According to a market report by Lucintel, the future of the hardware encryption market looks promising with opportunities in the consumer electronics, IT & telecom, transportation, aerospace and defense, healthcare, and BFSI industries. The hardware encryption market is expected to grow with a CAGR of 29% from 2019 to 2024. The major drivers for this market are growing concern over data security and privacy, growing requirement for regulatory compliances, expansion of digital content, and significant advantage over software encryption technology.
In this market, external hard disk drives, internal hard disk drives, solid-state drives, Inline network encryptors, and USB flash drives are the major device type. Within the hardware encryption market, consumer electronics, IT & telecom, transportation, aerospace and defense, healthcare, and BFSI are the major end use industries.
Samsung Electronics, Seagate Technology, Micron Technology, Kingston Technology, Toshiba, Kanguru Solutions, Maxim Integrated Products, Netapp, Gemalto, and Thales (E-Security) are among the major manufacturers of hardware encryption.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the hardware encryption market by algorithm and standard, by architecture, device type, end use industry, and region. Lucintel has prepared a comprehensive research report titled “Hardware Encryption Market 2019-2024: Trends, Forecast, and Opportunity Analysis." This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the hardware encryption market by algorithm and standard, by architecture, device type, end use industry, and region as follows:
By Device Type [$M shipment analysis for 2013 – 2024]:
• External Hard Disk Drives
• Internal Hard Disk Drives
• Solid-State Drives
• Inline Network Encryptors
• USB Flash Drives
By Algorithm and Standard [$M shipment analysis for 2013 – 2024]:
• Advanced Encryption Standard (AES)
• Rivest- Shamir-Adleman (RSA) Algorithm
• Others
o Data Encryption Standard (DES)
o Secure Hash Algorithm (SHA)
o Elliptic Curve Cryptography (ECC)
o Digital Signature Algorithm (DSA)
By Architecture [$M shipment analysis for 2013 – 2024]:
• Field-Programmable Gate Arrays (FPGA)
• Application-Specific Integrated Circuits (ASIC)
By End Use Industry [$M shipment analysis for 2013 – 2024]:
• Consumer Electronics
• IT & Telecom
• Transportation
• Aerospace and Defense
• Healthcare
• BFSI
• Others
By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– Germany
– UK
– Italy
• Asia Pacific
– China
– Japan
– India
• Rest of the World

A more than 150 pages research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the hardware encryption market by algorithms and standards (advanced encryption standard (AES) and rivest- shamir-adleman (RSA) algorithm), architecture (field-programmable gate arrays (FPGA) and application-specific integrated circuits (ASIC)), device type (external hard disk drives, internal hard disk drives, solid-state drives, inline network encryptors, USB flash drives), end use industry (consumer electronics, IT & telecom, transportation, aerospace and defense, healthcare, BFSI), and region (North America, Europe, Asia Pacific (APAC), Rest of the World (ROW))?
Q.2 which segments will grow at a faster pace and why?
Q.3 which regions will grow at a faster pace and why?
Q.4 what are the key factors affecting market dynamics? What are the drivers and challenges of the hardware encryption market?
Q.5 what are the business risks and threats to the hardware encryption market?
Q.6 what are emerging trends in this hardware encryption market and the reasons behind them?
Q.7 what are some changing demands of customers in the hardware encryption market?
Q.8 what are the new developments in the hardware encryption market? Which companies are leading these developments?
Q.9 who are the major players in this hardware encryption market? What strategic initiatives are being implemented by key players for business growth?
Q.10 what are some of the competitive products and processes in this hardware encryption area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this, hardware encryption market?