Hardware Encryption Market is growing at a CAGR of 46.3% during 2016 to 2024
Hardware Encryption Market Overview:
Hardware encryption is a technique which is used to protect digital data. There are two forms of encryption, hardware encryption and software based encryption. Hardware encryption uses a processor that contains a random number of generators to generate the encryption key. The key benefit of hardware-based solutions is that they eliminate the typical disadvantages of software-based solutions, such as performance degradation in attacks against the encryption key stored in memory. In hardware encryption, security settings and backup keys improve encryption performance. These security settings protect encryption from cold attacks and brute force attacks. Hardware encryption is a cost-effective way for multiple applications to protect data effectively.
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Hardware Encryption Market Size
As Per the latest reports published by Research Cosmos Hardware Encryption Market was valued at USD 52.45 billion in 2016 and projected to reach USD 1085 billion by 2024 growing at a CAGR of 46.3% during the forecast period 2016 to 2024.
Drivers and Restraints:
The optimization of the encryption function with the rest of the reader is one of the main drivers of growth in this market. The use of software encryption involves many steps that are avoided in the event that hardware encryption speeds up the process in its entirety, leading to the multiplication of its applications worldwide. Another important factor in the growth of this market is the activation at all times of this hardware encryption, which facilitates the driver to comply with different government standards, particularly in applications of the service sector such as banking and finances. This system also requires minimal configuration and interaction with users without affecting the overall performance of the system. This is particularly useful in the case of protecting confidential data without fear of hackers being compromised or stolen. After taking all these factors into account, certain restrictions also have an impact on the entire market. One of these factors is the high cost associated with its implementation, while another factor is the hardware encryption related to a single device instead of a complete system. In addition, updates in case of hardware encryption are also possible due to the replacement of peripherals, which makes it difficult to implement. It is the growth of Internet of Things (IoT) technology and cloud services that offer many growth opportunities for this market in the coming years.
Geographical Segmentation:
Geographically, North America, followed by Europe, is one of the main contributors to the overall growth of this market. The arrival of cloud services and the growth of IoT technology have also contributed as some important factors to growth. Asia Pacific is another fastest growing major regions in the world. China, Korea, India and Japan are among the main contributors to growth. The growing penetration of the Internet, as well as the growing demand for smartphones and tablets, has also contributed significantly to growth.
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Hardware Encryption Market Key Players:
Toshiba Corporation (Japan), Maxim Integrated Products Inc. (The U.S.), Samsung Electronics Co. Ltd. (South Korea), IBM (The U.S.), Kingston Technology Corporation (The U.S.), Seagate Technology PLC (Ireland), Micron Technology Inc. (The U.S.), Western Digital Corporation (The U.S.) are the major players of Hardware Encryption Market
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