Dublin, Dec. 29, 2022 (GLOBE NEWSWIRE) -- The "Hardware Encryption Market by Product Type (External HDD, Internal HDD, SSD, Inline Network Encryptor, USB Flash Drive), Application (Consumer Electronics, Aerospace & Defense, Transportation, Healthcare) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The hardware encryption market was valued at USD 271 million in 2021 and is expected to grow at a CAGR of 4.8% from 2022 to reach USD 357 million by 2027.
Increasing apprehension over data security and confidentiality, compliance with data privacy security regulations and standards, and digital content development are the key factors driving the hardware encryption market.
Solid-state drives to witness highest CAGR during the forecast period
The solid-state drives segment is expected to grow with the highest CAGR during the forecast period from 2022 to 2027. SSDs are much faster and offer reduced boot time, which increases their adoption in the computing process. Additionally, SSDs are drawing users' attention worldwide due to their numerous advantages, such as fast read-write speed, no noise, lower consumption, portability, and so on. It can offer a faster, more energy-efficient, and more secure data storage experience to users
Solid-state drives are widely used for domestic and commercial applications owing to their ease of use and enhanced data security level offered by them. Several IT firms use a solid-state drive for storing their important data, as these drives are portable and provide optimum security.
North America accounted for second-largest market share of the hardware encryption market during forecast period
The hardware encryption market in North America is estimated to account for a share of ~29% of the overall hardware encryption market. The US is one of the key contributors to the growth of the hardware encryption market in North America.
The US is globally considered a hotbed for start-up activities, and the usage of hardware encryption-enabled products in manufacturing facilities of the country is expected to fuel the growth of the hardware encryption market in the US. Organizations in various countries of this region have leveraged the benefits of AI, ML, and deep learning technologies to stay ahead in the market. North American countries have well-established economies, which enable hardware encryption vendors to invest in new technologies.
Furthermore, the region is regarded as the center of innovation because the major North American IT companies roll out new offerings and aggressive collaborations occur in the region. The organizations in the region have been massively adopting PCs to streamline their work processes. Additionally, the rapid penetration of mobile devices, such as smartphones, laptops, and USBs, and the imperative need to secure data residing within companies and being transferred over business networks are driving the adoption of hardware encryption in North America.
| Report Attribute | Details |
| No. of Pages | 210 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $271 Million |
| Forecasted Market Value (USD) by 2027 | $357 Million |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Apprehension Over Data Security and Confidentiality
- Compliance with Data Privacy/Security Regulations and Standards
- Development of Digital Content
Restraints
- Heavy Capital Investments by Stakeholders
Opportunities
- Extensive Acceptance of Cloud Computing
- Substantial Development and Growth of IoT in Various Industries
Challenges
- Lower Buyer Responsiveness and Awareness of Hardware Encryption Technology
- Adoption of SED and TPM in Current Processors
Companies Mentioned
- Broadcom Inc.
- Check Point Software Technologies Ltd.
- Chipspirit
- ESET spol. s.r.o.
- Giesecke+Devrient
- IDEMIA
- Infineon Technologies AG
- Intel Corporation
- International Business Machines Corporation
- KIOXIA Holdings Corporation
- Kanguru Solutions
- Kingston Technology Corporation
- Maxim Integrated Products, Inc.
- McAfee, LLC
- Micro Focus
- Micron Technology, Inc.
- NXP Semiconductors N.V.
- NetApp, Inc.
- Samsung Electronics Co., Ltd.
- Seagate Technology Holdings PLC
- Sophos Group Plc
- Thales e-Security, Inc.
- Trend Micro Incorporated
- Western Digital Technologies, Inc.
- WinMagic Inc.
For more information about this report visit https://www.researchandmarkets.com/r/nint18
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