The global hardware encryption market is anticipated to be valued at USD 260 million in 2020 and reach USD 440 million by 2027, growing at a CAGR of 3.9%. Hardware encryption is a technology that prevents unauthorized persons from accessing your data, thus providing additional security protection for hackers or online threats.

Increasing demand for smartphones, online and digital content, widespread adoption of cloud computing, and use of IoT in various sectors are the factors attracting the market for global hardware encryption products and solutions.

The advent of portable devices to transfer files from computers, back up important information, the ubiquity of these devices increases security concerns about the confidential data, technological proliferation, and surging demand for consumer electronics such as smartphones, tablets, etc are anticipated to favorably impact the hardware encryption market globally.

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These devices cannot be altered or removed by any malware or virus or be uninstalled by the user, owing to which the hardware encryption market is likely to witness high growth over the coming few years.

The introduction of compact and economical hardware encryption techniques, increasing apprehension for data security and confidentiality, regulatory compliance with data privacy security regulations and standards, rising risk of data breaches, expansion of digital content, upsurge in the penetration of consumer electronics are the factors that drive the growth of the hardware encryption market. Moreover, it eliminates the drawbacks of software-based encryption such as performance degradation, which will drive the growth of hardware encryption solutions.

North America and Europe are expected to have healthy growth, owing to the advent of cloud-based services, growth in IoT technology, and is home to many established hardware encryptions manufacturing companies, thus driving the growth in this region.

The industry players are focusing on providing new products to consumers so as to expand their market penetration and holds a dominant position in the hardware encryption market. There is a constant increase in market competition due to technological innovation and M&A in the hardware encryption industry. Thus, companies are sustaining their position in a competitive market and are providing a competitive edge.

Samsung introduced a Common Criteria Evaluation Assurance Level (CC EAL) 5+ certified Secure Element (SE) turnkey solution for mobile devices. The new solution offers a strong security solution, consisting of a security chip (S3K250AF) and optimized software that fully guards private data on an isolated data storage device.

Some of the prominent players operating in the hardware encryption market across the globe are Western Digital Corporation, Samsung Electronics Co. Ltd., Micron Technology, Inc., NetApp, Kingston Technology Corp., Seagate Technology LLC, WinMagic, Maxim Integrated, IBM, and Toshiba Corporation.

Source: VynZ Research