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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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