Hardware Encryption Market By Usage (Storage Device, Network), By Application, (Healthcare Sector, Military & Aerospace, Automotive & Transportation,BFSI, IT & Telecom), By End User, (Industrial and Commercial, Residential, Government Agencies), Estimation & forecast, 2016 - 2024

October 2017

 Pages: 152

 ERC 4368


Hardware Encryption Market was valued at $52.45 billion in 2016, and is projected to reach $1,085 billion by 2024, having a CAGR of 46.3% during the forecast period of 2017 to 2024.

The technology which encrypts the data stored in a hard drive using appropriate and specific mathematical functions is called as hardware encryption. Hardware encryption restricts the unauthorized entities from accessing the important data. It also provides a layer of security against hackers and other online threats. There are mainly two types of encryption techniques, i.e., software based and hardware based encryption. As per the data revealed by Thales S.A., the overall encryption deployment within IT industry has increased over 37% from 2005 to 2016.

Market Determinants

The hardware encryption market is majorly driven by reduced cost of encryption and increasing complexity & volume of data breaches. Moreover, growing concern for data privacy, data security issues and emerging trend of portable storage devices are also pushing the market growth. In addition to this, strict regulatory compliances, rising digital trend, increasing count of complex cyber-attacks, growing demand for consumer electronics such as smartphones, tablets and advantages over software encryption technology are some major driving agents for market growth. However, lack of awareness among end users and stringent government regulation over the use of encrypted devices in some countries might hinder the growth of the very market. On the other hand, continuous technological development of encryption chip technology is expected to create lucrative opportunities for the market in upcoming years.

Hardware Encryption Market Determinants- Impact Analysis, 2016-2024

Segment Analysis

Global hardware encryption market is segmented on the basis of usage, application, end user, and by geography. By usage it is bifurcated into storage devices and network. By application, the global hardware encryption market is categorized into Healthcare sector, Military & Aerospace, Automotive & transportation, BFSI, IT & telecom, and others. Healthcare was the largest revenue generating sector of global market in 2016. However, military and aerospace sector is anticipated to grasp the lead by 2022 and is projected to the be the largest shareholding segment of 2024 within the hardware encryption market. By end users it is segmented as Industrial and commercial, Residential, and Government Agencies. Geographically, global hardware encryption market is segmented as North America, Europe, Asia-Pacific, and Rest of the world.

Global Hardware Encryption Market, By Application, 2016-2024

Top competing players of the market are Certes Networks Inc., IBM Corporation, Imation Corp., Kingston Technology Corporation Inc., Maxim Integrated Products, Inc., Micron Technology, Inc., NetApp, Inc., Samsung Electronics Co. Ltd., SanDisk Corporation, Seagate Technology LLC, and Toshiba Corporation. New product launch and technological innovation is the major strategy adopted by market leaders to improve their market share. For instance, Cardwave Services Ltd. Launched a new hardware encrypted flash drive, SafeToGo™ on November 2013.


By Usage
   • Storage Device
   • Network

By Application
   • Healthcare Sector
   • Military & Aerospace
   • Automotive & Transportation
   • BFSI
   • IT & Telecom
   • Others (Retail, Education, Individual User)

By End User
   • Industrial and Commercial
   • Residential
   • Government Agencies

By Geography
   • North America
   • Europe
   • APAC
   • Rest of the World

Hardware Encryption Market Key Players

   • Certes Networks Inc.
   • IBM Corporation
   • Imation Corp.
   • Kingston Technology Corporation Inc.
   • Maxim Integrated Products, Inc.
   • Micron Technology, Inc.
   • NetApp, Inc.
   • Samsung Electronics Co. Ltd.
   • SanDisk Corporation
   • Seagate Technology LLC
   • Toshiba Corporation

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    What Information does this report contain?

    • What was the market size of the Global Hardware Encryption Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the Global Hardware Encryption Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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