According to the research report titled ‘Global Hardware Encryption Market Size study, By Architecture Type (Field Programmable Gate Arrays (FPGAs), Application-Specific Integrated Circuit (ASIC)), By Product Type (External HDD, Internal HDD, Solid-state Drive, Inline Network Encryptor, USB Flash Drive), By Application (Consumer electronics, IT & Telecom, Healthcare, Aerospace and Defense, Transportation, Others), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global hardware encryption market is anticipated to witness modest growth during 2022-2028.

Strict adherence to data privacy protection laws & guidelines, increasing prevalence of cyber-attacks, advancement of digital content, and rising apprehension about data integrity & confidentiality are factors propelling the growth of global hardware encryption market.

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Besides, the growing acceptance of cloud computing as well as extensive incorporation of Internet of Things (IoT) in several industries are estimated to generate financially rewarding potentials for enterprises in this domain in the forthcoming years.

On the contrary, the dearth of awareness about the technology, combined with heavy capital requirements are likely to impede the progress of industry during the review period.

Based on architecture type, the market is split into Application-Specific Integrated Circuit (ASIC), and Field Programmable Gate Arrays (FPGAs). In terms of product type, the industry is divided into USB flash drive, external HDD, inline network encryptor, internal HDD, and solid-state drive. As per application scope, worldwide hardware encryption market is segmented into transportation, consumer electronics, aerospace and defense, IT & telecom, healthcare, and others.

Concerning geographical scenery, North America market is poised to record a substantial growth rate during the projected timeline, due to the rising demand for data security as well as maintaining privacy. 

Meanwhile, Asia Pacific industry is anticipated to register a notable growth rate during the stipulated period, owing to the soaring incidences of data breach, and massive enhancement of IT & Telecom sectors, especially in countries like India, South Korea, Japan, and China.

The established companies amplifying the competitive scope in global hardware encryption industry are Maxim Integrated Products Inc., Western Digital Corporation, WinMagic Data Security Inc., Samsung Electronics Co. Ltd., Micron Technology Inc., Intel Corporation, NetApp Inc., Kanguru Solutions, Kingston Technology Corporation, and Seagate Technology Holdings plc among others.