Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The "Hardware Encryption - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Hardware Encryption is estimated at US$302.6 Million in 2023 and is projected to reach US$369.3 Million by 2030, growing at a CAGR of 2.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. 
The growth of the hardware encryption market is driven by several factors. Rising global data breaches and increased cybersecurity threats have heightened the need for robust data protection measures, making hardware encryption an essential solution for securing data at the hardware level. Stricter regulatory compliance across various industries also fuels demand for hardware encryption to protect sensitive information and meet legal requirements.
Furthermore, advancements in digital technology and the expanding Internet of Things (IoT) ecosystem have created new vulnerabilities, thus propelling the use of hardware encryption to secure a growing array of connected devices. Additionally, the shift toward remote work and the increasing use of mobile devices for professional purposes demand more sophisticated data security solutions like hardware encryption to protect data accessed outside of secure corporate environments.
Emerging technologies such as cloud computing and artificial intelligence further necessitate strong encryption to secure data within these complex systems, ensuring robust protection against increasingly sophisticated digital threats.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Internal HDD segment, which is expected to reach US$140.9 Million by 2030 with a CAGR of a 3.1%. The External HDD segment is also set to grow at 2.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $80.0 Million in 2023, and China, forecasted to grow at an impressive 2.8% CAGR to reach $59.3 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Gemalto NV, Kanguru Solutions, Kingston Technology Co., Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 122 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $302.6 Million |
| Forecasted Market Value (USD) by 2030 | $369.3 Million |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- Hardware Encryption - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Rising Incidence of Data Breaches Strengthens Business Case for Hardware Encryption Solutions
- Growing Awareness of the Benefits of Hardware Encryption Drives Adoption Across Various Industries
- Advances in Encryption Technology Propel Growth of Hardware Encryption Market
- Increasing Adoption of Cloud Services Expands Addressable Market Opportunity for Hardware Encryption
- Growth in Mobile Device Usage Generates Demand for Secure Hardware Encryption Solutions
- Innovations in Encrypted Storage Devices Spurs Market Growth for Hardware Encryption
- Focus on Data Privacy and Security Throws the Spotlight on Hardware Encryption Solutions
- Expansion of IoT Devices Sustains Growth in Hardware Encryption Market
- Integration of AI and Machine Learning in Encryption Enhances Security Measures
- Rising Investment in Cybersecurity Infrastructure Generates Opportunities for Hardware Encryption
- Technological Developments in Quantum-Resistant Encryption Propel Market Expansion for Hardware Encryption
- Emphasis on Reducing Cybersecurity Risks Drives Adoption of Reliable Hardware Encryption Solutions
- Growth in Financial Services Increases Use of Hardware Encryption for Data Protection
- Adoption of Hardware Encryption in Healthcare Expands Addressable Market Opportunity
- Focus on Enhancing Network Security Throws the Spotlight on Hardware-Based Encryption Solutions
- Increasing Use of Hardware Encryption in Government and Defense Accelerates Demand for High-Security Solutions
- Government Initiatives and Funding for Cybersecurity Strengthens Business Case for Hardware Encryption
FOCUS ON SELECT PLAYERS(Total 32 Featured)
- Gemalto NV
- Kanguru Solutions
- Kingston Technology Co., Inc.
- Maxim Integrated
- Micron Technology, Inc.
- NetApp, Inc.
- Seagate Technology LLC
- Thales E-Security, Inc.
- Toshiba Memory Europe GmbH
- Western Digital Corporation
- Winmagic Inc.
For more information about this report visit https://www.researchandmarkets.com/r/d9lnaz
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