Hardware Encryption Market Size, Share, and Trends 2022 - 2027

Posted by Steve Stark on January 4th, 2023

The global hardware encryption market was valued at USD 271 million in 2021 and is expected to grow at a CAGR of 4.8% from 2022 to reach USD 357 million by 2027. The growth of this market is driven by factors such as compliance with data privacy security regulations and standards, increasing apprehension over data security and confidentiality, and development of digital content.

Consumer Electronics is expected to hold the largest share of hardware encryption market for during the forecast period

The market for consumer electronics application segment accounted for the largest share of ~41% of the market in 2021 and is expected to retain its position as the highest during the forecast period from 2022 to 2027. Hardware encryption is used in electronic devices such as desktops, smartphones, notebooks, laptops, and tablets, among others.

All electronic equipment with digital storage, either magnetic or solid-state, can have hardware encryption enabled. The products mostly used for hardware encryption in consumer electronic devices include SSDs and HDDs. This is attributed to the emergence of bring-your-own-devices (BYOD) across several organizations and other consumer electronic devices such as laptops, tablets, and smartphones, which is expected to generate the need for hardware-encrypted security.

Asia Pacific to hold the largest share of hardware encryption market for in 2022

The market in Asia Pacific holds the largest market share and is expected to retain its position during the forecast period growing at the highest CAGR of 5.5% from 2022 to 2027. The growth of the market in this region can be attributed to the emergence of several manufacturers of electronic devices in the region, along with the expansion of IT and telecom networks in China, South Korea, India, and other emerging economies of the region.

Asia Pacific is a hub for several companies manufacturing consumer electronics, such as smartphones, as well as providers of advanced ICT technologies. Companies in Asia Pacific are adopting hardware encryption technology for data security and protection. Moreover, the significant number of ongoing smart city projects in the countries of the region is also expected to fuel the growth of the hardware encryption market in Asia Pacific during the forecast period.

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Key Market Players in Hardware Encryption Industry Size

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), and so on.