Hardware Encryption Market Size Booms | Share Will Hit $1.8 Trillion by 2032

As per the report, the global hardware encryption industry was pegged at $131.77 billion in 2019, and is projected to reach $1,239.85 billion by 2027, growing at a CAGR of 32.2% from 2020 to 2027.

Hardware encryption is becoming a crucial component of data protection strategies across multiple industries, driven by an increased need to secure both in-transit and at-rest data. As cyber threats grow more sophisticated, businesses, governments, and individuals are seeking robust methods to shield personal and private information from unauthorized access, including breaches and hacking attempts. Unlike software encryption, which can be vulnerable to certain forms of attacks or breaches, hardware encryption offers a built-in security layer that secures data even if a device is compromised.

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In the BFSI (Banking, Financial Services, and Insurance) sector, hardware encryption has become indispensable for safeguarding the vast quantities of sensitive financial and personal data that organizations handle daily. The high-risk profile of this sector, combined with stringent regulatory requirements, creates strong incentives for adopting hardware encryption solutions. Similarly, the government sector is turning to hardware encryption to protect critical infrastructure and sensitive citizen data, which are frequently targeted by cyberattacks.

Declining prices of hardware encryption devices, imposition of regulatory compliances about the protection of private & confidential data, and surge in complexity & risk of data breaches and brute-force attacks drive the growth of the global hardware encryption market. However, high capital investment and limiting use of encrypted devices in some countries hamper the market growth. On the contrary, ongoing technological advancements in encryption chips and adoption of Internet of Things (IoT) technology and cloud services are expected to create lucrative opportunities in the coming years.

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Covid-19 scenario:

1. The lockdown across various countries encouraged companies to opt for work from home culture. This increased the need for organizations and individuals to focus on data protection, storage, and recovery.

2. Adoption of hardware encryption facilities during such unprecedented times enabled governments across the globe to quickly respond to the pandemic situation in a secured manner.

By application, the consumer electronics segment held the largest share in 2019, accounting for more than one-fourth of the global hardware encryption market, owing to emergence of bring-your-own-devices (BYOD) across number of organizations. However, the IT & telecom segment is projected to register the highest CAGR of 40.6% during the forecast period, due to increase in the trend of mobile broadband, cloud computing, and big data management in the telecom sector.

By end user, the government segment is anticipated to portray the highest CAGR of 37.1% from 2020 to 2027. This is due to increase in digitalization and rise in need for data security. However, the commercial segment held the lion's share in 2019, contributing to more than one-third of the global hardware encryption market, owing to rise in use of mobile devices by numerous governmental agencies along with the storage of confidential financial as well as healthcare data.

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Based on the product, the hard disk drive (HDD) segment dominated the hardware encryption market share in 2022 and is expected to continue this trend during the forecast period. The growth of the segment is attributed to stabilization of the laptop market and surge in adoption of hard disk drives in cloud & other enterprise applications. In addition, the rise in popularity of social media, increase in number of mobile users, surge in penetration of next-generation connected devices, and increase in need for high-capacity storage devices drive the growth of the hard disk drive (HDD) segment. However, the solid-state drives (SSD) segment is expected to witness highest growth in the upcoming years, owing to the growing demand for encrypted solid-state drive as it provides faster encryption as compared to the hard disk drive (HDD) devices.

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.

Major market players

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

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