Hardware Encryption Market by Algorithm and Standard (AES and RSA), Architecture (FPGA and ASIC), Product (Internal and External Hard Disk Drive, Solid-State Drive, USB, and Inline Encryptor), Application, Vertical, and Geography - Global Forecast to 2022

The hardware encryption market is expected to have a high growth during the forecast period. The overall market is expected to be valued at USD 413.85 Billion by 2022 from USD 58.46 Billion in 2015, at a CAGR of 29.3% between 2016 and 2022 The base year considered for the study is 2015 and the forecast period provided is between 2016 and 2022. The objective of the report is to provide a detailed analysis of the market based on algorithm & standard, architectures, products, application, verticals, and geography; information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges); and detailed value chain and Porter’s five forces analysis. In addition, its objective is to strategically profile the key players and comprehensively analyze their market rank and core competencies, along with detailing the competitive landscape for market player, and new product launches, acquisitions, partnerships, expansion, agreement, contract, alliance and collaboration in the hardware encryption market.

The research methodology used to estimate and forecast the size of the hardware encryption market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include information from various journals and databases such as IEEE journals, Factiva, Hoover’s, and OneSource. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall market size of the hardware encryption market from the revenue of the key players in the market. This data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The analysis of the hardware encryption market includes extensive primary research to gather information and verify and validate the critical conclusions arrived at after an extensive secondary research.

After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure below shows the breakdown of the primaries conducted during the research study on the basis of company, designation, and region.

To know about the assumptions considered for the study, download the pdf brochure

The hardware encryption ecosystem comprises hardware encryption manufacturers such as Western Digital Corp. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Seagate Technology PLC (Ireland), Kingston Technology Corp. (U.S.), Micron Technology Inc. (U.S.), Toshiba Corp. (Japan), Kanguru Solutions (U.S.), Maxim Integrated Products, Inc. (U.S.), NetApp (U.S.), WinMagic Inc. (U.S.), Thales e-security (U.S.), and Gemalto NV. (Netherlands).

The target audience for the report includes:

• Raw material & manufacturing equipment suppliers
• Electronic design automation (EDA) & design tool vendors
• Integrated device manufacturers (IDMs)
• Hardware encryption foundry players
• Hardware encryption fabless players
• Hardware encryption intellectual property players
• Hardware encryption technology platform developers
• Hardware encryption semiconductor device manufacturers
• Hardware encryption component manufacturers
• Hardware encryption product manufacturers (ODMs)
• Hardware encryption original equipment manufacturers (OEMs)
• ODM and OEM technology solution providers
• Assembly, testing, and packaging vendors
• Distributors and traders
• Research organizations
• Organization, forums, alliances, and associations

The study answers several questions for the stakeholders, primarily, which market segments to focus on in the next two to five years for prioritizing efforts and investments.

The market covered under this report has been segmented as follows:

Hardware Encryption Market, by Algorithm and Standard:

• Advanced Encryption Standard (AES) 
• Rivest- Shamir-Adleman (RSA) Algorithm
• Others
  • Data Encryption Standard (DES)
  • Secure Hash Algorithm (SHA)
  • Elliptic Curve Cryptography (ECC)
  • Digital Signature Algorithm (DSA)

Hardware Encryption Market, by Architectures

• Field-Programmable Gate Arrays (FPGA)
• Application-Specific Integrated Circuits (ASIC)

Hardware Encryption Market, by Product

• External Hard Disk Drives
• Internal Hard Disk Drives
• Solid-State Drives
• Inline Network Encryptors
• USB Flash Drives

Hardware Encryption Market, by Application

• Consumer Electronics
• IT & Telecom
• Transportation
• Aerospace and Defense
• Healthcare
• BFSI
• Others

Hardware Encryption Market, by Geography

• Americas
  • U.S.
  • Rest of North America (Canada and Mexico)
  • South America
• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe (Italy, Sweden, Switzerland, Italy, Finland, the Netherlands, Belgium, and Turkey among others)
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of APAC (Taiwan, Singapore, Australia, Thailand, and Malaysia among others)
• RoW
  • Middle East
  • Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Algorithm & Standard Analysis

• Further breakdown of the algorithm & standard segment, by architecture, products, application, verticals, and geography

Architectures Analysis

• Further breakdown of the architecture segment, by products

Application Analysis

• Further breakdown of the application segment, by geography

Vertical Analysis

• Further breakdown of the vertical segment, by products and application

Geographic Analysis

• Further breakdown of the geography segment, by application

Company Information

• Detailed analysis and profiling of additional market players on the basis of various blocks of the value chain

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Vertical Scope
           1.3.3 Geographic Scope
           1.3.4 Years Considered for the Study
    1.4 Currency
    1.5 Market Size
    1.6 Limitations
    1.7 Market Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 List of Major Secondary Sources
                    2.1.1.2 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Interviews With Experts
                    2.1.2.2 Key Data From Primary Sources
                    2.1.2.3 Key Industry Insights
                    2.1.2.4 Breakdown of Primaries
           2.1.3 Secondary and Primary Research
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Capturing Market Share By Bottom-Up Analysis (Demand-Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing Market Share By Top-Down Analysis (Supply-Side)
           2.2.3 Market Ranking Estimation
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 30)

4 Premium Insights (Page No. - 36)
    4.1 Attractive Market Opportunities in Global Hardware Encryption Market
    4.2 Hardware Encryption Market, By Algorithm &Standard
    4.3 Hardware Encryption Market, By Product and Application
    4.4 Country-Wise Analysis of Global Hardware Encryption Market
    4.5 Global Hardware Encryption Market Size, By Region
    4.6 Hardware Encryption Market, By Vertical
    4.7 Hardware Encryption Market Life Cycle Analysis, By Product (2016)

5 Market Overview (Page No. - 41)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 Hardware Encryption Market, By Algorithm & Standard
           5.2.2 Hardware Encryption Market, By Architecture
           5.2.3 Hardware Encryption Market, By Product
           5.2.4 Hardware Encryption Market, By Application
           5.2.5 Hardware Encryption Market, By Vertical
           5.2.6 By Geography
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Growing Concern Over Data Security and Privacy
                    5.3.1.2 Growing Requirement for Regulatory Compliances
                    5.3.1.3 Expansion of Digital Content
                    5.3.1.4 Significant Advantage Over Software Encryption Technology
           5.3.2 Restraints
                    5.3.2.1 High Capital Investment
           5.3.3 Opportunities
                    5.3.3.1 Widespread Adoption of Cloud Computing
                    5.3.3.2 Significant Development and Expansion of Iot in Various Applications
                    5.3.3.3 Introduction of Compact and Economical Hardware Encryption Techniques
           5.3.4 Challenges
                    5.3.4.1 Lack of Customer Awareness

6 Industry Trends (Page No. - 50)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Analysis
           6.3.1 Threat of New Entrants
           6.3.2 Threat of Substitutes
           6.3.3 Bargaining Power of Suppliers
           6.3.4 Bargaining Power of Buyers
           6.3.5 Competitive Rivalry

7 Hardware Encryption Market, By Algorithm & Standard (Page No. - 59)
    7.1 Introduction
    7.2 AES
    7.3 Rsa Algorithm
    7.4 Others
           7.4.1 DES
           7.4.2 SHA
           7.4.3 ECC
           7.4.4 DSA

8 Hardware Encryption Market, By Architecture (Page No. - 65)
    8.1 Introduction
    8.2 FPGA
    8.3 ASIC

9 Hardware Encryption Market, By Product (Page No. - 69)
    9.1 Introduction
    9.2 External HDD
    9.3 Internal HDD
    9.4 SSD
    9.5 INE
    9.6 USB Flash Drive

10 Hardware Encryption Market, By Application (Page No. - 78)
     10.1 Introduction
     10.2 Consumer Electronics
     10.3 IT & Telecom
     10.4 Transportation
     10.5 Aerospace & Defense
     10.6 Healthcare
     10.7 BFSI
     10.8 Others

11 Hardware Encryption Market, By Vertical (Page No. - 92)
     11.1 Introduction
     11.2 Industrial
     11.3 Commercial
     11.4 Residential
     11.5 Government

12 Global Hardware Encryption Market, By Geography (Page No. - 100)
     12.1 Introduction
     12.2 Americas
             12.2.1 U.S.
             12.2.2 Rest of North America
             12.2.3 South America
     12.3 Europe
             12.3.1 U.K.
             12.3.2 Germany
             12.3.3 France
             12.3.4 Rest of Europe
     12.4 Asia-Pacific
             12.4.1 China
             12.4.2 Japan
             12.4.3 South Korea
             12.4.4 India
             12.4.5 Rest of APAC
     12.5 RoW
             12.5.1 Middle East
             12.5.2 Africa

13 Competitive Landscape (Page No. - 116)
     13.1 Overview
     13.2 Market Rank Analysis
     13.3 Competitive Scenario
             13.3.1 New Product Launches
             13.3.2 Acquisitions & Partnerships
             13.3.3 Expansions, Agreements, Contracts, Alliances, and Collaborations

14 Company Profiles (Page No. - 121)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Ratio Analysis, MnM View)*
     14.1 Introduction
     14.2 Western Digital Corp.
     14.3 Samsung Electronics Co. Ltd.
     14.4 Seagate Technology PLC
     14.5 Micron Technology, Inc.
     14.6 Kingston Technology Corp.
     14.7 Toshiba Corp.
     14.8 Kanguru Solutions
     14.9 Winmagic Inc.
     14.10 Maxim Integrated Products, Inc.
     14.11 Netapp
     14.12 Gemalto NV.
     14.13 Thales (E-Security)

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 152)
     15.1 Insights of Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customizations
     15.6 Related Reports
     15.7 Author Details

List of Tables (66 Tables)

Table 1 List of Regulatory Compliances for Data Protection
Table 2 Porter’s Five Forces Analysis With Their Weightage Impact
Table 3 Hardware Encryption Market, By Algorithm & Standard, 2013–2022 (USD Billion)
Table 4 Hardware Encryption Market, By Algorithm & Standard, 2013–2022 (Million Units)
Table 5 Hardware Encryption Market, By Architecture, 2013–2022 (USD Billion)
Table 6 Hardware Encryption Market, By Architecture, 2013–2022 (Million Units)
Table 7 Hardware Encryption Market, By Product, 2013–2022 (USD Billion)
Table 8 Hardware Encryption Market, By Product, 2013–2022 (Million Units)
Table 9 Global Hardware Encryption Market for External HDD, By Region, 2013–2022 (USD Billion)
Table 10 Global Hardware Encryption Market for External HDD, By Region, 2013–2022 (Million Units)
Table 11 Global Hardware Encryption Market for Internal HDD, By Region, 2013–2022 (USD Billion)
Table 12 Global Hardware Encryption Market for Internal HDD, By Region, 2013–2022 (Million Units)
Table 13 Global Hardware Encryption Market for SSD, By Region, 2013–2022 (USD Billion)
Table 14 Global Hardware Encryption Market for SSD, By Region, 2013–2022 (Million Units)
Table 15 Global Hardware Encryption Market for INE, By Region, 2013–2022 (USD Billion)
Table 16 Global Hardware Encryption Market for INE, By Region, 2013–2022 (Million Units)
Table 17 Global Hardware Encryption Market for USB Flash Drive, By Region, 2013–2022 (USD Billion)
Table 18 Global Hardware Encryption Market for USB Flash Drive, By Region, 2013–2022 (Million Units)
Table 19 Hardware Encryption Market, By Application, 2013–2022 (USD Billion)
Table 20 Hardware Encryption Market, By Application, 2013–2022 (Million Units)
Table 21 Hardware Encryption Market for Consumer Electronics Application, By Product, 2013–2022 (USD Billion)
Table 22 Hardware Encryption Market for Consumer Electronics Application, By Product, 2013–2022 (Million Units)
Table 23 Hardware Encryption Market for IT & Telecom Application, By Product, 2013–2022 (USD Billion)
Table 24 Hardware Encryption Market for IT & Telecom Application, By Product, 2013–2022 (Million Units)
Table 25 Hardware Encryption Market for Transportation Application, By Product, 2013–2022 (USD Billion)
Table 26 Hardware Encryption Market for Transportation Application, By Product, 2013–2022 (Million Units)
Table 27 Hardware Encryption Market for Aerospace & Defense Application, By Product, 2013–2022 (USD Billion)
Table 28 Hardware Encryption Market for Aerospace & Defense Application, By Product, 2013–2022 (Million Units)
Table 29 Hardware Encryption Market for Healthcare Application, By Product, 2013–2022 (USD Billion)
Table 30 Hardware Encryption Market for Healthcare Application, By Product, 2013–2022 (Million Units)
Table 31 Hardware Encryption Market for BFSI Application, By Product, 2013–2022 (USD Billion)
Table 32 Hardware Encryption Market for BFSI Application, By Product, 2013–2022 (Million Units)
Table 33 Hardware Encryption Market for Others Application Segment, By Product, 2013–2022 (USD Billion)
Table 34 Hardware Encryption Market for Others Application Segment, By Product, 2013–2022 (Million Units)
Table 35 Hardware Encryption Market, By Vertical, 2013–2022 (USD Billion)
Table 36 Hardware Encryption Market, By Vertical, 2013–2022 (Million Units)
Table 37 Hardware Encryption Market for Industrial Vertical, By Product, 2013–2022 (USD Billion)
Table 38 Hardware Encryption Market for Industrial Vertical, By Product, 2013–2022 (Million Units)
Table 39 Hardware Encryption Market for Commercial Vertical, By Product, 2013–2022 (USD Billion)
Table 40 Hardware Encryption Market for Commercial Vertical, By Product, 2013–2022 (Million Units)
Table 41 Hardware Encryption Market for Residential Vertical, By Product, 2013–2022 (USD Billion)
Table 42 Hardware Encryption Market for Residential Vertical, By Product, 2013–2022 (Million Units)
Table 43 Hardware Encryption Market for Government Vertical, By Product, 2013–2022 (USD Billion)
Table 44 Hardware Encryption Market for Government Vertical, By Product, 2013–2022 (Million Units)
Table 45 Global Hardware Encryption Market, By Region, 2013–2022 (USD Billion)
Table 46 Global Hardware Encryption Market, By Region, 2013–2022 (Million Units)
Table 47 Hardware Encryption Market in Americas, By Country, 2013–2022 (USD Billion)
Table 48 Hardware Encryption Market in Americas, By Country, 013–2022 (Million Units)
Table 49 Hardware Encryption Market in Americas, By Product, 2013–2022 (USD Billion)
Table 50 Hardware Encryption Market in Americas, By Product, 2013–2022 (Million Units)
Table 51 Hardware Encryption Market in Europe, By Country, 2013–2022 (USD Billion)
Table 52 Hardware Encryption Market in Europe, By Country, 2013–2022 (Million Units)
Table 53 Hardware Encryption Market in Europe, By Product, 2013–2022 (USD Billion)
Table 54 Hardware Encryption Market in Europe, By Product, 2013–2022 (Million Units)
Table 55 Hardware Encryption Market in APAC, By Country, 2013–2022 (USD Billion)
Table 56 Hardware Encryption Market in APAC, By Country, 2013–2022 (Million Units)
Table 57 Hardware Encryption Market in APAC, By Product, 2013–2022 (USD Billion)
Table 58 Hardware Encryption Market in APAC, By Product, 2013–2022 (Million Units)
Table 59 Hardware Encryption Market in RoW, By Region, 2013–2022 (USD Billion)
Table 60 Hardware Encryption Market in RoW, By Region, 2013–2022 (Million Units)
Table 61 Hardware Encryption Market in RoW, By Product, 2013–2022 (USD Billion)
Table 62 Hardware Encryption Market in RoW, By Product, 2013–2022 (Million Units)
Table 63 Top 5 Players in the Hardware Encryption Market, 2015
Table 64 10 Most Recent New Product Launches in the Hardware Encryption Market
Table 65 10 Most Recent Acquisitions & Partnerships in the Hardware Encryption Market
Table 66 5 Most Recent Expansions, Agreements, Contracts, Alliances, and Collaborations in the Hardware Encryption Market

List of Figures (63 Figures)

Figure 1 Hardware Encryption Market: Research Design
Figure 2 Process Flow
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Market Breakdown & Data Triangulation
Figure 6 Assumptions of the Research Study
Figure 7 AES Held Largest Share in Hardware Encryption Market, By Algorithm & Standard in 2016, While FPGA to Record Highest Growth in Hardware Encryption Market, By Architecture, Between 2016-2022
Figure 8 SSD Product Segment to Record Highest Growth in Hardware Encryption Market Between 2016-2022 (USD Billion)
Figure 9 BFSI and IT & Telecom Applications to Record Highest Growth in Hardware Encryption Market Between 2016-2022
Figure 10 Government Vertical to Record Highest Growth in Hardware Encryption Market Between 2016-2022 (USD Billion)
Figure 11 APAC Region to Record Highest Growth in Global Hardware Encryption Market Between 2016-2022
Figure 12 Growing Concern Over Security and Privacy of Data to Drive Global Demand for Hardware Encryption Between 2016-2022
Figure 13 AES to Dominate Hardware Encryption Market, By Algorithm and Standard, Between 2016-2022
Figure 14 INE Product and Consumer Electronics Application Segments to Hold Largest Share of Hardware Encryption Market in 2016
Figure 15 U.S. to Hold Largest Share of Global Hardware Encryption Market, By Country, in 2016
Figure 16 APAC to Record Highest Growth in Global Hardware Encryption Market, By Region, Between 2016-2022
Figure 17 Government Vertical to Hold Largest Share of Hardware Encryption Market Between 2016-2022
Figure 18 SSD Product Segment to Enter Growth Stage and Record Highest Growth in Near Future
Figure 19 Global Hardware Encryption Market, By Geography
Figure 20 Hardware Encryption Market Dynamics
Figure 21 Number of Data Breaches in the U.S. Between 2010–2016 (Million)
Figure 22 Value Chain Analysis: Major Value Addition Occurs During Original Equipment Manufacturing and System Integration Phases
Figure 23 Porter’s Five Forces Model for Hardware Encryption Market, 2016
Figure 24 Porter’s Five Forces Analysis
Figure 25 Medium Impact of Threat of New Entrants Owing to High Growth of Hardware Encryption Market
Figure 26 Low Impact of Threat of Substitutes on Hardware Encryption Market Due to Lack of Viable Alternatives
Figure 27 Medium Impact of Bargaining Power of Suppliers Due to Moderate Supplier Concentration
Figure 28 Medium Impact of Bargaining Power of Buyers Due to Low Switching Cost
Figure 29 Intense Competitive Rivalry Due to High Growth of Hardware Encryption Market
Figure 30 AES to Record Highest Growth in Hardware Encryption Market, By Algorithm & Standard, Between 2016-2022 (USD Billion)
Figure 31 ASP of Hardware-Encrypted Devices, By Algorithm & Standard, 2013–2022 (USD)
Figure 32 FPGA to Record Highest Growth in Hardware Encryption Market, By Architecture, Between 2016-2022
Figure 33 ASP of Hardware-Encrypted Devices, By Architecture, 2013–2022 (USD)
Figure 34 SSD Product Segment to Record Highest Growth in Hardware Encryption Market Between 2016-2022
Figure 35 ASP of Hardware-Encrypted Devices, By Product, 2013–2022 (USD)
Figure 36 BFSI Application to Record Highest Growth in Hardware Encryption Market Between 2016-2022 (USD Billion)
Figure 37 ASP of Hardware-Encrypted Devices, By Application, 2013–2022 (USD)
Figure 38 Government Vertical to Record Highest Growth in Hardware Encryption Market Between 2016-2022 (USD Billion)
Figure 39 ASP of Hardware-Encrypted Devices, By Vertical, 2013–2022 (USD)
Figure 40 Geographical Snapshot: Global Hardware Encryption Market
Figure 41 ASP of Hardware-Encrypted Devices, By Region, 2013–2022 (USD)
Figure 42 Snapshot of Hardware Encryption Market in the Americas
Figure 43 Snapshot of Hardware Encryption Market in Europe
Figure 44 Snapshot of Hardware Encryption Market in the APAC
Figure 45 Snapshot of Hardware Encryption Market in the RoW
Figure 46 Companies Adopted New Product Launches as the Key Growth Strategy Between January 2014 and October 2016
Figure 47 Hardware Encryption Market Evaluation Framework
Figure 48 Battle for Market Share
Figure 49 Geographic Revenue Mix of Major Players in Global Hardware Encryption Market
Figure 50 Western Digital Corp.: Company Snapshot
Figure 51 Western Digital Corp.: SWOT Analysis
Figure 52 Samsung Electronics Co. Ltd.: Company Snapshot
Figure 53 Samsung Electronics Co. Ltd.: SWOT Analysis
Figure 54 Seagate Technology PLC: Company Snapshot
Figure 55 Seagate Technology PLC: SWOT Analysis
Figure 56 Micron Technology Inc.: Company Snapshot
Figure 57 Micron Technology Inc.: SWOT Analysis
Figure 58 Kingston Technology Corp.: SWOT Analysis
Figure 59 Toshiba Corp.: Company Snapshot
Figure 60 Maxim Integrated Products, Inc.: Company Snapshot
Figure 61 Netapp: Company Snapshot
Figure 62 Gemalto NV.: Company Snapshot
Figure 63 Thales E-Security: Company Snapshot

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 hardware encryption 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 hardware encryption 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.

Americas accounted for the largest share of the overall hardware encryption market in 2015. 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.

Huge capital investment required in the installation and maintenance of hardware-based encryption technology are the key restraining factor for the growth of the hardware encryption market. Total installation cost of hardware encryption technology includes licensing cost, annual maintenance cost, OPAL fees, pre-provisioning cost, staging cost, technical cost for password reset, user idle time cost for encryption, user excess operating cost, technical cost for the assistance of expert administration to encrypted drives.

The key players in the hardware encryption market include Western Digital Corp. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Seagate Technology PLC (Ireland), Micron Technology Inc. (U.S.), and  Kingston Technology Corp. (U.S.), Toshiba Corp. (Japan), Kanguru Solutions (U.S.), Maxim Integrated Products, Inc. (U.S.), NetApp (U.S.), WinMagic Inc. (U.S.), Thales e-security (U.S.), and Gemalto NV. (The Netherlands).

These players adopted various strategies such as new product launches, acquisitions, partnerships, expansion, agreement, contract, alliance and collaboration to grow in the market.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst