PORTLAND, Ore., Sept. 2, 2020
Imposition of regulatory compliances regarding protection of private & sensitive data, decline in prices of hardware encryption devices, upsurge in penetration of consumer electronics such as smartphones and tablets, and increase in complexity
PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Hardware Encryption Market by Algorithm & Standard (Rivest, Shamir, and Adelman (RSA), Advanced Encryption Standard (AES), and Others), Architecture (Application-specific Integrated Circuit (ASIC) and Field-programmable Gate Array (FPGA)), Product (Hard Disk Drive (HDD), Solid-state Drives (SSD), Universal Serial Bus (USB), and Inline Network Encryptor), Application (Consumer Electronics, IT & Telecom , Automotive & Transportation, Aerospace & Defense, Healthcare, Government &Public Utilities, BFSI and Others), and End Use (Industrial, Commercial, Residential, and Government): Global Opportunity Analysis and Industry Forecast, 2018–2026." According to the report, the global hardware encryption market was estimated at $109.24 billion in 2018, and is expected to hit $903.56 billion by 2026, registering a CAGR of 30.3% from 2019 to 2026.
Drivers, restraints, and opportunities
Imposition of regulatory compliances regarding protection of private & sensitive data, decline in prices of hardware encryption devices, upsurge in penetration of consumer electronics such as smartphones and tablets, and increase in complexity & risk of data breaches & brute-force attacks drive the growth of the global hardware encryption market. On the other hand, high capital investment and limitations in use of encrypted devices in some countries restrain the growth to some extent. However, widespread adoption of Internet of Things (IoT) technology & cloud services and ongoing technological advancements in encryption chips are expected to create multiple opportunities in the industry.
Download Report Sample (150 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/358
Get detailed COVID-19 impact analysis on the hardware encryption market: https://www.alliedmarketresearch.com/request-for-customization/358
The RSA segment to maintain the lion's share by 2026
Based on algorithm & standard, the RSA segment accounted for nearly half of the global hardware encryption market share in 2018, and is expected to rule the roost by the end of 2026, owing to increase in use of RSA algorithm to secure the communication between e-commerce sites and web browsers, as these online businesses tend to deal with sensitive data of the customers. The AES segment, on the other hand, would register the fastest CAGR of 33.0% during the study period, Wide acceptance of advanced encryption standard as a highly secure and fast algorithm for encryption fuels the growth of the segment.
The ASIC segment to dominate during the estimated period
Based on architecture, the ASIC segment contributed to nearly two-thirds of the global hardware encryption market revenue in 2018, and is anticipated to rule the roost by 2026. This is attributed to rise in demand for ASIC in the consumer electronics industry because of low cost of implementation. Simultaneously, the FPGA segment would garner the fastest CAGR of 31.9% from 2019 to 2026. This is due to increase in popularity of FPGA algorithms on account of low cost and enhanced flexibility.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/358
Asia-Pacific to dominate in terms of revenue, North America to grow at a moderate rate
Based on geography, Asia-Pacific held the major share in 2018, generating nearly two-fifths of the global hardware encryption market. The same region would also register the fastest CAGR of 33.2% throughout the forecast period. The growth of the market is driven by factors such as high population density, increase in household income, and rapid growth of the middle-class population in the province. However, North America would portray a CAGR of 26.8% till 2026.
Frontrunners in the industry
Avenue Library Subscription | Request for 14 days free trial of before buying:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter