Hardware Encryption Market

Hardware Encryption Here to Stay?

In this digital age, the need for securing data has become one of the most important measures for ensuring confidentiality. This security can be achieved through the encryption of data. Over the years, two modes of encryption have evolved for securing digital data namely: Software-based encryption and Hardware-based encryption. Hardware-based encryption is the more recent of the two and differs from software-based encryption; it integrates the encryption directly with the device hardware. Thus, hardware encryption takes the data to be protected and encrypts it in a specific hardware component, which is separate from the users device. The encryption uses an internal key which never leaves the hardware-encrypted device and thus is very secure. Software encryption on the other hand makes use of security software installed on the users device and takes the key as well as the data to be encrypted as inputs. Thus, by isolating the encrypting components in a sub-system, hardware-based encryption provides a better protection from rootkits and malware. In addition to this, as encryption takes place in a separate hardware component, the overall device performance is much faster than when software-based encryption is used.

Over the last five years, as hardware encrypted products started gaining a little traction, the average cost price of a single hardware encrypted product started decreasing. Technological innovations have also helped to reduce this average cost. For example, in the last 2 years (2011-2012), the cost of enabling hardware encryption capability to a hard disk drive has fallen to around $15-$25 from a value of $100 in 2009. This trend is expected to continue in the future and as the cost differences between hardware encrypted and non-hardware encrypted devices become negligible, hardware encryption will become a default standard in HDDs, USB drives and so on. Even without considering the actual usage of encryption features, when the cost difference becomes small, non-hardware encrypted devices will be gradually phased out.

Apart from market factors like pricing, hardware encryption, as a technology, has several advantages over current substitutes including its high level data security capability, for its better performance and so on. Moreover, with more potential applications being discovered in the military and defense sector, the Hardware Encryption Market is certainly going to grow rapidly and it is most likely that it will capture the substitute markets to a greater extent in the coming decade.

Related Reports @
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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Report Code
SE 1876
Published ON
Jan, 2017
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