US Hardware Encryption Market Size Thrives Amidst Increasing Data Privacy Concerns | Forecast to Gain USD 259.12 Billion by 2026

The market for hardware encryption in the United States was estimated at $28.08 billion in 2018 and is anticipated to rise to $259.12 billion by 2026, at a CAGR of 32.4%.

The most effective method of data protection against unauthorized access is thought to be hardware encryption. Governments all over the world are releasing strict data protection legislation in an effort to address the serious problem of the rise in sophisticated cyberattacks. This development further supports the demand for hardware encryption as a critical data security technology. This in turn contributed to the recent rapid expansion of the hardware encryption sector.

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In the current scenario, factors such as reduced cost differences between hardware encrypted and non-hardware encrypted products, growing number & complexity of data breaches, regulatory and compliance requirements are driving the growth of the U.S. hardware encryption market.

Some of the restraints associated with hardware encryption market are lack of awareness among the users and limited use of encrypted drives in the U.S. Several encrypted hardware vendors and manufacturers are aiming at developing encrypted keys at reduced prices; customized according to the specifications of the end consumers. Government mandates and regulations, supporting the use of hardware-encrypted products by companies and enterprises, have now been adopted in many countries across the world

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The escalating number of data breaches and cyber threats have heightened awareness regarding data privacy. This has led to a surge in demand for hardware encryption solutions that provide robust protection for sensitive data, both at rest and in transit. Hardware encryption is evolving to meet the demands of emerging technologies such as IoT (Internet of Things) and cloud computing. Hardware-based security solutions are becoming integral components of IoT devices and cloud infrastructure to ensure the confidentiality and integrity of data.

The US has stringent data protection regulations, such as GDPR and HIPAA, which necessitate strong security measures. Organizations across various sectors are investing in hardware encryption solutions to meet these compliance requirements and avoid potential fines and legal consequences.

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With the widespread adoption of hybrid and multi-cloud environments, organizations are seeking hardware encryption solutions that seamlessly integrate with their cloud strategies. This trend is driving the development of hardware encryption solutions that can protect data across diverse cloud platforms.

Some of the key U.S. hardware encryption market players profiled in the report include International Business Machines (IBM) Corporation, Kingston Technology Company, Inc., McAfee, LLC, Micron Technology, Inc., NetApp, Inc., Samsung Electronics Co., Ltd., Seagate Technology LLC, Symantec Corporation, Toshiba Corporation, and Western Digital Technologies, Inc. Players operating in the U.S. hardware encryption market have witnessed high revenue growth opportunities for hardware encryption especially due to rise in number of cyber-attacks. This study includes the hardware encryption market analysis, trends, and future estimations to determine the imminent investment pockets.

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