With the increase in cyber-attacks against many organisations ranging from industrial to government networks data security is the prime focus for the IT network managers. The growth of mobile devices also poses a challenge to data security as there is an increase in a number of cyber thefts. Organisation need to securely encrypt their network in order to avoid any such data theft. Many organisations adopt software based encryption but hardware encryption has some unique advantages once implemented.
Hardware-based encryption is a self-contained software and doesn’t need any additional software which uses a device to perform encryption and decryption which is therefore free from malware or viruses attacks.
Organisations adopt Hardware encryption as no additional drivers need to be loaded so it can be configure in little time and also perform with minimum user interaction. Hardware encryption market is expected to grow as it is best suited for sensitive data protection in financial, healthcare and government sectors.
Global Hardware Encryption Market drivers:
The major driver for adopting hardware encryption by many organisations to protect valuable information from data breaches and cyber thefts. The financial institutions are adopting hardware encryption in order to refrain from financial fraud during its banking operations.
The other major driver for adoption of Hardware-based encryption by many organisations as it offers stronger resilience and many hackers won’t be able to attack hardware encrypted system as crypto module used will shut down the system automatically if an attempt occur for password cracking. The growth in technology in manufacturing portable and mobile devices also fuel the market growth of hardware encryption.
As some government also regulate the organisations with which they work prescribe a standard set of rules in order to implement hardware encryption for sensitive data which show a positive impact in market growth of hardware encryption.
The major drawback of hardware based encryption solution providers is cost of hardware and updates of the hardware is only possible through device substitution.
Global Hardware Encryption Market: Segmentation
Global Hardware Encryption market is segmented based on product type, by vertical, by region.
On the basis of the product type Global Hardware Encryption market is segmented to Hard Disk Drives, Solid-State Drives, USB Flash Drives, and others.
The global hardware encryption market on the basis of vertical is segmented to media and entertainment sector, BFSI, healthcare sector, transportation, public sector, manufacturing sector, retail sector, IT & Telecom sector, energy & utilities and others
On basis of region global hardware encryption market is segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and The Middle East and Africa (MEA).
Global Hardware Encryption Market Overview:
Majority of the Hardware Encryption market is dominated by Asia pacific region due to expansion of IT and telecommunication services and followed by North America and Europe. North America region is also expected to significant growth during the forecast period.
Global Hardware Encryption Market Key Market Players:
Some of the key players in Global Hardware Encryption Market include Seagate Technology LLC, Hitachi ID Systems, Inc., Western Digital Corporation, Samsung, Toshiba Corporation, Micron Technology and Kingston Technology Corporation