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.

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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.

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