Hardware Encryption Market Subjected to Expand to Showcase Rampant Growth by 2023
Hard-drive encryption is a technology that encrypts the
data stored on a hard drive using sophisticated mathematical functions. Its
ease of use, consistent performance, and robust protection against numerous
common and less sophisticated attacks offsets its high cost as compared to
software-based encryption.
Increasing complexity & volume of
data breaches and reduced cost of encryption are major drivers boosting the
growth of Hardware
Encryption Market. The key growth drivers include growing concern for
data privacy, data security issues, increasing number of cyber-attacks,
stringent regulatory compliances, rising demand for BYOD devices at workplaces,
benefits of hardware encryption over software encryption technology and rising
digital trends.
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Regional Analysis:
The competitive landscape of global
hardware encryption market is formed by major players of the market and some of
the new entrants. The hardware encryption has driven many areas like BFSI,
military & aerospace, healthcare, IT & Telecom. North America leads the
market for the global hardware encryption. Many technical advancements were
been observed from this region. Western Digital Corporation, an American
computer data storage company, revealed its new product My Book Duo external
hard drive. The hard
drive features 20 TB storage in Raid zero and one configuration, USB-C and
USB-A ports. My Book offers sequential read speeds of 360 MB per second. My
Book allows for redundancy and reduces the risk of data loss. Secured with
256-bit AES hardware encryption, the drive lets users set a password to
activate the hardware data encryption and data protection. The drive serves the
need of data storage for home users, businesses and creative professionals such
as video and photo producers and editors.
In
May 2017, RigNet, Inc. completed their acquisition of Cyphre Security Solutions
that provides the most advanced enterprise data protection available in the
market today. In 2016, the world leader in memory products Kingston Digital,
Inc. acquired the USB technology and assets of IronKey™ from Imation Corp.
Asia
Pacific is anticipated to grow very fast during the forecasted 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.
In August 2017, Samsung Electronics
announced the Samsung Portable SSD T5 – the newest portable solid state drive
(PSSD) that raises the bar for the performance of external memory products. The
T5, built with Samsung’s latest 64-layer V-NAND technology, delivers
industry-leading transfer speeds with encrypted data security in a compact and
durable design, making it easier than ever for consumers to access their most
valuable data anywhere, at any time.
Some of the key players in the market are
Micron Technology Inc. (U.S.), Samsung Electronics (South Korea), Toshiba
Corporation (Japan), Western Digital Corporation (U.S.), Seagate Technology PLC
(Ireland), Kingston Technology Corp. (U.S.), Micron Technology Inc. (U.S.),
Kanguru Solutions (U.S.), Maxim Integrated Products, Inc. (U.S.), NetApp
(U.S.), WinMagic Inc. (U.S.), Thales e-security (U.S.).
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