Global Hardware Encryption Devices Market Growth 2024-2030
Hardware Encryption Devices market size was valued at US$ 36780 million in 2023 and is estimated to reach US$ 194580 million by 2030 with a CAGR of 26.9% during review period.
According to Publisher’s latest study, the global Hardware Encryption Devices market size was valued at US$ 36780 million in 2023. With growing demand in downstream market, the Hardware Encryption Devices is forecast to a readjusted size of US$ 194580 million by 2030 with a CAGR of 26.9% during review period.
Market Overview
What's Inside a Bonafide Research`s industry report?
A Bonafide Research industry report provides in-depth market analysis, trends, competitive insights, and strategic recommendations to help businesses make informed decisions.
The research report highlights the growth potential of the global Hardware Encryption Devices market. Hardware Encryption Devices are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Hardware Encryption Devices. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Hardware Encryption Devices market.
Hardware-based encryption devices offer the security of strong encryption with the ease of minimal configuration and platform interoperability. Hardware encryption can offer several benefits beyond those provided by software encryption. These include faster algorithm processing, tamper-proof or tamper-resistant key storage, and protection against unauthorized code.
Key Features:
Make this report your own
Have queries/questions regarding a report
Take advantage of intelligence tailored to your business objective
Manmayi Raval
Research Consultant
Market Drivers: Growing Cybersecurity Risks: As cyberattacks increase in frequency, strong data encryption solutions are more necessary to protect against breaches and unwanted access.
Regulation Requirements: Strict data protection laws, like the GDPR in Europe and HIPAA in the US, force businesses to use encryption, which fuels demand in the market.
Technological Advancements: Hardware encryption devices' dependability and effectiveness are increased by ongoing developments in hardware security modules and encryption algorithms, which supports market expansion.
Challenges: Interoperability Problems: Problems with compatibility between various encryption schemes and systems impede the adoption and integration of these solutions.
Don’t pay for what you don’t need. Save 30%
Customise your report by selecting specific countries or regions
Complexity of Implementation: Organizations with limited resources may find it difficult to implement hardware encryption solutions since they call for specific knowledge and experience.
Emerging Threats: New challenges for conventional encryption techniques are brought about by the advent of quantum computing and sophisticated cyber threats, which calls for continued study and development.
Market Forecasts and Future Outlook: The industry for hardware encryption devices seems to have a bright future ahead of it. The market will expand due to ongoing technical advancements, clever collaborations, and a changing regulatory environment. However, industry players will need to work together to address issues like interoperability and new risks. Through utilizing technological breakthroughs and seizing new possibilities, the hardware encryption devices market is positioned to grow steadily and withstand challenges in the years to come.
Opportunities: IoT Security: As Internet of Things (IoT) devices proliferate, there is an increasing need for hardware encryption solutions to protect data transferred between linked devices.
Cloud Adoption: To maintain data security and compliance, enterprises are moving more and more to cloud-based settings, which is driving up demand for hardware-based encryption solutions.
Emerging Technologies: There are prospects for market differentiation and expansion due to technological advancements like homomorphic encryption and quantum-resistant encryption.
Market Segmentation:
Hardware Encryption Devices market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. In terms of product, Encrypted Hard Disk Drives is the largest segment, with a share over 55%. And in terms of application, the largest channel is IT & Telecom.
1. Segmentation by type
• Encrypted Hard Disk Drives
• Encrypted Solid-State Drives
• Hardware Security Module
2. Segmentation by application
• IT & Telecom
• BFSI
• Government & Public Utilities
• Manufacturing Enterprise
• Others
Regional Insight: North America (NA): Dominance in Cybersecurity: Thanks to its sophisticated infrastructure and strict laws like HIPAA, NA is the leader in cybersecurity. Technological Hub: Center of invention and home to important figures that propel encryption forward. Continued Growth: Growing risks guarantee ongoing demand, upholding NA's hegemony in the market.
Europe- Regulation Strictness: GDPR's stringent data protection requirements are driving up demand for encryption. Innovation Adoption: Prompt adoption of new encryption technologies, such as algorithms immune to quantum fluctuations. Market Maturity: Europe presents development possibilities in industries such as healthcare and banking, despite market saturation.
Southeast Asia (SEAN): Digital Asset Security: The need for encryption is growing due to the quick digitization of digital assets. Governments and businesses are investing a lot on cybersecurity to counter growing dangers. Opportunities in IoT: As IoT devices proliferate, there is an increasing need for safe encryption solutions.
South America (SA): Growing awareness of data security is driving demand for encryption technologies. New Regulations: Adoption of GDPR-style worldwide norms for data protection laws. Economic Growth: Infrastructure investments in cybersecurity are stimulated by growing economies.
Africa and the Middle East (MEA): Cyber Threat Landscape: To protect vital infrastructure from escalating threats, encryption solutions are required. Government Initiatives: Adoption of encryption is fueled by efforts to improve cybersecurity capabilities. Vertical Markets: Encryption solution opportunities in industries such as banking, government, and oil and gas.
1. Americas
• United States
• Canada
• Mexico
• Brazil
2. APAC
• China
• Japan
• Korea
• Southeast Asia
• India
• Australia
3. Europe
• Germany
• France
• UK
• Italy
• Russia
4. Middle East & Africa
• Egypt
• South Africa
• Israel
• Turkey
• GCC Countries
Competitive Landscape: United States Hardware Encryption Devices key players include Western Digital Corp, Seagate Technology PLC, Samsung Electronics, Thales, etc. Top four companies hold a share over 50%.
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
• Western Digital Corp
• Seagate Technology PLC
• Samsung Electronics
• Micron Technology Inc
• Intel
• Kingston Technology Corp
• Toshiba
• Gemalto (Thales)
• Certes Networks Inc.
• Kanguru Solutions
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Hardware Encryption Devices Annual Sales 2019-2030
2.1.2 World Current & Future Analysis for Hardware Encryption Devices by Geographic Region, 2019, 2023 & 2030
2.1.3 World Current & Future Analysis for Hardware Encryption Devices by Country/Region, 2019, 2023 & 2030
2.2 Hardware Encryption Devices Segment by Type
2.2.1 Encrypted Hard Disk Drives
2.2.2 Encrypted Solid-State Drives
2.2.3 Hardware Security Module
2.3 Hardware Encryption Devices Sales by Type
2.3.1 Global Hardware Encryption Devices Sales Market Share by Type (2019-2024)
2.3.2 Global Hardware Encryption Devices Revenue and Market Share by Type (2019-2024)
2.3.3 Global Hardware Encryption Devices Sale Price by Type (2019-2024)
2.4 Hardware Encryption Devices Segment by Application
2.4.1 IT & Telecom
2.4.2 BFSI
2.4.3 Government & Public Utilities
2.4.4 Manufacturing Enterprise
2.4.5 Others
2.5 Hardware Encryption Devices Sales by Application
2.5.1 Global Hardware Encryption Devices Sale Market Share by Application (2019-2024)
2.5.2 Global Hardware Encryption Devices Revenue and Market Share by Application (2019-2024)
2.5.3 Global Hardware Encryption Devices Sale Price by Application (2019-2024)
3 Global Hardware Encryption Devices by Company
3.1 Global Hardware Encryption Devices Breakdown Data by Company
3.1.1 Global Hardware Encryption Devices Annual Sales by Company (2019-2024)
3.1.2 Global Hardware Encryption Devices Sales Market Share by Company (2019-2024)
3.2 Global Hardware Encryption Devices Annual Revenue by Company (2019-2024)
3.2.1 Global Hardware Encryption Devices Revenue by Company (2019-2024)
3.2.2 Global Hardware Encryption Devices Revenue Market Share by Company (2019-2024)
3.3 Global Hardware Encryption Devices Sale Price by Company
3.4 Key Manufacturers Hardware Encryption Devices Producing Area Distribution, Sales Area, Product Type
3.4.1 Key Manufacturers Hardware Encryption Devices Product Location Distribution
One individual can access, store, display, or archive the report in Excel format but cannot print, copy, or share it. Use is confidential and internal only. License information
One individual can access, store, display, or archive the report in PDF format but cannot print, copy, or share it. Use is confidential and internal only. License information
Up to 10 employees in one region can store, display, duplicate, and archive the report for internal use. Use is confidential and printable. License information
All employees globally can access, print, copy, and cite data externally (with attribution to Bonafide Research). License information