Hardware encryption is a fundamental technology in the information sector. It is a specific technology that can encrypt the hardware data through high-end mathematical practices. Additionally, hardware encryption is a process that provides security of information. It involves encoding of data/information into a defined form, which is accessible to only allowed users. Encoding of hardware requires an encrypting-algorithm that generates the cipher text that can be read only after decryption. Decoding this private data requires an authorized user to type in a key or password. In hardware-based encryption technology, both the encryption and decryption is mainly carried-out by individual processors. Encryption & decryption process plays a vital role in preventing the unauthorized access to sensitive or private data. Hardware encryption helps the users to protect confidential/private data during the transmission & storage.
Referring to study, “Global Hardware Encryption Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” some of the key players operating in the global hardware encryption market include Gemalto NV., Western Digital Corp., Kanguru Solutions, Thales (E-Security), Micron Technology, Winmagic, Samsung Electronics Co., Netapp, Maxim Integrated Products, Toshiba, Seagate Technology and among others.
By type, hardware encryption market can be bifurcated into internal hard disk drives, external hard disk drives, inline network encryptors, USB flash drives and solid-state drives. The external hard disk drive segment holds major share in global market as it has various features of an internal disk drive along with additional features for instance reliable, portable, and easy to install. Additionally, rising demand for portable self-encrypting drives (SED) drive the external hard disk drive segment. The solid-state drive (SSD) segment is likely to witness higher growth rate due to rapid rise in cases of data breaches coupled with continuous expansion of digital content and reliability of the product have attracted the consumers of different industries to use SSDs during the forecast period. In addition, by application, market can be bifurcated into automotive & transportation, healthcare, IT & telecom, BFSI, consumer electronics, aerospace & defense and others. Among these segments, consumer electronics dominates the global market owing to emergence of bring-your-own-devices (BYOD) in various organizations, therefore generating the need for hardware encryption security.
Rise in concern over data security & privacy, followed by expansion of digital content, growth in requirement for regulatory compliances and significant advantage over software encryption technology are some major factors, which are responsible for growth of the hardware encryption market. Apart from this, rise in awareness about hardware encryption technology and deficiency in buyer responsiveness are major challenges for global market. Moreover, extensive acceptance of cloud services is a leading opportunity for market.
By geography, the North-America region dominates the global hardware encryption market because of rise in need for data security in several sectors and increase in number of hardware encryption manufacturers across the region. The Europe and Asia-Pacific regions are anticipated to exhibit substantial growth rate owing to rise in household income and high-density population over the forecast period. It is estimated that global hardware encryption market will be reached at rapid pace on account of growth in IoT technology and rapid growth in the middle-class population during the forecast period.
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Global Hardware Encryption Market
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