The hardware
encryption market is expected to be valued at USD 262 million in 2020 and reach USD 313
million by 2025, growing at a CAGR of 3.6%. The primary reasons for this rise
in demand are the increasing demand for smartphones, online and digital content
which is attracting the market for hardware encryption products and solutions.
Solid- State
drive product segment is expected to grow at the highest CAGR during the
forecast period.
With development in
the technology related to Solid- State drive (SSD) for instance, the
development of Self-encrypting drive (SED) used in SSD is one of the reasons
for the growth of this product segment in the forecast period. Moreover, the
usability and relatability of the product have attracted customers of various
industries to adopt the use of SSDs.
The market
for consumer electronics application to share the largest market share in 2020.
As smartphones,
laptops, and computers are being manufactured in the assembly with
hardware-enabled devices, the supply function has helped in the growth of
hardware encryption. Many electronic devices are being mandatory to implement
encryption to store confidential data, thus resulting growth of consumer
electronics applications.
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India, by
country, is expected to grow at the highest CAGR during the forecast period.
India being a
progressing in maintenance, repairing and operations of aircrafts, advancement
in IT & Telecom infrastructure and an emerging hub for healthcare has led
to the highest CAGR growth of India in the forecast period.
Key market
players
Key players in the
hardware encryption market include Western Digital (US), Samsung (South Korea)
and Micron (US). Western Digital is a well-known player for providing
innovative and advanced hardware encryption solutions and products in the
hardware encryption market. Strong brand name and customer base are among the
key factors that resulted in the leading position of Samsung in the hardware
encryption market. Apart from the strong brand name and customer base, the
company has strong R&D capabilities and geographic presence. Samsung
focuses on strategies such as product launches and product development to
strengthen its product portfolio and maintain its position in the hardware
encryption market.
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