Hardware Encryption Market worth $357 million by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 8, 2022 /PRNewswire/ -- The global hardware encryption market is projected to grow from USD 271 million in 2021 to USD 357 million by 2027, at a CAGR of 4.8% during the forecast period from 2022 to 2027 according to a new report by MarketsandMarkets™. Extensive acceptance of cloud computing, and substantial development and growth of IoT in various industries create opportunities whereas increasing apprehension over data security and confidentiality, compliance with data privacy security regulations and standards, and development of digital content are the key drivers.

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External Hard Disk Drive is expected to hold the second-largest share of the market during the forecast period

External Hard Disk Drive holds the second-largest market share and is expected to retain its position as second-largest during the forecast period from 2022-2027. Post-pandemic, companies worldwide have switched to a hybrid model of working, which includes both working from home and the office to ensure employees' health and safety. This has led to employees working remotely and from their office desks both. As a large volume of data, which is generated from remotely operated machines, requires to be managed in leading IT companies, the adoption of external hard disk drives has increased and is expected to increase more in the future considering their portability, high storage capacity, reduced price, and security features.

Transportation application in Asia Pacific dominated the market in 2021

Transportation application in Asia Pacific dominated the market and accounted for ~58% in 2021, considering the presence of automotive companies with massive production plants in the region, such as Maruti Suzuki India Limited (India), Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), and others. The embodied encrypted products are connected during the manufacturing stage, which makes them of utmost importance in manufacturing companies. With the increase in the adoption of IoT-enabled products in automobiles, the demand for hardware encryption has increased. In addition to these direct applications in the transportation sector, hardware encryption is also used for securing computing devices, which contain confidential data such as sales data, payment card details for intelligent parking and automated toll collection, passengers details, and others.

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China in Asia Pacific accounts for largest market share of hardware encryption market during forecast period

China in Asia Pacific holds the largest market share and is expected to retain its position as the largest during the forecast period from 2022 to 2027. China is one of the leading countries in the adoption of encryption solutions. The country is increasingly investing in encryption solutions to combat data breach scams, which are on the rise. Many enterprises are moving toward digital transformation and becoming more customer centric. Owing to these factors, hardware encryption is being adopted rapidly.

With the emergence of the country as a global manufacturing hub, the demand and consumption of hardware-encrypted devices are expected to increase in China during the forecast period. It is one of the largest automobile manufacturers in the world, as well as a leading producer of consumer electronics such as smartphones and tablets. Both these automotive and consumer electronics industries use hardware encryption-enabled products and solutions. However, the market in China is influenced by several cultural and social factors, with the concept of encryption being looked down on in some parts of the country owing to its cultural preference for transparency. This may hinder the growth of the hardware encryption market in China.

Some of the key companies in the hardware encryption market include Western Digital Technologies, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Micron Technology, Inc. (US), Kingston Technology Corporation (US), Seagate Technology Holdings PLC (US), NetApp, Inc. (US), KIOXIA Holdings Corporation (Japan), Kanguru Solutions (US), Intel Corporation (US), WinMagic Inc. (Canada), Maxim Integrated Products, Inc. (US), Thales e-Security, Inc. (US), McAfee, LLC (US), Broadcom Inc. (US), etc.

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