The global Cipher Machine and Password Card Market is estimated to be valued at US$ 2.29 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The cipher machine and password card market comprise products that encrypt data for secure transmission and storage. These include encryption machines, password cards, and digital locks that protect sensitive information from unauthorized access through advanced encryption techniques. The growing threat of cybercrimes and stringent data privacy regulations have increased the demand for such security products across industries.
Market key trends:
One of the key trends in the cipher machine and password card market is the increasing integration of biometric technologies. Legacy password and encryption systems are being replaced by advanced biometric authentication methods that identify users based on unique physical or behavioral characteristics. For example, digital door locks can now be unlocked using fingerprint or facial recognition. This offers higher convenience than password cards while ensuring access is granted only to authorized individuals. The development of small, affordable biometric sensors is driving further adoption of multi-factor authentication systems combining biometrics with encryption.
Cipher Machine and Password Card Market is segmented into hardware and software. Hardware segment dominates the market and accounts for around 70% share due to increasing deployment across various end-use industries for enhanced security. Hardware includes cipher machines, card readers, and biometric devices that enables secure access control and authentication.
The global Cipher Machine and Password Card Market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing cyber threats and data breaches across various organizations.
North America dominates the cipher machine and password card market with over 35% share due to stringent data protection regulations and presence of major players in the US and Canada. Asia Pacific exhibits the fastest growth due to growing penetration of high-end security solutions across Japan, China and India.
Key players operating in the Cipher Machine and Password Card Market are KABA Group, Yubico, SecuGen Corporation, Anviz Global, Nitgen Co., Ltd., Integrated Biometrics, BIO-key International, Daon Inc., Suprema Inc., Integrated Biometrics, ASSA ABLOY, Dormakaba Holding, Allegion plc, HID Global Corporation, Gunnebo Security Group, IDenticard Systems, PrimeKey Solutions AB, Thales Group, Gemalto NV, NXP Semiconductors N.V. KABA Group holds the largest share owing to its vast product portfolio and global distribution network.