Hardware Encryption Market to Garner $1,239.85 Bn, Globally, by 2027 at 32.2% CAGR, Says Allied Market Research
- Declining prices of hardware encryption devices and surge in complexity & risk of data breaches and brute-force attacks drive the growth of the global hardware encryption market
PORTLAND, Ore., Jan. 19, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Hardware Encryption Market by Algorithm & Standard (Rivest, Shamir, and Adelman (RSA); Advanced Encryption Standard (AES); and Others), Architecture (Application-specific Integrated Circuit (ASIC) and Field-programmable Gate Array (FPGA)), Product (Hard Disk Drive (HDD), Solid-state Drives (SSD), Universal Serial Bus (USB), and Inline Network Encryptor), Application (Consumer electronics, IT & Telecom, Automotive & Transportation, Aerospace & Defense, Healthcare, Government & Public Utilities, BFSI, and Others), and End Use (Industrial, Commercial, Residential, and Government): Global Opportunity Analysis and Industry Forecast, 2019–2027". As per the report, the global hardware encryption industry was pegged at $131.77 billion in 2019, and is projected to reach $1,239.85 billion by 2027, growing at a CAGR of 32.2% from 2020 to 2027.
Major determinants of the market
Declining prices of hardware encryption devices, imposition of regulatory compliances about the protection of private & confidential data, and surge in complexity & risk of data breaches and brute-force attacks drive the growth of the global hardware encryption market. However, high capital investment and limiting use of encrypted devices in some countries hamper the market growth. On the contrary, ongoing technological advancements in encryption chips and adoption of Internet of Things (IoT) technology and cloud services are expected to create lucrative opportunities in the coming years.
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The consumer electronics segment dominated the market
By application, the consumer electronics segment held the largest share in 2019, accounting for more than one-fourth of te global hardware encryption market, owing to emergence of bring-your-own-devices (BYOD) across number of organizations. However, the IT & telecom segment is projected to register the highest CAGR of 40.6% during the forecast period, due to increase in the trend of mobile broadband, cloud computing, and big data management in the telecom sector.
The government segment to manifest the highest CAGR through 2027
By end user, the government segment is anticipated to portray the highest CAGR of 37.1% from 2020 to 2027. This is due to increase in digitalization and rise in need for data security. However, the commercial segment held the lion's share in 2019, contributing to more than one-third of the global hardware encryption market, owing to rise in use of mobile devices by numerous governmental agencies along with the storage of confidential financial as well as healthcare data.
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Asia-Pacific, followed by North America, held the lion's share
By region, the market across Asia-Pacific held the largest share in 2019, accounting for around two-fifths of the market. In addition, the region is expected to register the highest CAGR of 35.9% from 2020 to 2027, owing to high population density, surge in usage across sectors such as healthcare, BFSI, automotive & transportation, and military & aerospace, and rapid growth in the middle-class population. On the other hand, the global hardware encryption market across North America is expected to register the highest CAGR of 27.1% during the forecast period.
Major market players
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