According to the new market research report on the "Hardware Encryption Market by Algorithm and Standard (AES and RSA), Architecture (FPGA and ASIC), Product (Internal and External Hard Disk Drive, Solid-State Drive, USB, and Inline Encryptor), Application, Vertical, and Geography - Global Forecast to 2022 ", this market is expected to be valued at USD 413.85 Billion by 2022, at a CAGR of 29.3% between 2016 and 2022.
The major factors driving the growth of the hardware encryption market include increasing concern for data security issue and privacy of data, growing requirement of regulatory compliances, expansion of digital content, and significant advantage over software encryption technology.
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ASIC expected to have the largest market size by 2022
Application-specific integrated circuit (ASIC) accounted for the largest share of the hardware encryption market based on architecture segment in 2015. The growth of this market can be attributed to the huge demand for the processor based on ASIC design for the manufacturing of hardware-encrypted hard disk drives and USB drives, owing to their high speed and small form factor.
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Hardware-encrypted solid-state drives market to grow at the highest rate during the forecast period
The hardware encryption market for solid-state drive based on product segment is likely to grow at the highest rate during the forecast period. Solid-state drive provides faster encryption compared to the hard disk drive devices, moreover, with the increasing data breaches and expansion of digital content, the market for solid-state drive is expected to grow at a higher rate than the other products.
BFSI application in hardware encryption to grow at the highest rate during the forecast period
The hardware encryption market for BFSI based on application is expected to grow at the highest rate between 2016 and 2022. This high market growth rate can be attributed to the increasing adoption of hardware-encrypted devices in various banking operation to prevent the data loss or financial fraud across the globe.
APAC likely to hold the largest share of the hardware encryption market during the forecast period
APAC is expected to hold the largest share of the hardware encryption market during the forecast period. The high growth of the market in this region can be attributed to the expansion of IT and telecommunication network in China, Thailand, Malaysia, South Korea, India, and other developing countries in APAC. Increasing smart cities project in various Asian countries are expected to boost the growth of hardware encryption market in APAC during the forecast period.
The report also profiles the most promising players in this market. The competitive landscape of the market presents an interesting picture where a large number of big and small players have become a force to reckon with.
The key players in this market are Western Digital Corp. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Seagate Technology PLC (Ireland), Micron Technology Inc. (U.S.), and Kingston Technology Corp. (U.S.), Toshiba Corp. (Japan), Kanguru Solutions (U.S.), Maxim Integrated Products, Inc. (U.S.), NetApp (U.S.), WinMagic Inc. (U.S.), Thales e-security (U.S.), and Gemalto NV. (Netherlands), among others.
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