The global hardware encryption market is predicted to record a CAGR of 24.73%, during the forecast period of 2019 to 2028. The key factors attributed to the market growth are regulatory compliance concerning the protection of sensitive and private data, the increased risk of data breaches, the declining costs of hardware encryption devices, and the upsurge in penetration of consumer electronics.
Technical advancements have helped minimize the average expenses of hardware encryption devices, and the trend is projected to continue over the upcoming years. As the cost differences between non-hardware-encrypted devices and hardware-encrypted devices remain trivial, hardware encryption would be recognized as a default standard in Universal Serial Bus (USB) drives and hard disk drives (HDDs). Thus, owing to the negligible cost difference, non-hardware-encrypted devices are likely to lose their prominence, eventually.
Moreover, hardware-enforced security provides an affordable solution with sufficient security levels to ensure protection against fresh attacks initiated by hyper-connectivity. As a result, this has relatively transitioned most users’ inclination towards such devices, compared to software encryption due to the minimal price difference. However, huge capital investments required for the installation and maintenance adversely influences market growth.
The global hardware encryption market growth is analyzed across the Asia Pacific, North America, Europe, and the rest of the world. The Asia Pacific is expected to be the leading market for hardware encryption solutions, primarily because of several device manufacturers’ presence. The region’s market growth is further driven by massive investments made by public and private sectors to ensure the security of sensitive data. The region is also set to dominate the global market by 2028.
There exists an intense rivalry within competitors owing to the presence of numerous market players. As a result, organizations pressure each other, while attempting to limit their competitor’s profitability. Therefore, the industrial rivalry within the market is intense. Prominent companies in the market include, Samsung Electronics Co Ltd, NetApp, Toshiba Corporation, McAfee LLC, Symantec Corporation, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments