Hardware Encryption Market worth $166.67 Billion CAGR of 62.17% by 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.
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)”.
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.
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.
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.
Reducing
cost differences between hardware encrypted and non-hardware encrypted products
is certainly expected to drive the market growth. Apart from the existing
government regulations, data privacy for companies and enterprises has become a
critical issue due to the increasing number of data breaches caused by
laptop/mobile device thefts and cybercrime. These trends will drive the market
for hardware encrypted drives.
The lack of awareness about the difference
between hardware encryption and software encryption has been a major restraint
for the market. As and when the hardware encrypted drive volumes increase,
there can be a trend where the encryption chipset will be bundled with the SoC
(System on Chip); thus, opening up many opportunities. High level global
standardization and certification are still lacking in the industry, posing as
a barrier to more wide-spread deployment of hardware encrypted devices.
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