Hardware Encryption Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
A variety of factors or specific business needs influences the choice of specific encryption solutions among various end-use industries. Hardware encryption is gaining popularity for protecting sensitive data on portable devices such as laptops and USB flash drives. Its ease of use, consistent performance, and robust protection against numerous common and less sophisticated attacks offsets its high cost compared to software-based encryption. For instance, any brute-force attacks by hackers to gain access to hardware encrypted chips can be easily thwarted with the help of this. The mechanism of hardware encryption works on the device’s on-board security, which performs the needed encryption and decryption. Unlike software-based encryption, it doesn’t require drivers and has minimal configuration requirements. However, since it is tied to a particular device, hardware encryption methods may not prove so helpful. Nevertheless, the soaring use of mobile devices by several governmental agencies and the storage of confidential financial and healthcare data in mobile devices have propelled the demand for hardware encryption methods. In case the devices are stolen, the data cannot be compromised.
In recent years, Advanced Encryption Standard (AES), a specification standard by the National Institute of Standards and Technology (NIST) has been gaining prominence for data security for hardware as well as software encryption method. The cryptographic module is fast gaining adoption among several military, government, healthcare institutions, and financial organizations world over, especially in developing and developed nations. AES has become one of the most popular algorithms adopted in symmetric key cryptography by various governmental agencies in the U.S. Boasting of marked improvements over its predecessors, AES employs longer cryptographic keys, offers easy implementation, and can be used in restricted environments such as in smart cards.
The global market for hardware encryption is projected to witness healthy growth throughout the forecast period, thanks to the advent of portable storage devices in order to transfer files and information between computers. In addition, these devices help in improving the security concerns and confidentiality of data. These devices cannot be altered or removed by any malware or virus or be uninstalled by the user, owing to which the market is likely to witness high growth over the coming few years.
The research report on the global hardware encryption market offers a thorough overview, focusing on the key growth drivers and currents trends in the market. The research study throws light on the product segmentation, applications, technological advancements, and the regional segments of the global hardware encryption market. In addition, the limitations and challenges that are being faced by the prominent players in the overall market have been discussed in the research study.
The rising concerns related to the privacy of data and data security and tremendous expansion of the digital content are anticipated to encourage the growth of the global hardware encryption market throughout the forecast period. 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.
On the contrary, the need for high capital investment and the lack of awareness among consumers reading the benefits of hardware encryption technology are projected to restrict the growth of the global hardware encryption market in the next few years. Nevertheless, the emergence of economical and compact hardware encryption technique and the rising adoption of cloud computing are expected to offer promising opportunities for market players in the coming years.
The global market for hardware encryption has been divided on the basis of geography into Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific. The research study has provided a detailed analysis of the leading regional segment, highlighting the market share and anticipated growth rate. In addition, the key factors that are encouraging the growth of these segments have been discussed in the scope of the research study.
According to the research study, Asia Pacific is anticipated to witness strong growth throughout the forecast period, owing to the robust development of the IT industry. In addition, a substantial contribution from China, India, Malaysia, and South Korea is expected to accelerate the growth of the hardware encryption market in Asia Pacific throughout the forecast period. Furthermore, with the presence of a large number of established hardware encryption manufacturing companies, North America is anticipated to witness healthy growth in the next few years.
The global hardware encryption market is projected to witness a high level of competition in the coming few years. The leading players in the market are focusing on offering new products to consumers in order to enhance their market penetration and maintain their dominant position throughout the forecast period. Some of the prominent players operating in the hardware encryption market across the market are Netapp, Maxim Integrated Products, Inc., Toshiba Corp., Gemalto NV., Micron Technology, Inc., Samsung Electronics Co. Ltd., Kanguru Solutions, Thales (E-Security), Winmagic Inc., Kingston Technology Corp., Western Digital Corp., and Seagate Technology PLC.
Furthermore, the research study has provided a detailed analysis of the competitive landscape of the global hardware encryption market. An in-depth overview of company profiles and their financial overview have been discussed at length in the scope of the research study. Additionally, the business strategies, SWOT analysis, and the recent developments have been included to offer a clear understanding of the overall market.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report