The hardware encryption market is expected to be
valued at USD 262 million in 2020 and reach USD 313 million by 2025, growing at
a CAGR of 3.6%. The market is driven by the increasing adoption of internet
users for digital content and growing concerns over.
The hardware
encryption market for ASIC architecture is expected to share the largest market
share during the forecast period. The flexibility and agility provided by this
type of architecture make it apt for products such as hard disk drives (HDDs)
and universal serial bus (USB) flash drives.
The
transportation application is expected to record the highest CAGR in the
hardware encryption market in the forecast period, motivated by the mounting
acceptance of hardware encryption products in the transportation industry
globally. Countries across the world are offering numerous untapped scope in
the areas of electric vehicles, management information system, parking
availability systems, traffic enforcement cameras, and collision avoidance
systems.
The inline network
encryptor (INE) product segment held the largest share of the hardware
encryption market. Inline network encryptors are devices that are coupled
between a hard drive and the associated processor so that all the information
that is warehoused on the drive is encrypted. INE provides companies with
file-based storage with its own file systems based on a TCP/IP connection
network.
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APAC region is
projected to considerable growth in CAGR in the hardware encryption market
during the forecast period. Some of the factors for the fastest growth in APAC
is the advanced manufacturing capabilities in countries such as China, Japan,
and India, investments in research and development and a huge pool of customer
base to cater electronics products and transportation infrastructure in the
region.
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