The global hardware encryption market is expected to witness a CAGR of 3.9% during the forecast period. The optimization of the encryption feature with the rest of the drive and all-time activation of the hardware encryptions makes it easier for the driver to meet the government standards, especially in service sectors such as BFSI. Hardware encryption requires minimum configuration and interaction with users without having an impact on the overall performance of the system and protects sensitive data are the drivers that have a positive impact on the growth of the hardware encryption market. The widespread adoption of cloud computing and the rapid growth of the Internet of Things, increasing concern over data security and privacy, increasing need for regulatory compliances, expansion of digital content, and significant advantage over software encryption will propel the growth of the hardware encryption market. There is a promising future of the hardware encryption market as there are many opportunities across diverse industry verticals such as consumer electronics, IT& Telecom, Transportation, aerospace and defense, healthcare, and BFSI.
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HSE, originally developed by Micron and now available to the open-source community, is ideal for developers using all-flash infrastructure who require the benefits of open-source software, including the ability to customize or enhance code for their unique use cases.
The COVID-19 pandemic has encouraged organizations to opt for work-from-home culture due to the strict lockdown. So, there is a need for companies and individuals to focus on data protection, storage, and recovery. During these unprecedented times, the adoption of hardware encryption enabled the government sector to respond to the COVID-19 crisis securely and promptly.
The growth of ASIC design is high due to the massive demand for processors in the manufacturing of hardware-encrypted hard disk drives and USB drives, owing to their high speed and small form factor.
The solid-state drive (SSD) segment is anticipated to have a high CAGR during the forecast period, owing to a rapid rise in cases of data breaches, continuous expansion of digital content, usability, and reliability of the product have attracted consumers of different industries to use SSDs.
Based on algorithm & standard, the global hardware encryption market is categorized into Rivest – Shamir –Adleman (RSA) algorithm, advanced encryption standard (AES), secure hash algorithm, digital signature algorithm, data encryption standard, and elliptic curve cryptography.
The healthcare segment is anticipated to have a high CAGR over the projected period.
Based on application, the healthcare segment is projected to have a high CAGR, owing to the risk of data breach and increase in government initiatives for the adoption of hardware encryption in the healthcare sector. For instance, government regulatory policies such as Health Insurance Portability and Accountability Act (HIPAA) and Centers for Medicare & Medicaid Services (CMS) are the security requirements for electronic health records (EHRs) that have fuelled the market for hardware encryption globally.
“APAC to witness a high CAGR during the forecast period 2020-2027.”
APAC is expected to have the largest share during the forecast period owing to its huge population, which is technology-savvy and is demanding encryption-enabled products. Moreover, robust advancement in the IT industry, rising internet penetration, and an increase in demand for smartphones and tablets are some of the factors contributing to the growth of the hardware encryption market. In addition, a significant contribution from China, India, Malaysia, South Korea, will accelerate the growth of the hardware encryption market in APAC during the projected period 2020-2027.
Some of the prominent players operating in the hardware encryption market across the globe are Western Digital Corporation, Samsung Electronics Co. Ltd., Micron Technology, Inc., NetApp, Kingston Technology Corp., Seagate Technology LLC, WinMagic, Maxim Integrated, IBM, and Toshiba Corporation.
Source: VynZ Research