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The global hardware encryption market size was approximately USD 321.08 million in 2023. The market is estimated to grow at a CAGR of 18.7% in the forecast period of 2024-2032, reaching a value of around USD 1,502.02 million by 2032.
Hardware encryption refers to the usage of processors and hardware components to keep sensitive data safe. This is done by the process of encryption, decryption, and key generation using integrated circuits (IC) that are designed to handle the device algorithms.
Based on algorithm standard, the market is divided into Rivest- Shamir-Adleman (RSA), and advanced encryption standard (AES), among others. On the basis of architecture, the market is classified into application-specific integrated circuits (ASIC) and field-programmable gate arrays (FPGA). By product, the hardware encryption market segmentation includes external hard disk drives, internal hard disk drives, inline network encryptors, and USB flash drives, among others.
Based on application, the market is divided into consumer electronics, IT and telecom, transportation, aerospace and defence, healthcare, and BFSI, among others. The major regional markets for hardware encryption are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global hardware encryption market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
According to the hardware encryption market analysis, external hard disk drives hold a significant market share due to their portability and high storage capacity at affordable rates. The integration of hardware encryption into HDD also reduces the necessity for separate encryption solutions, hence customers are investing in integrated HDD encryption to reduce their expenditures.
Meanwhile, internal hard disk drives rely on magnetic disk-based storage to securely store and protect data. They are more durable and faster than external HDDs, which is likely to drive their preference in the coming years.
The Asia Pacific holds a substantial portion of the global hardware encryption market share due to the increasing population and rise in electronic manufacturing activities in the region. The growth of sectors such as healthcare, BSFI, automotive, IT and telecom, aerospace and defence, and government, among others, is also contributing to the market demand.
Furthermore, technological advancements and innovations, along with the growing sales of consumer electronics, are expected to positively impact the hardware encryption market growth in the coming years.
IBM Corporation, founded in 1911, is a multinational technology company that provides hardware, software, and services. The company, with its headquarters in New York, the United States, provides advanced technologies and services to banking, government, retail, and IT and telecommunications, among other sectors.
Micron Technology, Inc., an American company offering computer memory and data storage solutions. It was founded in 1978 and has its headquarters in Idaho. It provides memory solutions and storage systems for applications like automotive and mobile.
Toshiba Electronic Devices & Storage Corporation is a manufacturer of electrical and electronic products. Some of its popular products include personal computers, home appliances, power generators, notebooks, and LCDs.
Other hardware encryption market players include Samsung Electronics Co., Ltd., Kingston Technology Company, Inc., Western Digital Corporation, Analog Devices, Inc., Broadcom, Inc., Thales Group, NetApp, Inc., and Seagate Technology LLC, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Algorithm Standard |
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Breakup by Architecture |
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Breakup by Product |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 (2018-2023)
8.3 Global Hardware Encryption Market Forecast (2024-2032)
8.4 Global Hardware Encryption Market by Algorithm Standard
8.4.1 Advanced Encryption Standard (AES)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Rivest- Shamir-Adleman (RSA)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
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 (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Application-Specific Integrated Circuits (ASIC)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Hardware Encryption Market by Product
8.6.1 External Hard Disk Drives
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Internal Hard Disk Drives
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Inline Network Encryptors
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 USB Flash Drives
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Hardware Encryption Market by Application
8.7.1 Consumer Electronics
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Aerospace and Defence
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 BFSI
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Healthcare
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 IT and Telecom
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Transportation
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 Others
8.8 Global Hardware Encryption Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Hardware Encryption Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Hardware Encryption Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Hardware Encryption Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Hardware Encryption Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Hardware Encryption Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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
List of Key Figures and Tables
1. Global Hardware Encryption Market: Key Industry Highlights, 2018 and 2032
2. Global Hardware Encryption Historical Market: Breakup by Algorithm Standard (USD Million), 2018-2023
3. Global Hardware Encryption Market Forecast: Breakup by Algorithm Standard (USD Million), 2024-2032
4. Global Hardware Encryption Historical Market: Breakup by Architecture (USD Million), 2018-2023
5. Global Hardware Encryption Market Forecast: Breakup by Architecture (USD Million), 2024-2032
6. Global Hardware Encryption Historical Market: Breakup by Product (USD Million), 2018-2023
7. Global Hardware Encryption Market Forecast: Breakup by Product (USD Million), 2024-2032
8. Global Hardware Encryption Historical Market: Breakup by Application (USD Million), 2018-2023
9. Global Hardware Encryption Market Forecast: Breakup by Application (USD Million), 2024-2032
10. Global Hardware Encryption Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Hardware Encryption Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Hardware Encryption Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Hardware Encryption Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Hardware Encryption Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Hardware Encryption Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Hardware Encryption Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Hardware Encryption Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Hardware Encryption Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Hardware Encryption Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Hardware Encryption Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Hardware Encryption Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Hardware Encryption Market Structure
In 2023, the market reached an approximate value of USD 321.08 million.
The market is projected to grow at a CAGR of 18.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 1,502.02 million by 2032.
The major market drivers include surging sales of consumer electronics and the rising adoption of hardware encryption in large-sized businesses.
The key trends of the market include cost-effectiveness of hardware encryption solutions, stringent regulatory compliances in various sectors, and technological advancements and innovations.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major products considered in the market report are external hard disk drives, internal hard disk drives, USB flash drives, and inline network encryptors, among others.
The different applications of hardware encryption include consumer electronics, transportation, healthcare, IT and telecom, aerospace and defence, and BFSI, among others.
The key market players are IBM Corporation, Micron Technology, Inc., Samsung Electronics Co., Ltd., Toshiba Electronic Devices & Storage Corporation, Kingston Technology Company, Inc., Western Digital Corporation, Analog Devices, Inc., NetApp, Inc., Thales Group, Seagate Technology LLC, and Broadcom, Inc., among others.
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