Hardware Encryption Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2020 report by Allied Market Research states that the hardware encryption market would garner revenue of $296.4 billion by 2020, registering a CAGR of 54.6% during the forecast period of 2015 - 2020. Hard disk drives are the most widely encrypted devices, accounting for the highest market share throughout analysis period. Asia-Pacific is the largest revenue generating region for hardware encryption, followed by North America and Europe.
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Hardware encryption is considered as the most effective form of data protection against unauthorized access. To address the grave issue of the increasing number of complex cyber-attacks, governments across the globe are coming out with stringent regulations pertaining to data protection; a factor that further supplements the demand of hardware encryption as a key data security technology.
Among the various verticals, Healthcare was the largest contributor, accounting for around 23.8% of the total market revenue in 2014. The sector would continue to be the highest revenue generator throughout the analysis period. The stringent government regulations, and security standards along with the increasing use of BYOD devices are the key factors supplementing the adoption of hardware encryption in the healthcare sector. The military & aerospace sector would also grow at a notable rate over the forecast period. With an aim to reduce cyber-attacks and improve data protection, governments across different regions are promoting the use of hardware encrypted devices.
Asia-Pacific accounts for the highest revenue generating region in the globalhardware encryption market followed by North America and Europe. The Asia-Pacific region would be the fastest growing market, registering a CAGR of 56.9% during the forecast period, supplemented by factors such as strong economic growth, development in enterprise IT infrastructure and the large scale outsourcing of BPO operations to China, India and Malaysia.
The leading players have adopted competitive strategies such as acquisition, product launch and agreement in order to consolidate their market presence. For instance, in 2015, Seagate acquired the flash component division of Avago Technologies (AVGO) to strengthen its market offerings.
The leading companies profiled in the report are Kingston Technology Corporation Inc., Certes Networks Inc., Seagate Technology LLC, Toshiba Corporation, NetApp, Inc., Micron Technology, Inc., Samsung Electronics Co. Ltd., Imation Corp., SanDisk Corporation, Maxim Integrated Products, Inc., and International Business Machines Corporation (IBM).