Hardware Encryption Market

1. Hardware Encryption Market Size, Share, and Trends 2023 - 2027 The global hardware encryption market was valued at USD 271 million in 2021 and is expected to grow at a CAGR of 4.8% from 2022 to reach USD 357 million by 2027. The growth of this market is driven by factors such as compliance with data privacy security regulations and standards, increasing apprehension over data security and confidentiality, and development of digital content. Drivers: Development of digital content With the emergence of the smart city concept worldwide, the use of information and communications has become more digitalized, leading to the enhancement of digital content. The concept of smart cities includes smart transport, smart energy, smart water, and smart healthcare. These smart cities use various IoT technologies such as radio-frequency identification (RFID) sensors, cloud computing, and wireless networks to gather and analyze information about environmental factors, transportation, water supply, public safety, and hospitals to enhance the quality of life. Thus, with the emergence of smart cities, there is a growing concern over data loss and the exchange of secure information or storage. Digital content is expanding globally, and the Internet era is evolving with the introduction and adoption of cloud computing, IoT, big data analytics, and others. Also, the increasing adoption of smartphones, e-cash, e-tailing, video surveillance, and digital marketing is further adding to the expansion of digital content. Continuous technological advancements and the introduction and application of IoT in the present lifestyle have significantly enhanced digital content. Data has become the currency of the new economy. With increasing flexibility becoming available in the usage and storage of data, the need for secured storage and hardware encryption to protect against cyberattacks, online spying, cyber espionage, and other security-related threats is growing. Thus, the expansion and management of digital content are driving the growth of the hardware encryption industry. Restraints: Heavy capital investments by stakeholders Substantial capital investments are required for the installation and maintenance of hardware-based encryption technology. This type of encryption involves the installation of encryption under HDDs to ensure a high level of protection. It comprises installing a dedicated network platform to protect various storage systems, desktops, laptops, and tablets. It also involves the installation of firmware and cryptographic processors into the devices, along with the use of algorithms and standards and architectures. The total installation cost of installing hardware encryption technology includes licensing cost, annual maintenance cost, OPAL fees, pre-provisioning cost, staging cost, the technical cost for a password reset, user idle time cost for encryption, user excess operating cost, and technical cost for the assistance of expert administration of encrypted drives. However, hardware-based encryption is gaining traction with the growing concern over secure data storage. Players in the hardware encryption market are launching economic products, because of which the average cost of a single hardware-encrypted device has begun declining. Technological innovations have also helped reduce the average cost of installing hardware encryption. Also, with rapid technological advancements, the impact of high capital investments is reducing at a fast pace but needs to be reduced much more for it to no longer remain an impediment to the growth of the market. Opportunities: Substantial development and growth of IoT in various industries

2. IoT has witnessed significant technological innovation and commercialization in all fields. IoT is used in day-to-day activities with its commercialized application in agriculture, consumer electronics, transportation, military and defense, telecommunications, medical, energy, finance, and aerospace. IoT also plays an integral part in various emerging concepts, such as smart cities, digital marketing, and others. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1115 IoT demands large-scale management and protection of digital certificates and the underlying keys and supports multiple public-key algorithms, including Elliptic Curve Crypto (ECC), whose shorter key lengths and less intensive computational power are well suited for constrained IoT devices, all supported by a well-designed public key infrastructure (PKI). The accepted PKI best practice to secure the most sensitive keys and business processes is to use an HSM. IoT involves the interaction between M2M and machine-to-humans, -objects, -environment, and -infrastructure. IoT devices are used to monitor machinery, employees, and environmental conditions in power stations, network gateways, avionics, wireless base stations, and others. The data acquired helps analyze, control, prevent risks, avoid economic losses, and assist in effective and efficient decision-making. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI- powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.