The latest report published by IMARC Group, titled “Hardware Encryption Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global hardware encryption market size reached US$ 228 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,251 Billion by 2027, exhibiting a CAGR of 32.66% during 2022-2027.
Hardware encryption is an independent software that enables the encoding and decoding of data or information into a form to make it accessible to authorized users. It generates ciphertext via sequencing encrypting algorithm that can be later decrypted by using the key on comparable devices. It eliminates the limitation of performance degradation caused by software-based encryption and offers faster algorithm processing, security against unauthorized code, and tamper-resistant or tamper-proof storage of the key. Apart from this, hardware encryption requires minimal configurations; therefore, it finds extensive applications in electronic gadgets, networks, and memory devices to add another security layer.
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Market Trends and Drivers:
The global hardware encryption market is majorly driven by rapid digitalization, the large-scale adoption of cloud computing and the internet of things (IoT) technologies in various sectors, and rising data security concerns. Furthermore, the widespread exchange of massive volumes across data centers and the increasing prevalence of numerous cybersecurity threats has supplemented the demand for hardware encryption. Such technology is incorporated in diverse portable storage devices to create backups while transferring data between computers. Moreover, the integration of fingerprint scanners and hard disk drives (HDD) in endpoint security solutions by enterprises to foresee and manage the potential safety risks is favoring the market growth. Besides this, the extensive activation of hardware encryption devices to comply with various government regulations regarding the protection of sensitive data, particularly across the banking, financial services, and insurance (BFSI) vertical is supporting the market growth.
Hardware Encryption Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the hardware encryption market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global hardware encryption market based on algorithm and standard, architecture, product, application and region.
Breakup by Algorithm and Standard:
Breakup by Architecture:
Breakup by Product:
Breakup by Application:
Breakup by Region:
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Key Highlights of the Report:
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