Rise in Security Concerns and Shift toward Encryption Technology Expected to Drive Global Hardware Encryption Market: Ken Research

Hardware encryption is an encryption process designed to secure digital data. It is a technology that prevents unauthorized data access. It also provides an extra layer of security features to avoid hacking or other online threats. The hardware encryption consists of encoding data or information into a form accessible to only authorized users and registered users. This technology eliminates the drawbacks associated to software-based encryption that impacts performance. The hardware encryption for various applications related to network and memory devices. The global hardware encryption market is expected to grow significantly owing to rise in concerns towards the data security. Hardware encryption technology assists users to protect confidential data during transmission and storage.

Hardware encryption further offers protection against various security threats and providing an effective mechanism to secure privacy of sensitive, corporate and personal data.

As per analysis, “Global Hardware Encryption Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global hardware encryption market include Maxim Integrated Products, Micron Technology, Western Digital Corp., Kingston Technology, Samsung Electronics Co., Toshiba, Thales (E-Security), Kanguru Solutions, Seagate Technology, Netapp, Winmagic, Gemalto NV and among others. Numerous hardware encryption providers are focusing on offering more efficient hardware encryption solutions to attract more clients and maximize their revenues.

Based on type, hardware encryption market is segmented as internal hard disk drive, external hard disk drives, inline network encryptor, solid-state drive, USB flash drive and others. In addition, based on application, market is segmented as transportation, IT & telecom, healthcare, aerospace & defense, BFSI and others. The IT & telecom sector is expected to witness higher growth rate due to increase in the trend of cloud computing, mobile broadband, and big data management in the telecom sector during the forecast period.

The hardware encryption market is driven by increase in complexity & risk of data breaches & brute-force attacks, followed by decline in prices of hardware encryption devices, imposition of regulatory compliances regarding protection of private & sensitive data, rise in security concerns & shift toward encryption technology due to COVID-19 and Upsurge in penetration of consumer electronics for instance smart-phones and tablets. However, limited use of encrypted devices and high capital investments may impact the market. Moreover, growth in technological advancements in encryption chips and widespread adoption of Internet of Things (IoT) technology & cloud services are leading opportunities for market.

By regional analysis, the North-America is a leading region in global hardware encryption market owing to high population density & rapid growth in the middle-class population, increase in household income, rise in advent of cloud based services and growth in IoT technology across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to rise in demand for smart-phones & tablets and growth in internet penetration over the forecast period. It is estimated that future of the global hardware encryption market will be bright as a result of widespread adoption of cloud computing during the forecast period.

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Global Hardware Encryption Market

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