The report "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" The global hardware encryption market is projected to grow from USD 271 million in 2021 to USD 357 million by 2027, at a CAGR of 4.8% during the forecast period from 2022 to 2027.Extensive acceptance of cloud computing, and substantial development and growth of IoT in various industries create opportunities whereas increasing apprehension over data security and confidentiality, compliance with data privacy security regulations and standards, and development of digital content are the key drivers.
External Hard Disk Drive is expected to hold the
second-largest share of the market during the forecast period
External Hard Disk Drive holds the second-largest
market share and is expected to retain its position as second-largest during
the forecast period from 2022-2027. Post-pandemic, companies worldwide have
switched to a hybrid model of working, which includes both working from home
and the office to ensure employees’ health and safety. This has led to
employees working remotely and from their office desks both. As a large volume
of data, which is generated from remotely operated machines, requires to be
managed in leading IT companies, the adoption of external hard disk drives has
increased and is expected to increase more in the future considering their
portability, high storage capacity, reduced price, and security features.
Transportation application in Asia Pacific dominated
the market in 2021
Transportation application in Asia Pacific dominated
the market and accounted for ~58% in 2021, considering the presence of
automotive companies with massive production plants in the region, such as
Maruti Suzuki India Limited (India), Toyota Motor Corporation (Japan), Hyundai
Motor Company (South Korea), and others. The embodied encrypted products are
connected during the manufacturing stage, which makes them of utmost importance
in manufacturing companies. With the increase in the adoption of IoT-enabled
products in automobiles, the demand for hardware encryption has increased. In
addition to these direct applications in the transportation sector, hardware
encryption is also used for securing computing devices, which contain
confidential data such as sales data, payment card details for intelligent
parking and automated toll collection, passengers details, and others.
China in Asia Pacific accounts for largest market
share of hardware encryption market during forecast period
China in Asia Pacific holds the largest market share
and is expected to retain its position as the largest during the forecast
period from 2022 to 2027. China is one of the leading countries in the adoption
of encryption solutions. The country is increasingly investing in encryption
solutions to combat data breach scams, which are on the rise. Many enterprises
are moving toward digital transformation and becoming more customer centric.
Owing to these factors, hardware encryption is being adopted rapidly.
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With the emergence of the country as a global
manufacturing hub, the demand and consumption of hardware-encrypted devices are
expected to increase in China during the forecast period. It is one of the
largest automobile manufacturers in the world, as well as a leading producer of
consumer electronics such as smartphones and tablets. Both these automotive and
consumer electronics industries use hardware encryption-enabled products and
solutions. However, the market in China is influenced by several cultural and
social factors, with the concept of encryption being looked down on in some
parts of the country owing to its cultural preference for transparency. This
may hinder the growth of the hardware encryption market in China.
Some of the key companies in the hardware encryption
market include Western Digital Technologies, Inc. (US), Samsung Electronics
Co., Ltd. (South Korea), Micron Technology, Inc. (US), Kingston Technology
Corporation (US), Seagate Technology Holdings PLC (US), NetApp, Inc. (US),
KIOXIA Holdings Corporation (Japan), Kanguru Solutions (US), Intel Corporation
(US), WinMagic Inc. (Canada), Maxim Integrated Products, Inc. (US), Thales
e-Security, Inc. (US), McAfee, LLC (US), Broadcom Inc. (US), etc.
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