Hardware Encryption Market by Product Type - Forecast to 2025

Posted by Steve Stark on January 25th, 2021

The hardware encryption market is expected to be valued at USD 262 million in 2020 and reach USD 313 million by 2025, growing at a CAGR of 3.6%. The primary reasons for this rise in demand are the increasing demand for smartphones, online and digital content which is attracting the market for hardware encryption products and solutions.

Solid- State drive product segment is expected to grow at the highest CAGR during the forecast period.

With development in the technology related to Solid- State drive (SSD) for instance, the development of Self-encrypting drive (SED) used in SSD is one of the reasons for the growth of this product segment in the forecast period. Moreover, the usability and relatability of the product have attracted customers of various industries to adopt the use of SSDs.

The market for consumer electronics application to share the largest market share in 2020.

As smartphones, laptops, and computers are being manufactured in the assembly with hardware-enabled devices, the supply function has helped in the growth of hardware encryption. Many electronic devices are being mandatory to implement encryption to store confidential data, thus resulting growth of consumer electronics applications.

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India, by country, is expected to grow at the highest CAGR during the forecast period.

India being a progressing in maintenance, repairing and operations of aircrafts, advancement in IT & Telecom infrastructure and an emerging hub for healthcare has led to the highest CAGR growth of India in the forecast period.

Key market players

Key players in the hardware encryption market include Western Digital (US), Samsung (South Korea) and Micron (US). Western Digital is a well-known player for providing innovative and advanced hardware encryption solutions and products in the hardware encryption market. Strong brand name and customer base are among the key factors that resulted in the leading position of Samsung in the hardware encryption market. Apart from the strong brand name and customer base, the company has strong R&D capabilities and geographic presence. Samsung focuses on strategies such as product launches and product development to strengthen its product portfolio and maintain its position in the hardware encryption market.

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Steve Stark

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Steve Stark
Joined: July 13th, 2020
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