Encryption is the process of scrambling sensitive information that is only readable by the intended recipient. Encryption is mainly performed by hardware or software devices using a series of algorithm or mathematical operations for generating the cypher text or the encrypted data. The recipient for whom the message is encrypted must have an electronic key for decrypting the data using a similar device further converting the data to its original readable form known as the clear text. This process of hardware encryption involves file being written in the drive that is further encrypted automatically using specialized software. After this as the file is read from the drive, there is a special software that automatically decrypts it further making it understandable by the recipient and functioning as any other normal computer. Hardware encryption as a technology prevents data from being accessed by unauthorized persons thereby providing an extra layer of security against hackers or from online threats. The global market for hardware encryption has been segmented into circuit design, product, application and geography. The global market on the basis of circuit design has been segmented into FPGA (Field Programmable Gate Array) and ASIC (Application Specific Integrated Circuit). On the basis of product the global market for hardware encryption has been segmented into USB flash drives, external hard disks, solid state drives and internal hard disks among others. Consumer electronics, healthcare, IT & telecom and aerospace & defense forms the major application areas for this market globally.
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Global hardware encryption market on the basis of geography has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
It is the optimization of the encryption feature with the rest of the drive that forms one of the major drivers aiding in the growth of this market. Use of software encryption involves lot of steps that is avoided in case hardware encryption further making the whole process faster leading to its rising applications globally. Another major factor pushing the growth of this market includes the all-time activation of these hardware encryption making it easier for the driver to meet the various government standards especially in applications across service sectors such as banking and financial institutions among others. This system further requires minimum configuration and interaction with users without effecting the overall performance of the system. This is especially helpful in case of protecting sensitive data without being worried about the data getting stolen or compromised by the hackers. After considering all these drivers, there are also certain restraints that has a negative impact on the overall market. One such factor is the high costs associated with its implementation while another factor being this hardware encryption tied to only one device rather than a complete system. Moreover, the updates in case of hardware encryption is also possible through device substitution further making it difficult for implementation. It is the growth of Internet of Things (IoT) technology and cloud services that is expected to provide numerous growth opportunities for this market in the coming years.
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Geographically, it is North America followed by Europe that forms some of the major regions contributing to the overall growth of this market. Advent of cloud based services along with growth in IoT technology has also contributed to being some important factors contributing to the growth. Asia Pacific is another major region along with being one of the fastest one to grow globally with China, Korea, India and Japan being some of the key countries contributing to the growth. Growing internet penetration along with rise in demand for smartphones and tablets has also been some important factors contributing to the growth.
Some of the key players that are operating in the global hardware encryption market include Samsung Electronics Co. Ltd. (South Korea), Toshiba Corporation (Japan), Maxim Integrated Products Inc. (The U.S.), Micron Technology Inc. (The U.S.), IBM (The U.S.), Kingston Technology Corporation (The U.S.), Seagate Technology PLC (Ireland) and Western Digital Corporation (The U.S.) among others.
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