Hardware Encryption Market Size Is Booming Worldwide | Samsung Electronics Co., Ltd., Seagate Technology LLC, Symantec Corporation, Toshiba Corporation

Hardware encryption is a hardware-based technique, which is used for securing digital data. The two forms of encryption include hardware-based encryption and software-based encryption. Hardware encryption uses a processor that contains random number of generators to generate encryption key. The key advantage of hardware-based solutions is that they eliminate the typical drawbacks of software-based solutions such as performance degradation for attacks aimed at the encryption key stored in memory. In hardware encryption, security parameters and safeguard keys enhance the performance of encryption. These security parameters protect the encryption from cold boots and brute-force attacks. Hardware encryption is a cost-effective method that holds diverse applications in securing data efficiently.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Increase in regulatory compliances regarding protection of private & sensitive data and reduction in prices of hardware encryption devices majorly drive the growth of the global hardware encryption market. Moreover, factors such as increase in concerns related to data security and privacy, rise in penetration of consumer electronics such as smartphones & tablets, and increase in complexity & risk of data breaches as well as brute-force attacks majorly drive the growth of the market. However, high capital investment and limited use of encrypted devices across some of the countries, such as the U.S., hinder the market growth. On the contrary, widespread adoption of Internet of Things (IoT) technology and cloud services as well as technological advancements in encryption chips are anticipated to offer lucrative opportunities for market expansion during the forecast period.

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The global hardware encryption market is segmented into algorithm & standard, architecture, product, application, end use, and region. Depending on algorithm & standard, the market is segregated into RSA, AES, and others. On the basis of architecture, it is classified into ASIC and FPGA. The product segment includes HDD, SSD, USB, and incline network encryptor. By application, the market is categorized into consumer electronics, IT & telecom, automotive & transportation, aerospace & defense, healthcare, and others. The end-use segment is fragmented into industrial, commercial, residential, and government. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the hardware encryption market and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analyses on the market is provided.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the hardware encryption industry.
- The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.

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

KEY MARKET SEGMENTS
BY ALGORITHM & STANDARD
- Rivest, Shamir, and Adelman (RSA)
- Advanced Encryption Standard (AES)
- Others

BY ARCHITECTURE
- Application-specific Integrated Circuit (ASIC)
- Field-programmable Gate Array (FPGA)

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BY PRODUCT
- Hard Disk Drive (HDD)
o External HDD
o Internal HDD
- Solid-state Drives (SSD)
- Universal Serial Bus (USB)
o Up to 4GB
o 5-16GB
o 17-64GB
o 65GB & Above
- Inline Network Encryptor

BY APPLICATION
- Consumer electronics
- IT & Telecom
- Automotive & Transportation
- Aerospace & Defense
- Healthcare
- Government & Public Utilities
- BFSI
- Others

BY END USE
- Industrial
- Commercial
- Residential
- Government

BY REGION
- North America
o U.S.
o Canada

- Europe
o UK
o Germany
o France
o Russia
o Italy
o Rest of Europe

- Asia-Pacific
o China
o India
o Japan
o South Korea
o Australia
o Rest of Asia-Pacific

- LAMEA
o Latin America
o Middle East
o Africa

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