Hardware Encryption Market Sales Revenue, Growth Factors, Future Trends, and Demand by Forecast to 2030

 Hardware Encryption Market Synopsis

Globally, Hardware Encryption Market is expected to reach reach USD 1356.8 Billion by 2030 and CAGR of 4.60% from forecast period of 2022-2030

The rise in the global hardware encryption market size can be due to the growing need for encryption as cybercrime surge. Innovations in hardware encryption devices can contribute to the prior. Market Research Future (MRFR), in its latest published report states that the global hardware encryption device market can rise exponentially.

The hardware encryption device market 2020 can pave its way to touch high value due to launch of innovations. The high technology that encrypts stored data on a hard drive by the use of sophisticated mathematical functions is gaining sheer popularity. The privacy offered by encrypted hard drive and solid restrictions to access appropriate password can impel the expansion of the market. The high resistance offered by hardware encryption to hackers and other threats, online can spur the growth of the market. The automation feature for encrypted offered by specialized software can also prompt the expansion of the market.

The mounting complexity, high volume of data breaches, and low cost of encryption are certain potential drivers for the hardware encryption market growth. In addition, different advantages provided by hardware encryption over software encryption technology can rise the need for regulatory framework, which can be observed as factors that can accelerate the growth of the overall hardware encryption market in the upcoming years.

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 Hardware Encryption Market Key Players

MRFR profiled reputed players in the hardware encryption market. They Samsung Electronics (South Korea), Western Digital Corporation (U.S.), Micron Technology Inc. (U.S.), Toshiba Corporation (Japan), Seagate Technology PLC (Ireland), Kingston Technology Corp. (U.S.), Micron Technology Inc. (U.S.), Kanguru Solutions (U.S.), Maxim Integrated Products, Inc. (U.S.), Thales e-security (U.S.), NetApp (U.S.), and WinMagic Inc. (U.S.).

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 Hardware Encryption Market Regional Study

The competitive landscape of world hardware encryption market comprises reputed players of the market and some emerging new entrants. The hardware encryption global market can is driven by the high importance of hardware encryption device in BFSI, healthcare, military & aerospace, IT & Telecom sectors. In North America, the hardware encryption market is likely to head the global hardware encryption market. Robust advancements in technology are observed by the region. A reputed American company that deals in computer data storage, Western Digital Corporation, introduced its product My Book Duo external hard drive that features 20 TB storage in both raid zero and one configuration, along with USB-C and USB-A ports. My Book offers read speeds of 360 MB/sec. Its redundancy, low risk of data loss, high security with 256-bit AES encryption, can drive the market rise. In addition, hardware encryption device allows to set password that can activate the system, thus cause data protection. The high utility of hardware encryption system in data storage for businesses, home users, and for creative professionals, such as photo and video and producers, and editors can prompt the market growth.

 Hardware Encryption Market Segment

The study of the global hardware encryption market is based on algorithm & standard, architecture, application, product, and end users.

The hardware data encryption study segments are Product Specific Integrated Circuits (ASIC) and Field Programmable Gate Arrays (FPGA).

The application based segments of the market are military & aerospace, BFSI, automotive, healthcare, and others.

The algorithm and standard based segments of the market are Rivest- Shamir-Adleman (RSA) Algorithm, Rivest- Shamir-Adleman (RSA) Algorithm, Digital Signature Algorithm (DSA), Secure Hash Algorithm (SHA), Data Encryption Standard (DES), Digital Signature Algorithm (DSA), and Elliptic Curve Cryptography (ECC).

The product based segments of the market are External Hard Disk Drives, Inline Network Encryptors, Solid-State Drives, Internal Hard Disk Drives, and USB Flash Drives.

The end-user based segments are commercial, industrial, government agencies, and industrial.

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