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Hardware Encryption Market to Garner $1,239.85 Bn, Globally, by 2027 at 32.2% CAGR, Says Allied Market Research
[January 19, 2021]

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.

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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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Covid-19 scenario:

  • The lockdown across various countries encouraged companies to opt for work from home culture. This increased the need for organizations and individuals to focus on data protection, storage, and recovery.
  • Adoption of hardware encryption facilities during such unprecedented times enabled governments across the globe to quickly respond to the pandemic situation in a secured manner.

Get detailed COVID-19 impact analysis on the hardware encryption market:

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

  • International Business Machines (IBM) Corporation
  • McAfee, LLC
  • Kingston Technology Company, Inc.
  • NetApp
  • Micron Technology, Inc.
  • Seagate Technology LLC
  • Samsung Electronics Co., Ltd.
  • Toshiba Corporation
  • Symantec Corporation
  • Western Digital Technologies, Inc.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.


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