends and Forecast to 2029
Market Analysis and Size
Encryption and decryption have taken a major role in the prevention of unauthorized access to sensitive or private data. Hardware encryption is considered highly effective in protecting confidential data during transmission and storage.
Global Hardware Encryption Market was valued at USD 231.1 million in 2021 and is expected to reach USD 460.48 million by 2029, registering a CAGR of 9.00% during the forecast period of 2022-2029. Consumer Electronics accounts for the largest application segment in the respective market owing to the rise in consumer electronics applications. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Hardware encryption refers to the process of encoding of data or information into a form that is specifically accessible to only authorized users. An encrypting algorithm is required for encoding of the hardware that generates cipher text. This type of text can be read only after decryption. An authorized user needs to type in a key or a password for decoding this private data.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Application-specific Integrated Circuit (ASIC) and Field-programmable Gate Array (FPGA)), Algorithm and Standard (Rivest, Shamir, and Adelman (RSA), Advanced Encryption Standard (AES), and Others), Product Type (External HDD, Internal HDD, Solid-state Drive, Inline Network Encryptor, USB Flash Drive), Application (Consumer Electronics, IT and Telecom, Healthcare, Aerospace and Defense, Transportation, Others), End Use (Industrial, Commercial, Residential, Government)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Microsoft (US), Bloombase. (US), Symantec (US), Intel Security (US), EMC Corporation (US), Amazon Web Services Inc. (US), Check Point Software Technologies (Israel), Cisco System Inc. (US), F-Secure (Finland), Fortinet Inc. (US), IBM Corporation (US), Oracle Corporation (US), Palo Alto Networks Inc. (US), WinMagic Inc. (Canada), and Trend Micro Incorporated (Japan), among others
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Market Opportunities
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Hardware Encryption Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
Hardware Encryption Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Management of Risks
The use of endpoint security among organizations for understanding, anticipating and holistically managing their risks acts as one of the major factors driving the hardware encryption market. These solutions are effective to make strategic decisions effectively, and respond efficiently.
- Implementation of Stringent Regulations
The rise in implementation of stringent regulations and mandates by the government across various end-user verticals accelerate the market growth. Also, hardware encryption is being widely adopted among organizations due to its unique advantages.
- Rise in Threats
The rise in threats amongst organizations due to digitalization and sharing of large amount of data accelerate further influence the market. The increase in cybersecurity threat is acting as another factor driving the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the hardware encryption market.
Opportunities
Furthermore, extensive acceptance of cloud computing extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, substantial development and growth of IoT in various industries will further expand the market.
Restraints/Challenges
On the other hand, requirement of heavy capital investments by stakeholders and deficiency in buyer responsiveness are expected to obstruct market growth. Also, increase in adoption of SED and TPM in current processors and lack of awareness toward hardware encryption technology are projected to challenge the hardware encryption market in the forecast period of 2022-2029.
This hardware encryption market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on hardware encryption market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Hardware Encryption Market
COVID-19 had a positive impact on the hardware encryption market due to the rise in number of industry verticals adopting security tools during the outbreak of COVID-19. Numerous industries, especially consumer electronics, along with telecommunications and IT was deploying endpoint security to secure consumer data. The hardware encryption market is expected to witness high growth in the post-pandemic scenario owing to the rise in awareness regarding the potential benefits of hardware encryption and increase in cyber threats.
Recent Developments
- Samsung unveiled a Common Criteria Evaluation Assurance Level (CC EAL) 5+ that is certified Secure Element (SE) turnkey solution for mobile devices. The new solution is known to provide a strong security solution consist of a security chip (S3K250AF).
Global Hardware Encryption Market Scope and Market Size
The hardware encryption market is segmented on the basis of type, product type, application and end use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Application-specific Integrated Circuit (ASIC) and Field-programmable Gate Array (FPGA))
- Algorithm and Standard (Rivest, Shamir, and Adelman (RSA)
- Advanced Encryption Standard (AES)
- Others
Product Type
- External HDD
- Internal HDD
- Solid-state Drive
- Inline Network Encryptor
- USB Flash Drive
Application
- Consumer Electronics
- IT and Telecom
- Healthcare
- Aerospace and Defense
- Transportation
- Others
End Use
- Industrial
- Commercial
- Residential
- Government
Hardware Encryption Market Regional Analysis/Insights
The hardware encryption market is analysed and market size insights and trends are provided by country, type, product type, application and end use as referred above.
The countries covered in the hardware encryption market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the hardware encryption market because of the high need for data security is massive in several sectors within the region
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the advancement in IT and telecom infrastructure in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Hardware Encryption Market
The hardware encryption market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hardware encryption market.
Some of the major players operating in hardware encryption market are
- Microsoft (US)
- Bloombase. (US)
- Symantec (US)
- Intel Security (US)
- EMC Corporation (US)
- Amazon Web Services Inc. (US)
- Check Point Software Technologies (Israel)
- Cisco System Inc. (US)
- F-Secure (Finland)
- Fortinet Inc. (US)
- IBM Corporation (US)
- Oracle Corporation (US)
- Palo Alto Networks Inc. (US)
- WinMagic Inc. (Canada)
- Trend Micro Incorporated (Japan)
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