Hardware Encryption Market (By Usage, Storage Device, Network), By Application, (Healthcare Sector, Military & Aerospace, Automotive & Transportation,BFSI, IT & Telecom), By End User, (Industrial and Commercial, Residential, Government Agencies), Estimation & forecast, 2016 – 2024
Hardware Encryption Market Size, Share, Growth, Forecast Overview
The Global Hardware Encryption Market was valued at $52.45 billion in 2016, and is projected to reach $1,085 billion by 2024, having a CAGR of 46.3% during the forecast period of 2017 to 2024.
Encryption is the conversion of digital data into another form which can’t be easily understood by anyone except authorized parties. The primary use of encryption is to protect the data stored on a system or transmitted over the network. Software based and hardware based are two significant techniques used for encryption. Hardware encryption uses a processor to encrypt data without hampering performance of the system. Authentication over the hardware, cost effective measure for large data environments, and protection against common cyber-attacks have brought the need for hardware encryption within encryption market. According to Thales S.A., the overall encryption deployment within IT industry has increased over 37% from 2005 to 2016.
Increasing complexity & volume of data breaches and reduced cost of encryption are major drivers boosting the growth of hardware encryption market across the world. Further reduced cost of encryption provides additional boost to the growth of the market. Overall hardware security module (HSM) usage grew 38% from 2012 to 2016. Lack of awareness among end users and government regulation over the use of encrypted devices in some countries might hinder the growth of the market. Technological development on encryption chip is expected to create lucrative opportunities for the market in upcoming years.
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Global hardware encryption market is segmented by usage, by application, by end user, and by geography. By usage it is bifurcated as storage devices and network. By application global hardware encryption market is further divided as Healthcare sector, Military & aerospace, Automotive & transportation, BFSI, IT & telecom, and Others. By end users it is segmented as Industrial and commercial, Residential, and Government Agencies. Geographically, global hardware encryption market is segmented as North America, Europe, Asia-Pacific, and Rest of the world.
Healthcare was the largest revenue generating sector of 2016. However, military and aerospace is expected to take over healthcare by 2022 and is projected to the be the largest shareholding segment of 2024 within hardware encryption market.
Top competing players of the market are Certes Networks Inc., IBM Corporation, Imation Corp., Kingston Technology Corporation Inc., Maxim Integrated Products, Inc., Micron Technology, Inc., NetApp, Inc., Samsung Electronics Co. Ltd., SanDisk Corporation, Seagate Technology LLC, and Toshiba Corporation. New product launch and technological innovation is the major strategy adopted by market leaders to improve their market share. For instance, Cardwave Services Ltd. Launched a new hardware encrypted flash drive, SafeToGo™ on November 2013.