Hardware Encryption Market Size, Huge Demand, Analysis by Key Players and Forecast by 2032

The hardware encryption market was valued at $293.31 billion in 2022, and is estimated to reach $1.8 trillion by 2032, growing at a CAGR of 19.5% from 2023 to 2032.

The IT and telecom segment is expected to witness the highest growth in the upcoming years. Hardware encryption plays a crucial role in the IT and telecom industry by providing a robust layer of security for sensitive data and communications.

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Today, everyone, from businesses and governments to individuals, shares a common need and desire to safeguard important personal and private information. Whether it is stored or transported, data protection is essential. To protect against malicious hackers and organizational data breaches, it is necessary to encrypt in-flight data as well as data at rest. Hardware encryption provides a fortified layer of protection just in case unauthorized access is somehow granted to a computer network or storage device.

Moreover, in the BFSI sector, hardware encryption is essential for protecting the privacy and security of sensitive data. This sector deals with vast amounts of sensitive data, which in turn provides lucrative opportunities for the growth of hardware encryption. Meanwhile, there is an increase in demand for hardware encryption in the government sector, which can improve privacy and data protection capabilities of crucial assets. Multiple applications offered by hardware encryption in several industries are expected to propel the global market demand.

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By region, Asia-Pacific dominated the market growth in 2022 and is expected to exhibit highest growth during the forecast period, owing to the heavy investments made by private and public sectors for securing sensitive data, which is resulting into increased demand for encryption software used to secure and ensure privacy of data. Moreover, the hardware encryption market in Asia-Pacific for encrypted storage devices is expected to grow at a notable rate, owing to surge in cases of data breaches and rise in need for data security.

The key players that operate in the hardware encryption market analysis are Broadcom Inc., International Business Machines Corporation, McAfee, LLC, Micron Technology, Inc., NetApp, Inc., Samsung Electronics Co., Ltd., Toshiba Corporation, Kingston Technology Company, Inc., Seagate Technology, LLC. And Western Digital Technologies, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the hardware encryption industry.

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