- Toll Free: +1-800-792-5285
- (UK): +44-845-528-1300
- Int'l: +1-503-894-6022
- Help@alliedmarketresearch.com
Cart
|
IC_15358
|
Pages: 125
|
Oct 2015 | 3399 Views
|
|
|
|
Author's :
Rachna Singh
|
Tables: 34
|
Charts: 42
|
Formats*:
  
|
|
Hardware Encryption Market would garner revenue of $296.4 billion by 2020, registering a CAGR of 54.6% during the forecast period of 2015 - 2020.
.jpg)
Get more information on this report : Request Sample Pages
Hardware Encryption is a hardware based technique that is used for securing digital data. There are two forms of encryption; hardware based encryption and software based encryption. Hardware encryption uses a processor that contains random number of generators to generate encryption key. The key advantage of hardware-based solutions is that they eliminate the typical drawbacks of software-based solutions such as performance degradation for attacks aimed at the encryption key stored in memory. In hardware encryption, the security parameters and safeguard keys enhance the performance of encryption. These security parameters protect the encryption from cold boots and brute force attacks. Hardware encryption is a cost effective method that holds diverse applications in securing data efficiently.
Segment review
The world hardware encryption market covers usage type, its applications and end users of hardware encryption. The usage type such as storage devices (hard disk drives and USB flash drives) and networks are discussed in this report. The applications include healthcare sector, military & aerospace sector, automotive & transportation sector, BFSI, IT & telecom, others (retail, education and individual users). On the basis of geography, the world hardware encryption market is segmented across North America, Europe, Asia-Pacific and LAMEA.
World Hardware Encryption Market Scenario
There are various types of algorithms present in the market but choosing the right type of algorithm for the right job is rudimentary. The encrypted chip/key works according to the type of algorithm used in it. In current hardware encryption market business scenario, encrypted hard disk drives are used at a notable rate owing to the presence of larger storage capacity at a low cost. Whereas, at present, encrypted USB flash drives available in the market are slightly costlier than encrypted HDDs. However, USB flash drives would grow rapidly in the years to come owing to the rising demand for robust memory storage devices, which are highly compact with maximum storage capacity and better security.
Reduced prices
Decreasing prices of encrypted hardware devices is one of the major factors affecting the global hardware encryption market. The reduced prices of encrypted chip/key have boosted the growth of the hardware encryption market in all regions. The advent of encrypted storage devices is likely to affect the unencrypted storage devices market.However, the entrance of encrypted storage devices is expected to give a hard hit to the normal storage market. Reduced price of encrypted storage devices has driven the increased adoption of such devices. The key manufacturers of these devices are Seagate, Toshiba, Samsung and SanDisk.
Government regulations
With increasing data security awareness, the adoption of encrypted storage devices is expected to grow in various industries. Healthcare industry would witness a tremendous growth in demand of encrypted hardware devices in the near future. However, it might be expected that over a period of time, stringent government regulations are likely to affect the hardware encryption market.
Growing number and complexity of data breaches & brute force attacks
Increasing number of data breaches and brute force attacks owing to burgeoning digitalization is one of the driving factors of hardware encryption. Brute force attacks are increasing at a rapid pace therefore, resulting in a strong need for encrypted devices. Most of the companies have started manufacturing encrypted keys/chips with algorithm of 128-bit symmetric key, 256-bit keys that has more security. It is expected that manufacturers would come up with higher algorithm bit keys and generate a higher demand for the same in applications such as healthcare, BFSI, military & aerospace and few others.
Lack of awareness
Lack of awareness and education regarding the importance of sensitive content in the form of digital data would negatively affect the growth of hardware encryption market. This is likely to have a serious bearing on the revenue generation and reputation of the company. However, over a period of time, one may expect the customers to realize the significance of encrypted devices.
Technological advancement on encryption chip
The advancement in the system-on-chip (SoC) would reduce the prices of encrypted chips. In the near future, it is expected that advanced technologies would reduce the cost difference between normal storage devices and hardware encrypted storage devices. Moreover, encrypted chips with higher algorithm bits than 128 or 256-bit AES hardware encryption would further increase the sales of hardware-encrypted devices, which would ultimately boost the growth of the hardware encryption market in the future
Key Benefits
Hardware encryption is one of the widely used techniques to secure data. The need to secure electronic data is increasing with each passing day due to the concerning numbers of complex data breaches coupled with the increasing regulatory compliances and mandates, in turn supplementing the market growth. Hardware encryption is used to encrypt either storage devices through an external chip or self-encrypted drives; or securing the network through inline encryptors.
Hard disks/drives are the most widely encrypted storage devices, followed by USB flash drives. The user can either get the hard disk encrypted externally with the help of a chip or opt for hard disks with inbuilt encryption, also known as self-encrypting drives (SED). In addition to the mentioned storage devices, inline encryptors are used for securing the network. Hardware encryption market generates revenue from varied industries such as healthcare, BFSI, and Automotive amongst others as data security is an integral need of every sector be it to meet the regulations or sustain in the competitive environment. Presently, healthcare is the biggest revenue contributor due to the various government regulations with respect to the digital patient records, and the increasing adoption of BYOD trend. This sector mostly prefers hardware encryption over software encryption due to the ability of the former technique to store cryptographic key in a separate inaccessible portion of storage device, thus making it more secure than software encryption.
The Asia-Pacific region, over the years, has transformed into a dynamic hub for the manufacturing of digital storage devices owing to the availability of cheap labor and raw materials used in the manufacturing of encrypted chips. The forerunners in the market are engaged in the process of developing novel encrypted chips with advanced algorithms. Additionally, market players are also adopting acquisitions and partnerships as key development strategies to enhance their offerings in the market.
Enterprice
License/PDF
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high level data integrity, accurate analysis and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
