The global hardware encryption market is anticipated to witness growth over the forecast period. The 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 about carrying confidential data. Hardware encryption offers protection against various security threats and provides an effective way to secure the 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.
Technological proliferation and surging demand for consumer electronics such as smartphones, tablets, etc. are 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 the protection of private and sensitive data are also expected to drive market growth. In recent times, the availability of encrypted flash drives in order to counter the threat from unsecured USB drives is also expected to fuel product adoption.
Reducing the 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. The 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.
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Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.