Hardware Encryption Market Trends, Comprehensive Research Study, Development Status, Future Plans and Covid-19 Impact 2021-2027

(Heraldkeepers via Comtex)

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.

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With the advancements in technology, leading market players are developing various hardware encrypted solutions to cater to the increasing demands in the storage industry. Product launch is identified as a prominent strategy in this market. For instance, in 2015, Toshiba Corporation introduced the Toshiba Encrypted USB Flash Drive that utilizes a hardware based encryption process in order to deliver a secure and affordable solution.

This product is targeted at corporate enterprises and government agencies. Increasing regulatory compliances and the declining prices of hardware encryption devices majorly drive the growth of this market. Low awareness and limited adoption are key factors that hamper the market growth. However, integration with SOC (System On-Chip) would create numerous opportunities for the growth of the hardware encryption market.

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The market is segmented on the basis of usage, application, end user and geography. The usage segment includes storage device (hard disk drives, USB flash drives) and network. The segment of hard disk drives accounted for the maximum revenue share, in 2014, and would go on to consolidate its position during the forecast period (2015-2020). The application segment is categorized into the healthcare, military & aerospace, automotive & transportation, BFSI, IT & telecom and others (retail, education and individual users). The end user segment is classified into industrial/commercial, residential, government agencies. Based on geography, the world hardware encryption market is segmented across North America, Europe, Asia-Pacific and LAMEA.

The leading players profiled in this report are Kingston Technology Corporation Inc., Seagate Technology LLC, NetApp, Inc., Certes Networks Inc., Micron Technology, Inc., SanDisk Corporation, Toshiba Corporation, Samsung Electronics Co. Ltd, Imation Corp., Maxim Integrated Products Inc. and International Business Machines Corporation (IBM)

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POTENTIAL BENEFITS FOR STAKEHOLDERS:

The report provides an in-depth analysis of the hardware encryption market and offers current and future trends to identify lucrative investment pockets in the market
The report identifies the key drivers, opportunities and restraints that shape the market and provides an impact analysis for the forecast period
Porter’s five forces analysis highlights the potency of buyers and suppliers participating in this market. This would further offer a competitive advantage to stakeholders in making profitable business decisions; thus, helping them to strengthen their supplier and buyer networks
Current and future trends are outlined to determine the overall attractiveness and highlight the profitable trends in order to gain a stronger foothold in the market
Market estimation of geographic segments is derived from the current market scenario and expected market trends

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

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This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

HARDWARE ENCRYPTION MARKET SEGMENTATION

The market is segmented on the basis of usage, application, end user and geography.

World Hardware Encryption Market-By Usage

Storage device
Hard disk drive
USB flash drives
Network

World Hardware Encryption Market-By Application

Healthcare Sector
Military & Aerospace Sector
Automotive & Transportation Sector
BFSI
IT & Telecom
Others (Retail , Education and Individual users)

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World Hardware Encryption Market-By End User

Industrial/Commercial
Residential
Government Agencies

World Hardware Encryption Market-By Geography

North America
Europe
Asia-Pacific
LAMEA

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The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.

During the forecast period, the report analyzes the growth rate, market size, and market valuation.

The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

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Source - HeraldKeeper
Note: The Heraldkeeper News Department was not involved in the creation of this content.

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COMTEX_397754186/2582/2021-11-26T01:51:25