Hardware Encryption Market Overview:

The Hardware Encryption market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Hardware Encryption Market as well as the factors influencing regional variations in the growth of the sector.

Hardware Encryption Market was valued at US$ 249.91 Mn. in 2021. Global Hardware Encryption Market size is estimated to grow at a CAGR of 6.21%.

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Market Scope:

After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.

Market Dynamics:

The market for hardware encryption is anticipated to grow as portable storage devices are increasingly used to backup data and transfer it between computers.

Devices for hardware encryption effectively protect personal data from unauthorised access. Self-encrypting SSDs, mobile phones with built-in encryption, and encrypted USB and external hard drives are examples of hardware encryption devices.

The expansion of digital content and the imposition of regulatory compliances regarding the protection of private and sensitive data are what are fueling the growth of the global hardware encryption market. The market is expected to grow rapidly in the coming years due to a significant advantage over software encryption architecture as well as an increase in complexity, risk of data breaches, and brute-force attacks.

Market Segmentation:

During the forecast period, the solid-state drives (SSD) segment is anticipated to grow at a CAGR of over 6.45%. The expansion of digital content and the rise in data breaches are two factors that are anticipated to fuel market expansion. The demand for solid-state drives is anticipated to be driven by an increase in the uptake of high-end cloud computing, the adoption of SSDs in data centres, and the benefits of SSDs over HDDs. With the emergence of new cloud platforms, including personal clouds in homes and traditional corporate private and public clouds, the demand for solid-state drives is rising quickly. This trend is also anticipated to increase demand for hardware encryption.

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Key Players:

To identify the market's leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the influential thought leaders and subject matter experts who are included in the main study's in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and market breakdowns. The results of these calculations are then compared to primary data. The Hardware Encryption market is dominated by the following businesses:

• 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
• Symantec Corporation
• KIOXIA HOLDINGS CORPORATION
• BROADCOM

Regional Analysis:

The regional overview of market research for Hardware Encryption also discusses key market-influencing elements and legal developments that have an impact on current and future market trends. Current and upcoming trends are investigated in order to evaluate the whole market potential and find lucrative patterns in order to establish a better footing. The basis for evaluating the regional market is the current environment and expected trends.

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COVID-19 Impact Analysis on Hardware Encryption Market:

Owing to a halt in operations, the growth of end-user industries using Hardware Encryption decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Hardware Encryption manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market's expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Hardware Encryption has been severely decreased.

Key Questions Answered in the Hardware Encryption Market Report are:

Which market segment accounted for the most percentage of Hardware Encryption in 2021?
How competitive is the market environment?
What are the primary factors influencing the Hardware Encryption market's growth?
Which region dominates the Hardware Encryption market in terms of market share?
What is the expected market CAGR from 2022 to 2029?
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