Hardware Encryption Market size worth $ 324.13 Million, Globally, by 2028 at 3.39% CAGR: Verified Market Research®

An increase in consumer electronics applications, growing demand for password and security from companies for a high level of data security is expected to drive the Hardware Encryption Market.

JERSEY CITY, N.J., Feb. 17, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Hardware Encryption Market" By Type (AES, RSA), By Application (Consumer Electronics, IT, Transport), and By Geography. According to Verified Market Research, the Global Hardware Encryption Market size was valued at USD 248.9 Million in 2020 and is projected to reach USD 324.13 Million by 2028, growing at a CAGR of 3.39% from 2021 to 2028.

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202 - Pages
126 – Tables
37 – Figures

Global Hardware Encryption Market Overview

As smartphones, laptops, and computers are manufactured in combination with hardware-enabled devices, the supply function has helped in the growth of hardware encryption. Many electronics are mandated to implement encryption to store sensitive data, leading to the growth of consumer electronics applications. The high requirement for data security is a key driving factor for the Hardware Encryption Market. The volume of data breaches is increasing at an exponential pace. It is enabling big companies to adopt the hardware encryption system. The hardware encryption provides access to users only with the correct password and security key.

It offers considerable security to all the data of the company. Also, data breaches will continue to increase in the upcoming years. The complexity of other data security technologies is another crucial driver for the market. There are plenty of high-end technologies that provide security to data. However, they come with complex procedures. The hardware encryption technology comes with easy security deployment. These ease of deployment and high requirements for data security are the drivers that boost demand and revenue for the market. These market drivers will be strengthened during the forecast period.

The demand for data centers is growing as hardware encryption technology improves. The availability of well-established data centers to implement this technology is restricted in certain locations, which is a major market constraint.

Key Developments

·  In January 2020, Samsung Electronics launched its latest external storage device, the Portable Solid State Drive (SSD) T7 Touch. The new gadget also adds an extra hardware security precaution in the shape of a built-in fingerprint sensor, taking data protection to the next level.

Key Players

The major players in the market are Western Digital, Samsung Electronics, Seagate Technology, Micron Technology, Kingston Technology, Toshiba, Kanguru Solutions, Winmagic, Maxim Integrated Products, Netapp, Gemalto, Thales.

Verified Market Research has segmented the Global Hardware Encryption Market On the basis of Type, Application, and Geography.

• Hardware Encryption Market, By Type
• AES
• RSA
• Hardware Encryption Market, By Application
• Consumer Electronics
• IT
• Transport
• Aerospace
• Medical
• Financial Services
• Others
• Hardware Encryption Market By Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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