Global Hardware Encryption Market Analysis 2022
The Global Hardware Encryption Market is expected to reach $436.87 million by 2028 growing at a CAGR of 6.6% from 2021 to 2028. Hardware encryption is a crucial technology in the information sector. It is a technology that can encrypt hardware data through high-end mathematical procedures. Also, hardware encryption is a process that offers the security of information. It is difficult to retrieve information from an encrypted hard drive. Only the user with the correct password and security information can access any data on the encrypted hard drive. There are plenty of sophisticated applications of hardware encryption technology. With the hardware encryption technology, it is possible to prevent any unauthorized access.
Factors such as increasing demand for smartphones, online and digital content, widespread adoption of cloud computing, and use of IoT in various sectors are driving the growth of the market. However, heavy capital investments by stakeholders are restraining the growth of the market.
Based on product type, the solid-state drives (SSD) segment is going to have a lucrative growth during the forecast period which can be attributed to the rising case of data breaches driving the growth of the market. Work from home guidelines resulted in a short-term spike in PCs and other remote work systems. It will boost demand for primary storage SSDs. Furthermore, users from diverse industries have been attracted to the use of SSDs by the product's functionality and reliability.
The key vendors mentioned are International Business Machines (IBM) Corporation, Kingston Technology Company, Inc., McAfee, LLC, Micron Technology, Inc., NetApp, Samsung Electronics Co., Ltd., Seagate Technology LLC, Symantec Corporation, Toshiba Corporation, and Western Digital Technologies, Inc.
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