Hardware Encryption Market Statistics 2021: Ready to Experience Exponential Growth by 2027

Published : 3 years ago, on 27/09/2021

Increasing concerns for data security, expansion of digital content are the major factors expected to drive the growth of hardware encryption market whereas, the high cost of solutions is the primary factor that may hinder the growth of hardware encryption market.

In the current scenario, factors such as reduced cost differences between hardware-encrypted and non-hardware encrypted-products, surge in number & complexity of data breaches, and rise in regulatory & compliance requirements regarding protection of private & sensitive data are driving the hardware encryption market growth. Some of the restraints associated with hardware encryption market are lack of awareness regarding encryption technology among the users and limited use of encrypted drives in some of the countries restrict the growth of the market. Conversely, several encrypted hardware vendors and manufacturers are aiming at developing encrypted keys, which are customized according to the specifications of the end consumers at reduced prices. This factor is anticipated to offer remunerative hardware encryption market opportunity.

The global hardware encryption market size was valued at $131.77 billion in 2019, and is projected to garner $1,239.85 billion by 2027, registering a CAGR of 32.2% during the forecast period. 

Depending on product, the hard disk drive (HDD) segment dominated the hardware encryption market share in 2019, 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, factors such as 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.

On the basis of Algorithm and Standard, the RSA segment dominated the overall hardware encryption market in 2019, and is expected to continue this trend during the forecast period. This is attributed to increase in use of RSA algorithm to secure the communication between e-commerce sites and web browsers, as the online businesses deal with sensitive data of their customers. However, the AES segment is expected to witness highest growth due to the wide acceptance of advanced encryption standard as a highly secure and fast algorithm for encryption. In addition, wide adoption of AES algorithm across various industry verticals such as banking, government, military, and business again fuels the growth of the market.

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

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Post COVID-19 pandemic, hardware encryption has become necessary, as digital security threats are on rise during this pandemic. For instance, according to the recent studies by the Ponemon Institute in collaboration with nCipher, an Entrust Datacard company, the outbreak of COVID-19 has boosted the trend of protecting consumer’s personal information, as a primary reason for the deployment of encryption technologies. The study further mentioned the hardware encryption technologies adoption is at an all-time high along with 48% of the respondents having their organizations with overall encryption plan applied consistently across entire enterprises. While further 39% are having a limited strategy or plan applied to encryption for certain application and data types.

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