Wilmington, Delaware, July 31, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Hard Drive Degausser Market by Type (Coil Degaussers, Capacitive Discharge Degaussers and Permanent Magnet Degaussers), and Application (Defense and Government, Financial Company, Hospital, Radio/TV/Broadcasting, Data Storage Company and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the hard drive degausser market was valued at $0.1 billion in 2023, and is estimated to reach $0.2 billion by 2032, growing at a CAGR of 7.8% from 2024 to 2032.
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- 112-Tables
- 58-Charts
- 302-Pages
Prime determinants of growth
The hard drive degausser market has experienced growth due to several factors, such as the increase in corporate compliance requirements, the growth of data centers, and the adoption of digital transformation initiatives. However, the rise in popularity of cloud storage solutions somewhat hinders market growth. Additionally, the emergence of new data protection regulations presents lucrative opportunities for the expansion of the hard drive degausser market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $0.1 billion |
| Market Size in 2032 | $0.2 billion |
| CAGR | 7.8% |
| Segments Covered | Type, Application, and Region. |
| Drivers |
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| Opportunity |
|
| Restraint |
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Segment Highlights:
By type, the hard drive degausser market is divided into coil degaussers, capacitive discharge degaussers, and permanent magnet degaussers. The capacitive discharge degaussers lead the hard drive degausser market; this dominance is driven by their ability to generate strong, instantaneous magnetic fields that effectively erase data from high-coercivity media. Additionally, their efficiency and reliability make them suitable for a wide range of applications, from government and defense to commercial and financial sectors. Ongoing technological advancements further enhance their performance and appeal.
By application, the hard drive degausser market is divided into defense and government, financial company, hospital, radio/TV/broadcasting, data storage company, and others. The data storage company segment leads the hard drive degausser market; this dominance is attributed to the increasing need for secure data destruction in organizations that manage large volumes of sensitive information. As data breaches and cyber threats become more prevalent, data storage companies prioritize the use of degaussers to ensure compliance with stringent data protection regulations and to safeguard confidential data. The growing awareness of data security and the implementation of comprehensive data management policies further drive the adoption of hard drive degaussers in this segment.
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Region/Country Outlook:
North America leads the hard drive degausser market due to its stringent data protection regulations and high awareness of data security. The presence of robust regulatory frameworks, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS) , mandates secure data destruction practices. This drives the widespread adoption of hard drive degaussers across various sectors, including healthcare, finance, and government. Additionally, the region's strong technological infrastructure and continuous investments in cybersecurity further support market growth.
The U.S. is the leading country in the hard drive degausser market, primarily due to its rigorous data privacy laws and regulatory compliance requirements. Organizations in the U.S. are required to follow stringent guidelines for data destruction to protect sensitive information from breaches and cyber threats. The National Security Agency (NSA) and other federal bodies regularly update and enforce data destruction standards, ensuring that companies adopt advanced degaussing technologies. Furthermore, the high concentration of data centers, financial institutions, and government agencies in the U.S. significantly contributes to the demand for hard drive degaussers.
Leading Market Players:
- Garner Products, Inc.
- VS Security Products Ltd.
- Security Engineered Machinery Co., Inc.
- Proton Data Security, LLC
- intimus International Group
- Data Security, Inc.
- Whitaker Brothers Business Machines, Inc.
- IDEAL.MBM Corporation
- Beijing Heshenda Information Security Technology Co., Ltd.
- ZhongChao Weiye Data Security Technology Co., Ltd.
The report provides a detailed analysis of these key players in the hard drive degausser market. These players have adopted different strategies such as new product launches acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Industry Developments:
- In February 2023, Security Engineered Machinery Co., Inc. launched the SEM Model EMP1000-HS, an NSA-listed high-security degausser with advanced features for destroying sensitive data stored on hard drives and magnetic tapes. This new product targets defense and government sectors that require stringent data destruction standards.
- In October 2022, intimus International Group expanded its product line with the introduction of the intimus 20000 Degausser, capable of handling large volumes of hard drives and tapes simultaneously. This product is aimed at large enterprises and data centers that need to process significant amounts of data securely and efficiently.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the hard drive degaussers market segments, current trends, estimations, and dynamics of the market analysis to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hard drive degaussers market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global hard drive degaussers market statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hard drive degaussers market trends, key players, market segments, application areas, and market growth strategies.
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Hard Drive Degausser Market Key Segments:
By Type
- Coil Degaussers
- Capacitive Discharge Degaussers
- Permanent Magnet Degaussers
By Application
- Defense and Government
- Financial Company
- Hospital
- Radio/TV/Broadcasting
- Data Storage Company
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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