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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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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:
- Gemalto NV
- IBM Corp.
- Imation Corp.
- Maxim Integrated Products
- Micron Technology
- Samsung Electronics
- SanDisk Corporation
- Seagate Technology
- Toshiba Corp.
- Western Digital Corp.
- Western Digital Technologies
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:
- Advanced Encryption Standard (AES)
- Rivest- Shamir-Adleman (RSA) Algorithm
Breakup by Architecture:
- Field-Programmable Gate Arrays (FPGA)
- Application-Specific Integrated Circuits (ASIC)
Breakup by Product:
- External Hard Disk Drives
- Internal Hard Disk Drives
- Inline Network Encryptors
- USB Flash Drives
Breakup by Application:
- Consumer Electronics
- IT & Telecom
- Aerospace and Defense
Breakup by Region
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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