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The global hardware encryption market exhibited strong growth during 2015-2020. Encryption refers to the process of utilizing an algorithm to convert information or data into codes to prevent any unauthorized access. It protects sensitive data by transforming it into an unreadable ciphertext which can be decrypted using an encryption key. These types of encryption utilize a dedicated processor, which aids in the tasks of authentication and encryption. This processor is physically located on the encrypted drive which often generates the encryption key that can be unlocked using the user’s password. Since it protects the data against threats, such as cold boot, malicious code and brute force attacks, it is widely being adopted across diverse industry verticals, including banking, corporate, IT & Telecom, healthcare, etc.
Escalating adoption rates of portable storage devices which are used to transfer information between computers and create backup are one of the major factors contributing to the market growth. Hardware encryption devices offer efficient confidentiality of personal data from unauthorized access, which has positively influenced their sales globally. Furthermore, the rising cases of cyber-attacks have led private organizations as well as governments to make a shift toward hardware encryption as these systems are more resilient and deliver faster performance when compared with software encryptions. Moreover, the increasing sales of consumer electronics have led smartphone manufacturers to include fingerprint scanners in their devices. This protects the privacy of the users as well as makes the process of encryption and decryption faster. Looking forward, IMARC Group expects the global hardware encryption market to grow at a CAGR of around 30% during the forecast period (2021-2026).
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Breakup by Region
The report has also analysed the competitive landscape of the market with some of the key players being Gemalto NV, IBM Corp., Imation Corp., Maxim Integrated Products, Micron Technology, Netapp, Samsung Electronics, SanDisk Corporation, Seagate Technology, Thales, Toshiba Corp., Western Digital Corp., Western Digital Technologies, Winmagic, etc.
Key Questions Answered in This Report:
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