Widespread adoption of Internet of Things (IoT) technology and cloud services and technological advancement in encryption chip are anticipated to usher a plethora of opportunities for the market players in the near future. Increase in consumer electronics such as smartphones and tablets, decrease in prices of hardware encryption devices, surge in regulatory compliances regarding protection of private & sensitive data, and rise in complexity & volume of data breaches and brute force attacks fuel the growth of the hardware encryption market.
Major market players such as – Micron Technology, Inc., NetApp, Inc., Samsung Electronics Co., Ltd., Seagate Technology LLC, International Business Machines (IBM) Corporation, Kingston Technology Company, Inc., McAfee, LLC, Symantec Corporation, Toshiba Corporation, and Western Digital Technologies, Inc.
The hardware encryption market in U.S. was pegged at $28.08 billion in 2018, and is expected to hit $259.12 billion by 2026, manifesting a CAGR of 32.4% from 2019 to 2026.
The U.S. hardware encryption market is segmented on the basis of algorithm & standard, architecture, product, application, and end use. Based on application, the market is divided into consumer electronics, IT & telecom, automotive & transportation, aerospace & defense, healthcare, and others. The consumer electronics segment held the largest share with nearly one-third of the market share in 2018.
Based on end use, the market is divided on the basis of industrial, commercial, residential, and government. The commercial segment dominated the market with the highest revenue share in 2018. At the same time, the industrial sector is expected to grow at a considerable CAGR during the forecast period.
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On the basis of algorithm and standard, the market is segmented into Rivest, Shamir, and Adelman (RSA), Advanced Encryption Standard (AES), and others. The Rivest, Shamir, and Adelman (RSA) segment held highest market share in 2018. On the other hand, the Advanced Encryption Standard (AES) segment is anticipated to manifest the highest CAGR during the forecast period.
- The lockdown across various countries encouraged companies to opt for work from home culture. This increased the need for organizations and individuals to focus on data protection, storage, and recovery.
- Adoption of hardware encryption facilities during such unprecedented times enabled governments across the globe to quickly respond to the pandemic situation in a secured manner.
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