Hardware encryption is the most effective form of data protection against unauthorized access. It uses a processor that encompasses random number of generators to generate encryption key. The vital advantage of hardware-based solutions is that they exclude the characteristic drawbacks of software-based solutions such as performance degradation for assaults aimed at the encryption key stored in memory. In hardware encryption, the security parameters & safeguard keys enhance the performance of encryption. These security strictures protect the encryption from cold boots and brute force attacks.
According to study, “U.S. Hardware Encryption Market by Algorithm & Standard (Rivest, Shamir, and Adelman (RSA), Advanced Encryption Standard (AES), and Others), Architecture (Application-Specific Integrated Circuit (ASIC) and Field-Programmable Gate Array (FPGA)), Product (Hard Disk Drive (HDD), Solid State Drives (SSD), Universal Serial Bus (USB), and Inline Network Encryptor), Application (Consumer electronics, IT & Telecom , Automotive & Transportation, Aerospace & Defense, Healthcare, and Others), and End Use (Industrial, Commercial, Residential, and Government): Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the U.S. hardware encryption market are McAfee, LLC, Kingston Technology Company, Inc., Micron Technology, Inc., Samsung Electronics Co., Ltd., NetApp, Inc., Seagate Technology LLC, Toshiba Corporation, Symantec Corporation, and Western Digital Technologies, Inc., International Business Machines (IBM) Corporation. Key players operating in the U.S. hardware encryption market have observed high revenue growth opportunities for hardware encryption especially owing to rise in number of cyber-attacks.
Based on algorithm & standard, U.S. hardware encryption market is segmented as Advanced Encryption Standard (AES), Rivest, Shamir, and Adelman (RSA), and others (Data Encryption Standard (DES), Elliptic Curve Cryptography (ECC), Secure Hash Algorithm (SHA) and Digital Signature Algorithm (DSA)). Based on architecture, market is segmented as Field-Programmable Gate Array (FPGA) and Application-Specific Integrated Circuit (ASIC). Based on product, market is segmented as Solid State Drives (SSD), Hard Disk Drive (HDD), Inline Network Encryptor and Universal Serial Bus (USB). SSD segment dominates the market owing to increase in data breaches and expansion of digital content. Based on application, market is segmented as IT & telecom, consumer electronics, automotive & transportation, healthcare, aerospace & defense, and others. In addition, based on end-use, market is segmented as residential, commercial, industrial, and others.
The U.S. hardware encryption market is driven by reduced cost differences between hardware encrypted and non-hardware encrypted products, followed by growth of the consumer electronics such as smartphones and tablets, expansion of digital content and rise in number & complexity of data breaches, regulatory and compliance requirements. However, limited use of encrypted and lack of awareness among the users may impact the market. Moreover, significant development & expansion of Internet-of-Things (IoT) in various applications, widespread adoption of cloud computing and introduction of compact & economical hardware encryption techniques are key opportunities for market.
The U.S. holds largest share of the overall hardware encryption hardware encryption market owing to smart cities projects, large number of automation projects, advanced healthcare facilities, huge defense expenditure, connected living environment, and vast reliance on e-commerce in the region. Upcoming years, it is expected that future of the U.S. hardware encryption market will be bright because of rise in regulatory compliances regarding protection of private & sensitive data during the forecast period.
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Ankur Gupta, Head Marketing & Communications