With 4.8% CAGR, Hardware Encryption Market Growth to Surpass USD 357 million

The global hardware encryption market is projected to grow from USD 271 million in 2022 to USD 357 million by 2027, at a CAGR of 4.8% during the forecast period from 2022 to 2027. The growth of this market is driven by factors such as development of digital content, increasing apprehension over data security and confidentiality, and compliance with data privacy security regulations and standards. However, extensive acceptance of cloud computing, and substantial development and growth of IoT in various industries create opportunities for the hardware encryption market.

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Amongst the hardware encryption market by architecture, the application-specific integrated circuits segment is estimated to account for ~77% of the hardware encryption market in 2022. The growth of this market segment can be attributed to the increased use of application-specific integrated circuits in various industries such as aerospace, IT and telecommunications, and consumer electronics owing to their energy efficiency, higher non-recurring engineering cost (NRE), superior performance, and performance efficiency. Moreover, they are stationary (tamperproof) and work at high frequencies as well. Many engineers use FPGAs in prototypes when designing a product, but once the product design is complete and ready for mass production, they switch to ASICs designed for their application. The field-programmable gate arrays are expected to grow at the highest rate during the forecast period owing to the advantages such as low-cost integration, high performance, and energy efficiency, which are increasing their usage in edge AI devices, AI workstations, and High-Performance Computing (HPC) applications.

Based on products, the hardware encryption market for the inline network encryptors segment accounted for the largest size in 2021. With the growing demand for cloud computing and data storage, the requirement of encrypting data in transit mode is also increasing. This, in turn, results in a significant demand for inline network encryptors. Moreover, the commercialization of IoT has led to a surge in demand for inline network encryptors globally.

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Amongst the hardware encryption market in North America, the US accounted for the largest share of ~82% of the hardware encryption market in 2021. The country is home to several companies, such as Western Digital Technologies, Inc., Kingston Technology Corporation, and Micron Technology, Inc., which manufacture hardware-encrypted products. Thus, the country is a key player in the hardware encryption market globally. Moreover, with increasing investments in research and development activities, the demand for encryption-enabled devices is expected to witness a surge in the US in the coming years.

News also covered: https://www.prnewswire.com/news-releases/hardware-encryption-market-worth-357-million-by-2027---exclusive-report-by-marketsandmarkets-301698371.html

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This release was published on openPR.