Emergence of portable storage devices to transfer files between computers and to backup important information is expected to favorably impact hardware encryption market growth. Further, the ubiquity of these devices increases security concerns of carrying confidential data. Hardware encryption offers protection against various security threats and provides an effective way to secure privacy of sensitive personal as well as corporate data. The hardware encryption market is also expected to witness substantial growth over the next few years as it cannot be removed or altered by virus or malware or be deliberately or accidentally uninstalled by the user. Further, the threat of parallel offline attack through which an attacker disassembles the device by removing flash memory chips and installs them on his own device is expected to positively impact market growth.
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Technological proliferation and surging demand for consumer electronics such as smartphones, tablets etc is expected to spur hardware encryption market growth over the next few years. For instance, Apple Inc employs a hybrid encryption model across a range of its products including iPad, iPhone and iPod. Several regulations regarding protection of private and sensitive data are also expected to drive hardware encryption market growth. In recent times, availability of encrypted flash drives in order to counter threat from unsecure USB drives is also expected to fuel product adoption.
Reducing cost difference between hardware and software encryption products and certain issues limiting the use of encrypted devices across several countries may hamper the global hardware encryption market over the next six years. Integration of these devices with SoC provides avenues for market growth. Key industry players include Toshiba Corporation, Kanguru Solutions, Kingston Technology Corporation, Sandisk Corporation and Seagate Technology Plc.