According to IMARC Group’s latest report, titled “Hardware Encryption Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global hardware encryption market is expected to exhibit a CAGR of around 30% during 2021-2026. Hardware encryption represents an independent software, which involves encoding and decoding of sensitive data to make it accessible to authorized users. It generates ciphertext through sequencing encrypting algorithm that can later be decrypted by key using a comparable device. This, in turn, converts the information into clear text. As compared to software encryption, hardware encryption requires minimal configuration, and offers superior resilience and better performance. Consequently, it is extensively incorporated in various electronic and smart devices to build an additional layer of security.
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Market Trends and Drivers:
The increasing instances of cyberattacks, such as hacking and brute-force entries, across organizations is primarily driving the hardware encryption market growth. This is further supported by the growing security concerns, along with the rising need for portable storage devices that creates backup while transferring the data between computers. Additionally, ongoing technological advancements, including the introduction of electronic devices with additional security layers, such as fingerprint scanners and hard disk drive (HDD) to offer high storage capacity at affordable prices, are propelling the market growth. Other factors, such as the imposition of regulatory compliances for protecting sensitive data and the implementation of bring your own device (BYOD) within the corporate setups, are contributing to the market growth.
Competitive Landscape With Key Players:
The competitive landscape of the hardware encryption market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global hardware encryption market on the basis of algorithm and standard, architecture, product, application and region.
Breakup by Algorithm and Standard:
Breakup by Architecture:
Breakup by Product:
Breakup by Application:
Breakup by Region
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Key Highlights of the Report:
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