Hardware Encryption Market Size, Share, Trends, Growth, Sales Re - FOX21- Entertaining Delmarva One Click at a Time

Hardware Encryption Market Size, Share, Trends, Growth, Sales Revenue, Development Strategy, Opportunity Assessment and Comprehensive Research Study 2023


Market Insights

Hardware encryption has become exceedingly common and necessary as the value of data has grown considerably. Encryption of hardware is a technology which encrypts the data stored on any hardware using sophisticated encryption functions. This results in data which is highly private and cannot be read without the use of a security key or password. This can be useful in protecting theft of data or access to data by unauthorized parties as well as by providing an extra layer of security against hackers or other malicious online threats. Market Research Future has published its report on the subject which indicates growth of the Hardware Encryption Market over the forecast period of 2017 to 2023 at a CAGR of 22%. This projection is highly promising and will likely result in a value that crosses into triple digits.

The concept of hardware encryption is straight forward and uses software to encrypt and decrypt the relevant data. In many cases when a file is read from a hard drive the software automatically decrypts it and such processes are highly common in almost every computer with regards to word processors and spreadsheets to name a few. With data breaches becoming increasingly common as well as increasingly sophisticated, the global market is expected to grow as demand for hardware encryption grows rapidly. Moreover, the affordability of encryption is likely to boost the global hardware encryption market. Moreover, the rising need with regards to regulatory frameworks regarding encryption and data privacy will also impact the market in a positive manner. The increasing volumes of data generation combined with the demand for the privacy of data will also drive growth, particularly in consumer applications. The awareness regarding data is growing rather significantly.

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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.).

Global Hardware Encryption Market - Competitive Analysis

The Market of hardware encryption appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Prominent vendors of hardware encryption market are targeting to invest more in technology and research and development activities to innovate their already existing technology.

Global Hardware Encryption Market - Segmentation

The Hardware Encryption market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;

  • Segmentation by architecture: Comprises Application specific integrated circuits (ASIC), Field programmable gate arrays (FPGA)
  • Segmentation by Algorithm & Standard: Comprises Rivest- Shamir-Adleman (RSA) Algorithm, Advanced Encryption Standard (AES), Secure Hash Algorithm (SHA), Digital Signature Algorithm (DSA) and many others.
  • Segmentation by product: Comprises external hard disk drives, inline network encryptors, internal hard disk drives, solid-state drives and others
  • Segmentation by application: Comprises automotive, BFSI, IT & Telecom, military & aerospace, healthcare and others
  • Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Global Hardware Encryption Market - Regional Analysis

The global hardware encryption market is observed for North America, Europe, Asia Pacific and rest of the world. North America is estimated to hold major market share through the forecast period. The presence of major players in the region, rising concerns over data privacy and security are likely to drive the market in the region. However, Asia Pacific is expected to show highest growth rate during the forecast period. The advancements of IT and Telecommunication in the region, and rising awareness regarding significant advantages of hardware encryption are driving the market in this region. The adoption of cloud based services across organizations would provide an opportunity to expel the market through the forecast period.

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Intended Audience

  • Banking
  • Hardware Manufacturers
  • Testing
  • R&D

About Us:

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 Market Research & Consulting Services.

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