Hardware Encryption Market Revenue Analysis, Production and Comprehensive Research Study Till 2023

Market Scenario:

Hardware encryption is a technology that encrypts the data stored on a hard drive using sophisticated mathematical functions. Data on an encrypted hard drive cannot be read by anyone who does not have access to the appropriate key or password. This can help prevent access to data by unauthorized entities and provides a layer of security against hackers and other online threats. The concept of hard-drive encryption is simple enough. When a file is written to the drive, it is automatically encrypted by specialized software. When a file is read from the drive, the software automatically decrypts it while leaving all other data on the drive encrypted. The encryption and decryption processes are transparent to all common applications such as word processors, databases, spreadsheets or imaging programs.

Increasing complexity & volume of data breaches and reduced cost of encryption are major drivers boosting the growth of Hardware Encryption Market. In addition, several advantages offered by hardware encryption in comparison with software encryption technology and the rising need of regulatory framework are some of the other factors estimated to accelerate the growth of the overall market in the near future.

In August 2017, Spyrus Inc. announced the development of a secure environment for Security in a Box ® Secure Storage SDK with FIPS 140-2 Level 3 encrypted storage devices. SPYRUS storage products meet the needs of securing mission critical end points and data collection devices in the Internet of Things (IoT). Other uses are mission data storage for UAVs, wearable and in-vehicle cameras, power grids, homeland security and much more.

The global hardware encryption market is expected to grow at 22% CAGR through the forecast period.

Key Players

Some of the key players in the market are Micron Technology Inc. (U.S.), Samsung Electronics (South Korea), Toshiba Corporation (Japan), Western Digital Corporation (U.S.), Seagate Technology PLC (Ireland), Kingston Technology Corp. (U.S.), Micron Technology Inc. (U.S.), Kanguru Solutions (U.S.), Maxim Integrated Products, Inc. (U.S.), NetApp (U.S.), Win Magic Inc. (U.S.), Thales e-security (U.S.).

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Segmentation:

The global Hardware Encryption Market is segmented as architecture, algorithm & standard, product, application and end users. Hardware data encryption covers a wide area of applications such as BFSI, automotive, military & aerospace, healthcare etc. In the area of automotive, Symantec Corporation, a leader in software services, designed software for automotive security. It protects critical modules including Engine Control Units (ECU), Body Control Modules (BCM), In Vehicle Infotainment (IVI), and gateway chips protecting the CAN bus from modems and Single Board Computers (SBC) such as the IVI all requiring additional protection. Symantec Critical System Protection is built on proven technology already protecting countless daily financial transactions in core back-end systems of the world’s largest financial services providers, and is "embedded" in countless ATMs.

The North America is having the largest share of the hardware encryption market during the forecast period. This region is home to many established hardware encryption manufacturing companies. The hardware encryption market in APAC is expected to grow at a high rate during the forecast period. The primary reason behind this market growth is the expansion of IT and telecommunication network in China, Thailand, Malaysia, South Korea, India, and other developing countries in APAC.

The market for hardware encryption is segmented into architecture, algorithm and standard, product, application and vertical. The architecture is further segmented in to application specific integrated circuits (ASIC), Field programmable gate arrays (FPGA). On the basis of algorithm and standard, the segment is further divided in to Rivest – Shamir –Adleman (RSA) Algorithm, Advanced encryption standard, secure hash algorithm, digital signature algorithm, data encryption standard and elliptic curve cryptography. On the basis of product the segment is further classified in to external hard disk drives, inline network encryptors, internal hard disk drives, solid state drives, flash drives. The segment application is further divided in to automotive & transportation, BFSI, consumer electronics, healthcare, IT & telecom, military and aerospace. On basis of end user the segment is further divided in to commercial, industrial, residential and government agencies.

By Architecture

• Application specific integrated circuits (ASIC)
• Field programmable gate arrays (FPGA)

By Algorithm & Standard

• Rivest- Shamir-Adleman (RSA) Algorithm
• Advanced Encryption Standard (AES)
• Secure Hash Algorithm (SHA)
• Digital Signature Algorithm (DSA)
• Data Encryption Standard (DES)
• Elliptic Curve Cryptography (ECC)

By Product

• External Hard Disk Drives
• Inline Network Encryptors
• Internal Hard Disk Drives
• Solid-State Drives
• USB Flash Drives

By Application

• Automotive
• BFSI
• IT & Telecom
• Military & Aerospace
• Healthcare
• Others

By End users

• Commercial
• Residential
• Industrial
• Government Agencies

By Region

• North America
• Europe
• Asia Pacific
• Rest of the world

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Intended Audience

• Banking
• Hardware Manufacturers
• Testing
• R&D

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Ma