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Hardware Encryption Market: Growth Opportunities, Analysis & Forecast 2020
Hardware Encryption Market
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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. To address the grave issue of the increasing number of complex cyber-attacks, governments across the globe are coming out with stringent regulations pertaining to data protection; a factor that further supplements the demand of hardware encryption as a key data security technology.
Asia-Pacific accounts for the highest revenue generating region in the globalhardware encryption market followed by North America and Europe. The Asia-Pacific region would be the fastest growing market, registering a CAGR of 56.9% during the forecast period, supplemented by factors such as strong economic growth, development in enterprise IT infrastructure and the large scale outsourcing of BPO operations to China, India and Malaysia.
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The leading players have adopted competitive strategies such as acquisition, product launch and agreement in order to consolidate their market presence. For instance, in 2015, Seagate acquired the flash component division of Avago Technologies (AVGO) to strengthen its market offerings.
Key Finding fot Hardware Encryption Market:
• The increasing count of complex cyber-attacks and the impending need for optimum data protection would drive the developments and advancements in this market
• Hard disk drives would continue to be the highest revenue generating segment over the analysis period
• Increased adoption of encryption devices would be witnessed across key sectors such as healthcare, military & aerospace and IT & telecom over the forecast period (2015 - 2020)
• Asia-Pacific is the highest revenue generating region, constituting nearly 33.5% of the total market revenue
The leading companies profiled in the report are Kingston Technology Corporation Inc., Certes Networks Inc., Seagate Technology LLC, Toshiba Corporation, NetApp, Inc., Micron Technology, Inc., Samsung Electronics Co. Ltd., Imation Corp., SanDisk Corporation, Maxim Integrated Products, Inc., and International Business Machines Corporation (IBM).
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