Hardware Encryption Market Projected To Grow by 2023

Minakshi Jagtap

Increasing complexity & volume of data breaches and reduced cost of encryption are major drivers boosting the growth of Hardware Encryption Market. The key growth drivers include growing concern for data privacy, data security issues, increasing number of cyber-attacks, stringent regulatory compliances, rising demand for BYOD devices at workplaces, benefits of hardware encryption over software encryption technology and rising digital trends.

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Regional Analysis:
The competitive landscape of global hardware encryption market is formed by major players of the market and some of the new entrants. The hardware encryption has driven many areas like BFSI, military & aerospace, healthcare, IT & Telecom. North America leads the market for the global hardware encryption. Many technical advancements were been observed from this region. Western Digital Corporation, an American computer data storage company, revealed its new product My Book Duo external hard drive. The hard drive features 20 TB storage in Raid zero and one configuration, USB-C and USB-A ports. My Book offers sequential read speeds of 360 MB per second. My Book allows for redundancy and reduces the risk of data loss. Secured with 256-bit AES hardware encryption, the drive lets users set a password to activate the hardware data encryption and data protection. The drive serves the need of data storage for home users, businesses and creative professionals such as video and photo producers and editors.

In May 2017, RigNet, Inc. completed their acquisition of Cyphre Security Solutions that provides the most advanced enterprise data protection available in the market today. In 2016, the world leader in memory products Kingston Digital, Inc. acquired the USB technology and assets of IronKey™ from Imation Corp.

Asia Pacific is anticipated to grow very fast during the forecasted period. The high growth of the market in this region can be attributed to the expansion of IT and telecommunication network in China, Thailand, Malaysia, South Korea, India, and other developing countries in APAC.

In August 2017, Samsung Electronics announced the Samsung Portable SSD T5 – the newest portable solid state drive (PSSD) that raises the bar for the performance of external memory products. The T5, built with Samsung’s latest 64-layer V-NAND technology, delivers industry-leading transfer speeds with encrypted data security in a compact and durable design, making it easier than ever for consumers to access their most valuable data anywhere, at any time.

Some of the key players in the market are Micron Technology Inc. (U.S.), Samsung Electronics (South Korea), Toshiba Corporation (Japan), Western Digital Corporation (U.S.), Seagate Technology PLC (Ireland), Kingston Technology Corp. (U.S.), Micron Technology Inc. (U.S.), Kanguru Solutions (U.S.), Maxim Integrated Products, Inc. (U.S.), NetApp (U.S.), WinMagic Inc. (U.S.), Thales e-security (U.S.).

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Minakshi Jagtap

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