Global Hardware Encryption Market 2015-2019
About Hardware Encryption
Hardware-based techniques of protecting confidential data involve two processes: encryption and decryption. Encryption involves encoding of data into a form that is accessible to authorized users. Encoding requires an encrypting algorithm, which generates cipher text that can be read only after decryption. Decoding of confidential data requires an authorized user to type in a password or a key. In hardware-based encryption, individual processors execute the encryption and decryption processes. Encryption and decryption play a pivotal role in preventing unauthorized access to sensitive data. Encryption can help protect confidential data during storage and transmission.
TechNavio's analysts forecast the Global Hardware Encryption market to grow at a CAGR of 50.62 percent over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the Global Hardware Encryption market for the period 2015-2019. To calculate the market size, the report considers the revenue generated from the sale of the following components:
TechNavio Announces the Publication of its Research Report – Global Hardware Encryption Market 2015-2019
TechNavio recognizes the following companies as the key players in the Global Hardware Encryption Market: Micron Technology Inc., Samsung Electronics Co. Ltd., Seagate Technology LLC, Toshiba Corp. and Western Digital Technologies Inc.
Other Prominent Vendors in the market are: Imation, Kanguru Solutions, Kingston Technology, KoolSpan, Maxim Integrated Products, MerlinCryption, NetApp, SanDisk, Secude and WinMagic.
Commenting on the report, an analyst from TechNavio’s team said: “One key trend emerging in this market is the adoption of cloud-based encryption. Cloud-based encryption is cost-effective because it avoids the cost of replacing and upgrading hardware encrypted devices. Implementation of cloud-based encryption by SMEs is expected to be high because it is cost-effective.”
According to the report, one of the key drivers of this market is the increase in regulatory requirements that need to be met. A large amount of confidential data is stored on the hard disk of enterprises, which makes it mandatory for them to comply with regulations such as using encrypted hardware devices. Non-compliance with the regulations may lead to a penalty.
Further, the report states that the high TCO is one of the major challenges that the market faces. Because technology becomes obsolete in a very short time, the upgrade and replacement costs incurred for hardware encrypted devices are high. This can stop consumers buying hardware encrypted devices.
Micron Technology, Samsung Electronics, Seagate Technology, Toshiba, Western Digital Technologies, Imation, Kanguru Solutions, Kingston Technology, Koolspan, MaximIntegrated Products, MerlinCryption, Netapp, SanDisk, Secude, Winmagic
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook