Hardware Encryption Market: Global and Regional Analysis with Forecast till 2028, Business Opportunities, Post COVID Scenario

The global Hardware Encryption market size is expected to reach $349.01 Billion by 2028 growing at the CAGR of 3.59% from 2021 to 2028.

This growth is attributed to:
● Technical advancements such as increased processor speeds and decreasing costs of hardware encryption devices (in relation to traditional HDD's and USB drives) which have made the need for hardware encryption not only affordable but also necessary when considering factors such as data loss prevention and security.
● The high requirement for data security. The volume of data breaches is increasing at an exponential pace. With all this personal information being stolen from secure locations, it'll enable big companies to adopt the hardware encryption system. It allows access to users only with the correct password and security key, which makes it exceptionally difficult for someone without the right sort of permissions to interfere with otherwise highly important systems as well as information.

However, the market is currently struggling to keep up with this demand as the majority of data centers have not yet upgraded or improved their encryption technology. In addition, these older data centers are less convenient for consumers who wish to be using the most advanced encryption systems available to them at any given time, so this can slow down consumers' desire to adopt newer hardware encryption devices once they become available.

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Key Players
Some of the major Hardware Encryption players holding high market share includeInternational Business Machines (IBM) Corporation, Kingston Technology Company, Inc., and McAfee, LLC. These players use partnership and expansion as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● International Business Machines (IBM) Corporation
● Kingston Technology Company, Inc.
● McAfee, LLC
● NetApp
● Micron Technology, Inc.
● Samsung Electronics Co., Ltd.
● Seagate Technology LLC
● Symantec Corporation
● Toshiba Corporation
● Western Digital Technologies, Inc.

The recently published research report on Global Hardware Encryption Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Hardware Encryption market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal
As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Hardware Encryption market report also includes the following data points:
● COVID19 Impact on Hardware Encryption market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in the Hardware Encryption market

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Segmental Analysis

Market Segment By Product Type with focus on market share, consumption trend, and growth rate of Hardware Encryption Market:
o Hard Disk Drive (HDD)
o Solid-state drives (SSD)

Market Segment By Application with the focus on market share, consumption trend, and growth rate of Hardware Encryption Market:
o Consumer Electronics
o IT & Telecom
o Automotive & Transportation
o Aerospace & Defense
o Healthcare
o Others

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Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)

North America will grow the fastest in this market. The high technological developments and data requirements associated with data protection and safety is driving the demand for storage encryption. There are plenty of opportunities in this region, primarily because it has a number of prominent manufacturers of encryption software and hardware.

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