PORTLAND, Oregon, October 28, 2015 /PRNewswire/ --
A new report by Allied Market Research titled, "World Hardware Encryption-Market Opportunities and Forecasts, 2014-2020" forecasts that the world hardware encryption market would garner revenue of $296.4 billion by 2020, registering a CAGR of 54.6% during the forecast period of 2015-2020. Hard disk drives are the most widely encrypted devices, accounting for the highest market share throughout analysis period. Asia-Pacific is the largest revenue generating region for hardware encryption, followed by North America and Europe.
To request more information about the report, visit the website at https://www.alliedmarketresearch.com/hardware-encryption-market
Hardware encryption is considered as the most effective form of data protection against unauthorized access. To address the grave issue of the increasing number of complex cyber-attacks, governments across the globe are coming out with stringent regulations pertaining to data protection; a factor that further supplements the demand of hardware encryption as a key data security technology.
The hard disk drives (HDD) segment is the highest revenue generating segment, constituting 57% of the total market revenue in 2014. The segment is expected to maintain its dominance throughout the analysis period. The segment of encrypted USB flash drives is forecast to grow significantly and register highest CAGR of 58.8% during the forecast period. The increasing demands of robust memory storage devices that are highly compact, offer maximum storage and render better security of data are key factors, which would drive the growth of this segment.
Among the various verticals, Healthcare was the largest contributor, accounting for around 23.8% of the total market revenue in 2014. The sector would continue to be the highest revenue generator throughout the analysis period. The stringent government regulations, and security standards along with the increasing use of BYOD devices are the key factors supplementing the adoption of hardware encryption in the healthcare sector. The military & aerospace sector would also grow at a notable rate over the forecast period. With an aim to reduce cyber-attacks and improve data protection, governments across different regions are promoting the use of hardware encrypted devices.
Asia-Pacific accounts for the highest revenue generating region in the world hardware encryption market followed by North America and Europe. The Asia-Pacific region would be the fastest growing market, registering a CAGR of 56.9% during the forecast period, supplemented by factors such as strong economic growth, development in enterprise IT infrastructure and the large scale outsourcing of BPO operations to China, India and Malaysia.
The leading players have adopted competitive strategies such as acquisition, product launch and agreement in order to consolidate their market presence. For instance, in 2015, Seagate acquired the flash component division of Avago Technologies' (AVGO) to strengthen its market offerings.
KEY FINDINGS OF THE STUDY
- The increasing count of complex cyber-attacks and the impending need for optimum data protection would drive the developments and advancements in this market
- Hard disk drives would continue to be the highest revenue generating segment over the analysis period
- Increased adoption of encryption devices would be witnessed across key sectors such as healthcare, military & aerospace and IT & telecom over the forecast period (2015 - 2020)
- Asia-Pacific is the highest revenue generating region, constituting nearly 33.5% of the total market revenue
The leading companies profiled in the report are Kingston Technology Corporation Inc., Certes Networks Inc., Seagate Technology LLC, Toshiba Corporation, NetApp, Inc., Micron Technology, Inc., Samsung Electronics Co. Ltd., Imation Corp., SanDisk Corporation, Maxim Integrated Products, Inc., and International Business Machines Corporation (IBM).
Similar market studies published by Allied Market Research -
Encryption Software Market - https://www.alliedmarketresearch.com/encryption-software-market
Internet Security Market - https://www.alliedmarketresearch.com/internet-security-market
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SOURCE Allied Market Research