The report of global Hardware Encryption market by Product (External Hard Disk Drives, Inline Network Encryptors, Internal Hard Disk Drives, Solid-State Drives, USB Flash Drives), Architecture (Application specific integrated circuits (ASIC), Field programmable gate arrays (FPGA)), Algorithm & Standard (Rivest- Shamir-Adleman (RSA) Algorithm, Advanced Encryption Standard (AES), Secure Hash Algorithm (SHA), Digital Signature Algorithm (DSA), Data Encryption Standard (DES), Elliptic Curve Cryptography (ECC)), Application (Automotive, BFSI, IT & Telecom, Military & Aerospace, Healthcare, Others), End-users (Commercial Residential, Industrial, Government Agencies), and Region (Asia Pacific, North America, Europe, Latin America, and Middle East Africa) is expected to reach US$ XX Bn by 2027, at a CAGR of 21% during a forecast period.
Hardware-based encryption is an independent software and does not need any extra software, which utilizes a device to perform encryption and decryption. The global hardware encryption market is driven by the imposition of regulatory compliances about the protection of private & sensitive data and the expansion of digital content. However, the high wealth investment Necessary for the installation and maintenance of hardware-based encryption technology is hampering the market growth at the global level. Widespread adoption of cloud computing, significant development, and the introduction of compact and economical hardware encryption techniques are likely to create lucrative growth opportunities for the Hardware Encryption industry. Lack of customer awareness is the major challenge for market growth in the near future.
The healthcare segment is expected to grow at the highest XX% CAGR during the forecast period.
In 2019, the consumer electronics segment has dominate the hardware encryption market and is estimated to grow at a CAGR of XX% during the forecast period owing to the development of bring-your-own-devices (BYOD) across several organizations that are expected to create the need for hardware-encrypted security. But, the healthcare segment is likely to grow at the CAGR of XX% during the forecast period thanks to an increase in the risk of data breaches and a rise in government initiatives to upsurge the demand for hardware encryption in the healthcare sector.
North America dominated the Hardware Encryption market in 2019
In 2019, North America held the XX% share of the Hardware Encryption market and is expected to maintain its dominance during the forecast period owing to the presence of several well-established hardware encryption manufacturing companies in the region. Asia Pacific is expected to grow at the CAGR of XX% during the forecast period thanks to the development of IT and telecommunication network in emerging economies such as China, Thailand, Malaysia, South Korea, India, and other in APAC. The high population increase in household income, and rapid growth in the middle-class population in Asia-Pacific, will propel the market growth in the coming years.
Key players operating the global Hardware Encryption market are Samsung Electronics, Toshiba Corporation, Western Digital Corporation, Seagate Technology PLC, Kingston Technology Corp., Micron Technology Inc., Kanguru Solutions, Maxim Integrated Products, Inc., NetApp, Win Magic Inc., Thales e-security, Gemalto NV., IBM Corporation, McAfee, LLC, and Symantec Corporation.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Hardware Encryption Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Hardware Encryption Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Hardware Encryption Market positioning of competitors.
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