Hardware encryption is a technique which is used to protect digital data. There are two forms of encryption, hardware encryption, and software-based encryption. Hardware encryption uses a processor that contains a random number of generators to generate the encryption key. The key benefit of hardware-based solutions is that they eliminate the typical disadvantages of software-based solutions, such as performance degradation in attacks against the encryption key stored in memory. In hardware encryption, security settings and backup keys improve encryption performance. These security settings protect encryption from cold attacks and brute force attacks. Hardware encryption is a cost-effective way for multiple applications to protect data effectively.
Global Hardware Encryption Market Size:
According to our Research analysts, the size of the Global Hardware Encryption Market is estimated to reach USD 1085 Billion by 2024 from USD 52.45 Billion in 2016 registering a CAGR of 46% during the forecast timespan.
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Global Hardware Encryption Market – Drivers and Restraints:
The optimization of the encryption function with the rest of the reader is one of the main drivers of growth in this market. The use of software encryption involves many steps that are avoided in the event that hardware encryption speeds up the process in its entirety, leading to the multiplication of its applications worldwide. Another important factor in the growth of this market is the activation at all times of this hardware encryption, which facilitates the driver to comply with different government standards, particularly in applications of the service sector such as banking and finances. This system also requires minimal configuration and interaction with users without affecting the overall performance of the system. This is particularly useful in the case of protecting confidential data without fear of hackers being compromised or stolen. After taking all these factors into account, certain restrictions also have an impact on the entire market. One of these factors is the high cost associated with its implementation, while another factor is the hardware encryption related to a single device instead of a complete system. In addition, updates in case of hardware encryption are also possible due to the replacement of peripherals, which makes it difficult to implement. It is the growth of the Internet of Things (IoT) technology and cloud services that offer many growth opportunities for this market in the coming years.
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Global Hardware Encryption Market – Geographical Segmentation and Analysis:
Geographically, North America, followed by Europe, is one of the main contributors to the overall growth of this market. The arrival of cloud services and the growth of IoT technology have also contributed as some important factors to growth. The Asia Pacific is another fastest growing major regions in the world. China, Korea, India, and Japan are among the main contributors to growth. The growing penetration of the Internet, as well as the growing demand for smartphones and tablets, has also contributed significantly to growth.
Companies dominating the Global Hardware Encryption Market analyzed in the report are:
- Certes Networks Inc.
- IBM Corporation
- Imation Corp.
- Kingston Technology Corporation Inc.
- Maxim Integrated Products, Inc.
- Micron Technology, Inc.
- NetApp, Inc.
- Samsung Electronics Co. Ltd.
- SanDisk Corporation
- Seagate Technology LLC
- Toshiba Corporation
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