Hardware Encryption Market Size, Business Strategy, Sales Revenue, Historical Analysis, Development Status, Competitive Landscape and Industry Segments Poised For Strong Growth in Future 2023

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Market Research Future published a research report on “Hardware Encryption Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Global Hardware Encryption Market   – Overview

Hardware encryption refers to converting the data stored on a hard drive using refined mathematical functions. This benefits in preventing access to data by unauthorized persons and delivers a layer of security against hackers and other online threats. The major advantage of  hardware encryption is that it remains active at all times and makes it possible for the drive to meet the compliance requirements of government standards for data in banking, finance, medical, and government applications. In hardware encryption, the security constraints and safeguard keys improves the performance of encryption.

The rise in compliance regulations and increasing complexity of data breaches are driving the growth for hardware encryption market. The condensed prices of encrypted chips have increased the growth of the hardware encryption market in all regions. The rising need of regulatory framework and government regulations on data encryption are other factors estimated to accelerate the growth of the overall market through the forecast period.

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Industry News

June, 2017 – Kanguru Solutions, an industry leader in providing secure hardware encrypted USB solutions, launched TAA Compliant USB3.0 external drives with a physical write protection switch. The device possess substantial amount of data storage and write protect switch which helps in switching between read/write and read-only mode.

April, 2018 – Synology Inc., a Taiwanese corporation that specializes in Network-attached storage appliances has announced the availability of its 18-series Network Attached Storage and Network Video Recorder solutions in India. The devices are capable of creating a private cloud with data backup, music/video streaming, photo management, sharing files and so on. The Network Video Recorder system helps with surveillance and offers features such as live monitoring.

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.).

Hardware Encryption Market: Segmental Analysis

On the basis of application, the market has been segmented into automotive, healthcare, military & aerospace, BFSI, and IT & telecomm. Based on algorithm and standard, the market is segmented into advanced encryption standard, Rivest – Shamir –Adleman (RSA) Algorithm, digital signature algorithm, elliptic curve cryptography, secure hash algorithm and data encryption standard. Based on product type, the market has been segmented into inline network encryptors, solid state drives, external hard disk drives, flash drives, and internal hard disk drives. By end-users, the market is segmented into industrial, government agencies, commercial and residential. By architecture, the market has been bifurcated into Field programmable gate arrays (FPGA) and application specific integrated circuits (ASIC)

Regional Outlook

Among regions, North America currently accounts for a dominant share of the market and is likely to remain highly lucrative during the assessment period. This is primarily owing the presence of leading market players in the region. Meanwhile, the market in Asia Pacific (APAC) is also expected to exhibit a staggering growth in the forthcoming years. The rapid expansion of the IT and telecommunication network in countries such as Thailand, China, Malaysia, India, and South Korea among others.

Industry Trends and News

  • Advenica, leading provider of cybersecurity based in Europe has recently announced that the company has entered a contract worth $2.2 Mn to provide hardware encrypted Virtual Private Network (VPN) products to the Swedish Defence Materiel Administration. The company’s hardware encrypted products are powered by patented VPN technology and meets all the requirement of the Swedish defence sector.
  • Leading provider of data usb security solutions, Kanguru has launched an updated version of its fully-integrated, global remote management system “KRMC-Enterprise 8”. This new version is anticipated to improve its Defender® hardware encrypted USB drives.

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Intended Audience

  • Banking
  • Hardware Manufacturers
  • Testing
  • R&D

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