Global Hardware Encryption Market Size, Trends, and Analysis - Forecasts To 2026 By Architecture (Application-Specific Integrated Circuits, Field-programmable Gate Arrays), By Products (Solid-State Drive, External Hard Disk Drive, Inline Network Encryptor, Internal Hard Disk Drives, USB Flash Drive), By Application (IT & Telecom, Aerospace & Defense, Healthcare, Consumer Electronics, Transportation, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Hardware Encryption Market: Insights
Hardware encryption is an encryption technique for the protection of digital data, and this is generally implemented based on the instruction set of the processor. Hardware encryption prevents software-based encryption risks, such as performance loss. The rising demand for hardware encryption is boosted by the widespread acceptance of cloud computing and the rapidly growing use of IoT in different sectors. Increasing concern about data protection and the proliferation of digital content are the significant aspects that are expected to fuel the demand for hardware encryption. Hardware encryption covers a broad range of network and memory device applications. Furthermore, the rising adoption of cloud computing and the growing awareness of circuit protection is projected to increase the demand for the market for hardware encryption during 2021 and 2026.
Hardware Encryption Market: By Product Types
The five different types of products in the market are solid-state drives, external hard disc drives, inline network encryption, internal hard disc drives, and USB flash drives. The solid-state drive product segment is projected to expand at a high CAGR rate in terms of value over the forecast timeframe. This is due to the increasing case of data breaches driving the growth of the market. Work from home instructions resulted in a short-term spike in PCs and other remote work systems because of the COVID-19 pandemic. It will boost demand for primary storage SSDs and near-line HDDs for bulk secondary storage. Moreover, users from different industries have been attracted to the use of SSDs by the product's functionality and relatability.
Hardware Encryption Market: By Application
The five dimensions according to the application outlook are IT & telecom, aerospace & defense, healthcare, consumer electronics, and transportation, among others. The largest market shareholder in 2019 was the division of consumer electronics. This is due to the emergence of BYOD (bring-your-own-devices) across several enterprises, which is intended to raise the need for hardware-encrypted protection. Several electronic devices are required to enforce encryption to store confidential data, resulting in the growth of applications for consumer electronics.
Hardware Encryption Market: By Architecture
The architecture firm can be split into integrated circuits unique to the application and field-programmable gate arrays. It is expected that the application-specific integrated circuits segment will dominate the market over the timeframe expected. The ASIC is an integrated circuit (IC) chip that is customized for a specific purpose instead of for general application. ASIC circuits are mainly finding their applications in commercial and industrial sectors.
Hardware Encryption Market: By Region
The market is led by the North American region in terms of market value. The emergence of cloud-based services and the advancement of IoT technology have also led to some significant factors contributing to growth in the region. Furthermore, the Asia - Pacific region is projected to grow at the highest CAGR owing to the developments in IT & Telecom infrastructure, aircraft repairs and operations, and an emerging healthcare center. The increasing internet accessibility and rising demand for smartphones and tablets are also some significant factors contributing towards growth in the APAC market.
Hardware Encryption Market: Share & Competitor Analysis
Western Digital Corp., Micron, Seagate Technology Plc, Kioxia Holdings Corporation, Intelmaxim Integrated Products, Inc., Mcafee, IBM, Samsung, Kingston Technology Corp., Netapp, Kanguru Solutions, Winmagic Inc., Thales E-Security, and Broadcom among others are the primary vendors competing in the hardware encryption market.
Please note: This is not an exhaustive list of companies profiled in the report.
In August 2019, Two new 96-layer 3D flash NVME SSD family had been introduced by Western Digital, the Ultrastar DC SN640, designed for extreme performance in mixed-workload applications such as MySQL, and virtual desktops, among others.
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The Global Hardware Encryption Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Hardware Encryption Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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