Hardware Encryption Market Size, Share, Growth Analysis, By Product(Hard Disk Drivers, Solid-State Drivers, USB Drivers & External Drivers, Inline Network Encryptors), By End Use(Consumer Electronics, IT and Telecom, Automotive & Transportation and Others), By Product Type(Field-Programmable Gate Array, Product-Specific Integrated Circuits), By Region - Industry Forecast 2024-2031

Hardware Encryption Market size was valued at USD 250.21 billion in 2021 and is poised to grow from USD 292.25 billion in 2022 to USD 866.66 billion by 2030, at a CAGR of 16.80% during the forecast period (2023-2030).

The competitive landscape of the hardware encryption market gives information by competitor. Included information includes a company overview, financials, revenue generated, market potential, research and development investments, new market efforts, presence, production sites and facilities, production capacity, company strengths and weaknesses, and product launches. 'Western Digital Corporation (United States)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Micron Technology, Inc. (United States)', 'Seagate Technology PLC (Ireland)', 'Toshiba Corporation (Japan)', 'Kingston Technology Company, Inc. (United States)', 'Intel Corporation (United States)', 'Gemalto N.V. (Netherlands)', 'NetApp, Inc. (United States)', 'Kanguru Solutions (United States)', 'WinMagic Inc. (Canada)', 'Thales Group (France)', 'Apricorn, LLC (United States)', 'SecureData Group (United Kingdom)', 'Kanguru Solutions (United States)', 'iStorage Limited (United Kingdom)', 'Imation Corp. (United States)', 'ADATA Technology Co., Ltd. (Taiwan)', 'Maxim Integrated Products, Inc. (United States)', 'Micronova Embedded Technologies B.V. (Netherlands)', 'iXsystems, Inc. (United States)'

The proliferation of mobile devices and the adoption of Bring Your Own Device (BYOD) policies in workplaces create new challenges for data security. Mobile devices are vulnerable to theft, loss, and unauthorized access, making encryption a crucial security measure. Hardware encryption solutions, such as encrypted solid-state drives (SSDs) and self-encrypting drives (SEDs), provide mobile device users with robust data protection, allowing organizations to embrace mobile technologies without compromising security.

SEDs are storage devices, such as solid-state drives (SSDs) and hard disk drives (HDDs), that have built-in encryption capabilities. They encrypt data in real-time, providing automatic protection without the need for additional software or hardware. The increasing adoption of SEDs is driven by their ease of implementation, enhanced data security, and compatibility with existing systems. SEDs are becoming a popular choice for organizations seeking hardware-based encryption solutions.

The region with the biggest market share is anticipated to keep that position over the forecast period, expanding at the highest CAGR of 5.5%. The expansion of IT and telecom networks in China, South Korea, India, and other regional growing countries, coupled with the creation of various electronic device manufacturers, are all factors that have contributed to the growth of this market. A number of businesses producing consumer electronics, including smartphones, as well as suppliers of cutting-edge ICT technology are concentrated in Asia Pacific. For data security and protection, businesses in the Asia Pacific region are implementing hardware encryption technologies.