The hardware
encryption market is expected to be valued at USD 413.85 Billion by 2022,
at a CAGR of 29.3% between 2016 and 2022. The major factors driving the growth
of the market include increasing concern for data security issue and privacy of
data, growing requirement of regulatory compliances, expansion of digital
content, and significant advantage over software encryption technology
This
report segments the hardware encryption market on the basis of algorithm and
standard, architecture, products, application, vertical, and geography. The
market for advanced encryption standard (AES) is expected to witness a
significant growth during the forecast period. The significant growth of this
segment can be attributed to the wide acceptance of AES as a highly secure and
fast algorithm for encryption.
The
application-specific integrated circuit (ASIC) accounted the largest share of
the hardware encryption market in 2015. The growth of this market can be
attributed to the huge demand for the processor based on ASIC design for the
manufacturing of hardware-encrypted hard disk drives and USB drives, owing to
their high speed and small form factor.
The
solid- state drive market for product segment is expected to grow at the
highest rate between 2016 and 2022. Solid-state drive provides faster encryption
compared to the hard disk drive devices; with the increasing data breaches and
expansion of digital content the market for solid-state drive is expected to
grow faster than the other products.
The
hardware encryption market for consumer electronics is expected to hold the
largest share during the forecast period. This can be attributed to the growing
demand of hardware encryption in consumer electronics such as laptop, tablets,
and smartphones and also due to increasing concern for the data security in
these devices.
The
hardware encryption market for government vertical is expected to grow at the
highest rate between 2016 and 2022. This can be attributed to the increasing
demand for high-level encryption solutions required to secure top-secret
government data in countries across the globe.
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Americas
accounted for the largest share of the overall hardware encryption market. This
can be attributed to the large number of automation projects, smart cities
projects, huge defense expenditure, advanced healthcare facilities, connected
living environment, and huge reliance on e-commerce in the region.
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