Hardware Encryption Market to Reach $903.56 Bn, Globally, by 2026 at 30.3% CAGR: Allied Market Research

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Sep 02, 2020, 09:00 ET

PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research 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, 2018–2026." According to the report, the global hardware encryption market was estimated at $109.24 billion in 2018, and is expected to hit $903.56 billion by 2026, registering a CAGR of 30.3% from 2019 to 2026.

Drivers, restraints, and opportunities

Imposition of regulatory compliances regarding protection of private & sensitive data, decline in prices of hardware encryption devices, upsurge in penetration of consumer electronics such as smartphones and tablets, and increase in complexity & risk of data breaches & brute-force attacks drive the growth of the global hardware encryption market. On the other hand, high capital investment and limitations in use of encrypted devices in some countries restrain the growth to some extent. However, widespread adoption of Internet of Things (IoT) technology & cloud services and ongoing technological advancements in encryption chips are expected to create multiple opportunities in the industry.

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COVID-19 scenario

The global lockdown has mandated the practice of work-from-home for most of the organizations. Accordingly, encryption and decryption process have played a significant role in preventing unauthorized access to sensitive or private data. Therefore, the global hardware encryption market has not been much impacted by the pandemic.
However, the market players need to change their business strategies in order to revive the market from the situations and revive their position in terms of revenue.

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The RSA segment to maintain the lion's share by 2026

Based on algorithm & standard, the RSA segment accounted for nearly half of the global hardware encryption market share in 2018, and is expected to rule the roost by the end of 2026, owing to increase in use of RSA algorithm to secure the communication between e-commerce sites and web browsers, as these online businesses tend to deal with sensitive data of the customers. The AES segment, on the other hand, would register the fastest CAGR of 33.0% during the study period, Wide acceptance of advanced encryption standard as a highly secure and fast algorithm for encryption fuels the growth of the segment.

The ASIC segment to dominate during the estimated period

Based on architecture, the ASIC segment contributed to nearly two-thirds of the global hardware encryption market revenue in 2018, and is anticipated to rule the roost by 2026. This is attributed to rise in demand for ASIC in the consumer electronics industry because of low cost of implementation. Simultaneously, the FPGA segment would garner the fastest CAGR of 31.9% from 2019 to 2026. This is due to increase in popularity of FPGA algorithms on account of low cost and enhanced flexibility.

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Asia-Pacific to dominate in terms of revenue, North America to grow at a moderate rate

Based on geography, Asia-Pacific held the major share in 2018, generating nearly two-fifths of the global hardware encryption market. The same region would also register the fastest CAGR of 33.2% throughout the forecast period. The growth of the market is driven by factors such as high population density, increase in household income, and rapid growth of the middle-class population in the province. However, North America would portray a CAGR of 26.8% till 2026.

Frontrunners in the industry

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

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