Hardware encryption has become exceedingly common and necessary as the value of data has grown considerably. Encryption of hardware is a technology which encrypts the data stored on any hardware using sophisticated encryption functions. This results in data which is highly private and cannot be read without the use of a security key or password. This can be useful in protecting theft of data or access to data by unauthorized parties as well as by providing an extra layer of security against hackers or other malicious online threats. Market Research Future has published its report on the subject which indicates growth of the hardware encryption market over the forecast period of 2017 to 2023 at a CAGR of 22%. This projection is highly promising and will likely result in a value that crosses into triple digits.
The concept of hardware encryption is straight forward and uses software to encrypt and decrypt the relevant data. In many cases when a file is read from a hard drive the software automatically decrypts it and such processes are highly common in almost every computer with regards to word processors and spreadsheets to name a few. With data breaches becoming increasingly common as well as increasingly sophisticated, the global market is expected to grow as demand for hardware encryption grows rapidly. Moreover, the affordability of encryption is likely to boost the global hardware encryption market. Moreover, the rising need with regards to regulatory frameworks regarding encryption and data privacy will also impact the market in a positive manner. The increasing volumes of data generation combined with the demand for the privacy of data will also drive growth, particularly in consumer applications. The awareness regarding data is growing rather significantly.
The global hardware encryption market has been segmented on the basis of architecture, algorithm & standard, product, application, end-users, and region. Architecture of hardware encryption has been segmented into product specific integrated circuits (ASIC), field programmable gate arrays (FPGA).
Algorithm & standard has been segmented into Rivest Shamir Adleman (RSA) algorithm, advanced encryption standards, secure hash algorithm (SHA), digital signature algorithm (DSA). data encryption standard (DES), and elliptic curve cryptography (ECC)
Products available in the market include inline network encryptors, external hard disk drives, internal hard disk drives, solid state drives, and USB flash drives.
Applications of hardware encryption can be found in automotive, BFSI, IT & telecom, military & aerospace, and healthcare.
End-users of hardware encryption has been segmented into commercial, residential, industrial and government agencies.
Key regions covering Hardware Encryption Market include North America, Asia Pacific, Europe, and the Rest of the World. North America has captured the most significant share of the global hardware encryption market. The region has a number of of leading market players who have high quality and established product offerings which drive the market. The APACis expected to be a swiftly growing market due to the rapid expansion of the IT & telecommunication sector present in China, South Korea, India, Thailand, and other rapidly developing countries in the APAC. The large volumes of data generated in the region, as well as the high demand for personal electronic equipment, is also driving the hardware encryption market in the region.
MRFRs examination of the competitive landscape of the global hardware encryption market includes leading market participants such as Thales e-security (U.S.), Win Magic Inc. (U.S.), Micron Technology Inc. (U.S.), Micron Technology Inc. (U.S.), Samsung Electronics (South Korea), Seagate Technology PLC (Ireland), NetApp (U.S.), Kanguru Solutions (U.S.), Kingston Technology Corp. (U.S.), Toshiba Corporation (Japan), Western Digital Corporation (U.S.), and Maxim Integrated Products, Inc. (U.S.)
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