Hardware encryption is used to protect computer-stored digital data. It helps in protecting commercial or personal data from external threats. The hardware encryption market is expected to attain around USD 167 billion by 2018. This is due to technological developments in the field of hardware encryption.
The key factors responsible for the growth of the hardware encryption market are increasing governmental regulations regarding hardware encryption and huge growth in the sector of solid state drive. However, proper knowledge about hardware and software encryption and limited use of encrypted drives in few countries are expected to restrain the market.
The hardware encryption market can be trifurcated into applications, products and geographies. The market, on the basis of applications, can be divided into defense & aerospace, automotives, transportation, healthcare, communication networking security, consumer electronics and military.
Defense & aerospace and military are the largest applications. This is due to huge demand for hardware encryption for multiple purposes from the aforementioned applications. The products hardware encryption market can be categorized into flash drives & USB memory sticks, hard disk drives and in-line encryptors. Hard disk drives captured the largest share and can be sliced into internal hard disk drives and external hard disk drives.
Geographically, the hardware encryption market can be split into North America, Europe, Asia Pacific and ROW (rest of the world). North America is the most lucrative market. This is as a result of huge availability of funds and consumer equipments. It is followed by Asia Pacific. Asia Pacific is the fastest growing hardware encryption market. This is owing to technological developments in India and China.
Posted on May 22, 2015 | Category Technology