The Global Cipher Machine and Password Card Market size was valued at US$ 2.29 Bn in 2023 and is expected to reach US$ 4.18 billion by 2030, growing at a compound annual growth rate (CAGR) of 9% from 2023 to 2030. Cipher machines and password cards are hardware-based security solutions used for encryption and access control. They utilize cryptographic algorithms to convert plaintext data into ciphertext that is inaccessible without decryption keys. Cipher machines provide robust defense for data security while password cards enable multi-factor authentication. The rising instances of data breaches and cyber-attacks globally are the key factors driving the adoption of these solutions.
Figure 1. Global Cipher Machine and Password Card Market Share (%), by Region, 2023
The global cipher machine and password card market is expected to witness steady growth over the forecast period driven by the increasing demand for advanced encryption technologies across various industry verticals. Rising concerns regarding data security and privacy will boost the adoption of cipher machines and password cards among small and medium enterprises across sectors such as BFSI(Banking, Financial Services and Insurance), defense, and government. North America currently dominates the market owing to stringent cybersecurity regulations and increased spending on network security solutions by organizations in the U.S. and Canada. Asia Pacific is likely to be the fastest growing regional market with countries like China, India, and Japan showing signs of increased digitalization.
Figure 2. Global Cipher Machine and Password Card Market Share (%), by Component, 2023
Global Cipher Machine and Password Card Market Trends:
Cipher Machine and Password Card Market Report Snapshots
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