Hardware encryption is known as a technology that helps encrypt the stored data in the hard drive by using various sophisticated mathematical functioning. It boasts consistent performance, easy to use, and provides robust protection against a number of common and less complex attacks. It is reported that growing level of complexity and data breach volumes and low cost of encryption are the major drivers boosting the growth of the global market. Some of the other key factors identified as the growth drivers of the global hardware encryption market include increasing concern for data security issues, data privacy, strict regulatory compliances, growing cyber-attacks and threats, increasing trend for BYOD at workplaces, its benefits over software encryption technology, and booming digital trends.
The global hardware encryption market was analyzed by Market Research Future (MRFR) and it was projected that a massive CAGR of 22% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the hardware encryption market was further stated to surpass its previous valuation.
The global hardware encryption market has been segmented in terms of architecture, product, algorithm & standard, end-user, and application.
By application, the market includes military & aerospace, BFSI, healthcare, automotive, IT & telecom, and others.
By Architecture, the market divides into Field programmable gate arrays (FPGA) and Application specific integrated circuits (ASIC)
By algorithm & standard, the market segments into Secure Hash Algorithm (SHA), Rivest- Shamir-Adleman (RSA) Algorithm, Data Encryption Standard (DES), Advanced Encryption Standard (AES), Elliptic Curve Cryptography (ECC), Digital Signature Algorithm (DSA), and others.
By product, the market comprises Internal Hard Disk Drives, External Hard Disk Drives, USB Flash Drives, Inline Network Encryptors, Solid-State Drives, and others.
By end-users, the market is segmented into Government Agencies, Residential, Commercial, and Industrial.
HW Encryption Market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North American regional market leads the global hardware encryption market with the highest share percentage. The region is further expected to continue leading the global market standings over the forecast period. One of the biggest factors driving the North American market is the presence of various leading and established hardware encryption manufacturing companies. The companies present herein are trying to make a mark by developing new and innovative products and investing in research and development activities to stay ahead of their immediate competition.
Elsewhere, The Asia Pacific hardware encryption market is expected to grow at a rapid pace over the forecast period to maintain its second position in the global landscape. One of the biggest factors influencing a positive growth and expansion of the Asia Pacific market is the booming IT and telecommunication network in China, India, Thailand, Malaysia, South Korea, and other developing nations herein.
The global hardware encryption market comprises a host of key players. This includes names like Seagate Technology PLC (Ireland), Samsung Electronics (South Korea), Kanguru Solutions (U.S.), Toshiba Corporation (Japan), NetApp (U.S.), Micron Technology Inc. (U.S.), WinMagic Inc. (U.S.), Western Digital Corporation (U.S.), Micron Technology Inc. (U.S.), Kingston Technology Corp. (U.S.), Maxim Integrated Products, Inc. (U.S.), Thales e-security (U.S.).
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