According to
a research report "Hardware
Encryption Market by Product Type (External HDD, Internal HDD,
Solid-state drive, Inline Network Encryptor, USB Flash Drive), Application
(Consumer Goods, Aerospace and Defense, Transportation, Healthcare, and Others)
and Region - Forecast to 2025", published by MarketsandMarkets, the overall
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.
The
solid-state drive product segment is expected to grow at the fastest CAGR in
the forecast period
The solid-state
drive product segment accounted for the growth at the fastest CAGR in the
forecast period. SSDs have become a basic product for storing data for both
commercial and domestic applications. Many IT firms use SSDs for storing their
significant data as this product is portable in nature and provide security at
the optimum level.
Consumer
electronics application is expected to share the largest market share in 2019
The consumer
electronics application accounted for the largest share of the hardware
encryption market in 2019. This is because of the growing demand for encryption
enabled products in consumer electronics such as laptops, tablets, and
smartphones, due to increasing concern over data security and confidentiality
in these devices.
US in North
America by country, share the largest market share in 2019 the forecast period
The US accounted for
the largest share of the hardware encryption market in North America in 2020.
The country is home to many hardware encryption companies that manufacture
hardware-encrypted enabled products. Furthermore, with growing investments in
research and development happenings, the exigent demand for encryption-enabled
products is expected to witness in the US in the coming tenure.
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Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1115
Key players in the
hardware encryption market include Western Digital Corp. (US), Samsung
Electronics Co. Ltd. (South Korea), Micron Technology Inc. (US), NetApp (US),
Kingston Technology Corp. (US), Seagate Technology PLC (Ireland), KIOXIA
(Japan), Kanguru Solutions (US), Intel (US), WinMagic Inc. (US), Maxim
Integrated Products, Inc. (US), Thales e-Security (US), Mcafee (US), Broadcom
(US), IBM (US).
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