Surging Penetration of Consumer Electronics Contributes to the Global Hardware Encryption Market Growth
According to Inkwood Research, the Global Hardware Encryption
Market is estimated to evolve at a CAGR of 24.73% in
terms of revenue during the forecasting years of 2019-2028.
“Browse 69 Market Data Tables and 58 Figures
spread over 180 Pages, along with an in-depth TOC on the Global Hardware Encryption
Market Forecast 2019-2028.”
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Encryption is classified under the category
of cryptography and entails the process of encoding data in a complicated way
that can only be deciphered using the appropriate key. This prevents
unauthorized access and keeps sensitive information protected, amid layers of scrambled
characters around the authentic data. Similarly, hardware encryption includes
using computer hardware to assist or replace software during data encryption.
Rising
Consumer Electronics Penetration propels Market Growth
The hardware encryption market for consumer
electronics is projected to harbor the largest share over the forecast period.
The market growth is primarily attributed to the growing demand for hardware
encryption across devices like laptops, smartphones, and tablets. Moreover, the
rising concern over data security in consumer electronics bolsters the need for
hardware-encrypted appliances. For instance, in 2018, the United States
consumer electronics market harbored over $70 billion, with a $95 billion
revenue projected by 2023. Likewise, the availability of laptops, owing to the
development of the gaming industry and global business expansions, is projected
to boost market growth.
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Sold State
Drives (SSD) is the most prominent Product
Solid state drives are used for storing
persistent data on solid-state flash memory. They have a larger capacity, lower
price, and faster speed than hard disk drives (HDD). As a result, users prefer
solid state drives, depending on their availability. The growing demand for
encrypted solid state drive is anticipated to rise over the upcoming years, as
it provides quicker encryption. Moreover, increasing data breaches incorporated
with the continual expansion of digital content bolsters market growth. The
segment's demand is further attributed to the rising adoption of the Internet
of Things (IoT) devices, the increasing Big Data trend, and enterprise
applications.
Asia
Pacific to Emerge as the Fastest-Growing Region by 2028
The Asia Pacific is the leading market for
hardware encryption solutions, due to the presence of numerous storage device
manufacturers. The region's market is fueled by massive investments made by
public sectors for securing sensitive data, which creates a growing need for
encryption software. Corporate data breaches are rapidly increasing, due to
which, business-critical applications face several risks. As a result, the market
for encrypted storage devices is expected to grow with a remarkable rate,
because of the surging cases of data breaches, as well as the rising need for
data security.
The intensity of industrial rivalry within
the market is high, owing to several market players' presence. This results in
increased competition existing among competitors to secure a significant market
share. Distinguished enterprises operating in the market include, Samsung
Electronics Co Ltd, NetApp, Symantec Corporation, Toshiba Corporation, Micron
Technology Inc, etc.
About
Inkwood Research
Inkwood Research specializes in syndicated
& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises of North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
Contact Us
https://www.inkwoodresearch.com
+1 857-302-4704
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