Hardware Encryption Market by Algorithm & Standard (Rivest, Shamir, and Adelman (RSA); Advanced Encryption Standard (AES); and Others), Architecture (Application-specific Integrated Circuit (ASIC) and Field-programmable Gate Array (FPGA)), Product (Hard Disk Drive (HDD), Solid-state Drives (SSD), Universal Serial Bus (USB), and Inline Network Encryptor), Application (Consumer electronics, IT & Telecom, Automotive & Transportation, Aerospace & Defense, Healthcare, Government & Public Utilities, BFSI, and Others), and End Use (Industrial, Commercial, Residential, and Government): Global Opportunity Analysis and Industry Forecast, 2019-2027

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According to the insights of CXOs of leading companies, the adoption of hardware encryption has increased for protecting sensitive data on portable devices such as USB flash drives and laptops. Numerous benefits provided by hardware encryption technology such as consistent performance, ease of use, and robust protection against common sophisticated attacks offset its cost higher. For instance, any brute-force attacks by hackers to gain access to hardware-encrypted chips can be easily thwarted with the help of this. Moreover, implementation of enterprise mobility and Internet of Things (IoT) across numerous industry verticals has led to surge in demand for hardware-encryption devices. Furthermore, to encourage flexibility in work, employees use various mobile devices for sharing confidential information, which increases the vulnerability of data breaches. 

Thus, governments as well as regulatory authorities across the globe have imposed a certain set of guidelines and compliance requirements that prompt organizations to adopt stringent cybersecurity solutions for safeguarding enterprise data, network, endpoint, application, and cloud environment. Owing to implementation of these different laws & regulations, organizations are increasingly adopting hardware encryption devices to protect critical enterprise data, which is opportunistic for the global market growth. 

Furthermore, Advanced Encryption Standard (AES), a specification standard by the National Institute of Standards and Technology (NIST), is gaining importance for data security in both the hardware and software encryption methods. The cryptographic module is rapidly gaining adoption among number of industries such as healthcare, government, military, and financial organizations in the U.S. 

Moreover, advanced encryption standard has become a popular algorithm adopted in symmetric key cryptography by a number of governmental agencies in the U.S. The use of AES in longer cryptographic keys offers easy implementation, and can be used in restricted environments such as smart cards. The global hardware encryption market is consolidated and competitive, owing to the presence of well-diversified regional and international vendors. Prominent strategies such as product launch and acquisition are adopted by leading companies in an effort to expand their product offerings. The prominent players such as Seagate Technology LLC, Toshiba Corporation, and IBM are analyzed in the report in an effort to gain an insight into their winning strategies.