Hardware encryption is a fast rising data encryption technology and is expected to remain highly relevant in the years to come. The process of encrypting data on a hard drive using sophisticated algorithms can be daunting and therefore holds significant potential. Moreover, such encryption platforms allow storage of even the most complex form of data. Usually, data on an encrypted hard drive is difficult to access without proper authorization owing to its multilayer security barrier, which is driving its adoption in various domains. Over the years, security algorithms have evolved and improved consistently, making security of encrypted data robust and effective. Market Research Future (MRFR) in its new report reveals that the global market for hardware encryption will soar at 22% CAGR during the review period (2017-2023).
With the rising incidence of data theft and intellectual property theft, demand for hardware-based encryption continues to increase resolutely. Cyber security has become a key focus area for governments, enterprises and businesses across the globe. Investments are being made on technologies that not only have a higher level of sophistication but also meet the required security barrier standards. This is partly driving the adoption of hardware encryption. Apart from this, there are several other technological advantages of hardware encryption, which are equally influencing the adoption trends. In additions, introduction of new regulatory frameworks for the technology sector is supporting the growth of the market. Technology firms are constantly introducing advanced and innovative hardware encryption platforms that meet the requirement for securing mission critical end points and data collection devices (wearable, power grids, UAVs, in-vehicle cameras, homeland security, etc.) existing in the IoT environment.
On the basis of application, Hardware Encryption Market has been segmented into automotive, healthcare, military & aerospace, BFSI, and IT & telecomm. Based on algorithm and standard, the market is segmented into advanced encryption standard, Rivest – Shamir –Adleman (RSA) Algorithm, digital signature algorithm, elliptic curve cryptography, secure hash algorithm and data encryption standard. Based on product type, the market has been segmented into inline network encryptors, solid state drives, external hard disk drives, flash drives, and internal hard disk drives. By end-users, the market is segmented into industrial, government agencies, commercial and residential. By architecture, the market has been bifurcated into Field programmable gate arrays (FPGA) and application specific integrated circuits (ASIC)
Among regions, North America currently accounts for a dominant share of the market and is likely to remain highly lucrative during the assessment period. This is primarily owing the presence of leading market players in the region. Meanwhile, the market in Asia Pacific (APAC) is also expected to exhibit a staggering growth in the forthcoming years. The rapid expansion of the IT and telecommunication network in countries such as Thailand, China, Malaysia, India, and South Korea among others.
Samsung Electronics (South Korea), Micron Technology Inc. (U.S.), Toshiba Corporation (Japan), Seagate Technology PLC (Ireland), Micron Technology Inc. (U.S.), Maxim Integrated Products, Inc. (U.S.), Win Magic Inc. (U.S.), Western Digital Corporation (U.S.), Kingston Technology Corp. (U.S.), Kanguru Solutions (U.S.), NetApp (U.S.) and Thales e-security (U.S.).
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