Hardware Encryption Market - By Algorithms (AES, RSA), Architectures (FPGA, ASIC), Products (Hard Disk Drives, USB Drives and In-Line Encryptors), Applications, Verticals and Geography - Analysis & Forecast 2018

The total market is expected to reach roughly $166.67 billion by 2018, growing at an explosive CAGR of 62.17% for the period of 2013 to 2018.

Encryption of data is a process of converting it into a form, where it becomes unintelligible to any person without access to a key/password to decrypt the data. The two forms of encryption that exist currently are the hardware-based encryption and software based encryption.

Browse 126 market data tables and 58 figures spread through 337 pages and in-depth TOC on "Hardware Encryption Market - By Algorithms (AES, RSA), Architectures (FPGA, ASIC), Products (Hard Disk Drives, USB Drives and In-Line Encryptors), Applications, Verticals and Geography - Analysis & Forecast (2013 – 2018)”.

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The global hardware encryption market revenue is expected to reach $14.86 billion by end of 2013. It is also expected to grow to $166.67 billion in 2018 at a CAGR of 62.17%. Similarly, volumes are estimated to grow from roughly 59.76 million units to 691.79 million units in 2018 at a CAGR of 63.20%. This growth is heralded by the consumer electronics applications market for hardware encryption products. The hardware encryption applications in the Military Defense and Aerospace (MDA) applications sector is also expected to grow rapidly in the coming five years.

The major players in this market are Seagate Technology PLC (U.S.), Toshiba Corporation (Japan), Western Digital Corporation (U.S.), Samsung Electronics Co. Ltd. (South Korea), Micron Technology, Inc. (U.S.), SanDisk Corporation (U.S.), Kingston Technology Corporation (U.S.), Imation Corporation (U.S.) and so on.

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In the last decade, the average cost of a data breach for companies and other organizations has almost continuously increased. This has lead to the gradual rise of hardware encryption as a solution to counter these data breaches. Since hardware encryption is highly secure, data loss is prevented even if a device is stolen. 

Government mandates and regulations which support the use of hardware encrypted products by companies and enterprises have come up in many countries around the world. This has pushed the market for hardware encrypted products forward. It is expected that by 2018, a high percentage of all storage devices will be hardware encrypted, since the cost of enabling hardware encryption capability in a traditional storage device are coming down.

Consumer electronics and Military, Defense & Aerospace (MDA) are the major applications for hardware encrypted products. But since storage devices are inevitably used in almost all application sectors, the Total addressable market (TAM) for hardware encrypted devices is very huge.