Hardware Encryption Market Size, Share, Growth Analysis, By Product (Hard Disk Drive, Solod State Drive), By Algorithm Standard (RSA, AES), By Architecture (ASCI, FGPA), By End Use, By Region - Industry Forecast 2024-2031

Global Hardware Encryption Market size was valued at USD 234.8 billion in 2022 and is poised to grow from USD 288.4 billion in 2023 to USD 1128.9 billion by 2031, growing at a CAGR of 18.6% during the forecast period (2024-2031). 

Digital data can be protected via hardware encryption, a hardware-based method. The main benefit of hardware-based solutions is that they do not have the normal problems associated with software-based solutions, such as performance decrease for assaults on the encryption key stored in memory. Hardware encryption performs better when security parameters and safeguard keys are used. For instance, Samsung introduced a Secure Element (SE) turnkey solution certified to Common Criteria Evaluation Assurance Level (CC EAL) 5+ for mobile devices. The new solution is reputed to offer a robust security system made up of a security chip (S3K250AF). Cold boots and brute-force assaults are protected from these encryption security features. A cheap approach to protecting data in a range of applications is hardware encryption. The requirement of legal compliances regarding the protection of private and sensitive data as well as the rise of digital content are what are driving the worldwide hardware encryption market growth. Increased complexity, risk of data breaches, and brute-force assaults, along with a major advantage over software encryption architecture, are expected to drive market growth in the next few years. The expansion of the worldwide hardware encryption market is being driven by decreased hardware encryption device prices as well as increased regulatory compliances for the protection of private and sensitive data. When offering prediction analysis of the country data, the availability and presence of international brands, the difficulties they encounter owing to strong or weak competition from local and domestic brands, the impact of domestic tariffs, and trade routes are all taken into account.