US Hardware Encryption Market; By Application (Healthcare, Automotive & Transportation, Consumer Electronics, Aerospace & Defense, Government &Public Utilities, BFSI, IT & Telecom and Others); By Product Type (Universal Serial Bus (USB), Solid-state Drives (SSD),Hard Disk Drive (HDD) and Inline Network Encryptor); and Region -Analysis of Market Size, Share & Trends for 2021 and Forecasts to 2031
US hardware encryption market size was valued 255.5 Bn in 2021 and is expected to reach 362.4 Bn by 2031, at a CAGR of 3.6% in the forecast period.
Encryption is a scrambling mechanism that can only be read by the appropriate receiver. Encryption is primarily carried out using hardware or software to produce text or encrypted information using a variety of algorithms or mathematical processes. An E-key is required to decrypt the data by using a similar tool to translate the data to an original readable form called plain text by a recipient to whom the information is encrypted. Hardware encryption utilizes a processor with a random generator's ability to produce encryption keys. The major benefit of a hardware solution is that it removes traditional inconveniences of software-based solutions, including performance harm to the memory-storage encryption key. Security parameters and backup keys boost the effectiveness of hardware encryption. Such security criteria prevent cold boots and brute force attacks from being encrypted. Hardware encryption is a cost-effective way to effectively secure data for different applications.
According to the report, the growth of the market is driven mainly by the rise in regulatory enforcement concerning the security of private and confidential data and a decrease in hardware encryption products costs. Also, the market is growing due to such factors as increasing data security and privacy concerns, the expansion of consumer electronics like smartphones and tablets, and an upsurge in complicated data violations and breaches in data services.
US market has been segmented based on product type, application, and location. It has been further segmented by countries into Northern, Eastern, western and southern regions.
The HDD segment is anticipated to register XX% of the volume share. SDD segment is poised to grow at a significant CAGR during the forecasted period.
US Hardware Encryption Market is segmented by product type into Universal Serial Bus (USB), Solid-state Drives (SSD), Hard Disk Drive (HDD), and Inline Network Encryptor. The hard disk drive (HDD) segment was dominant in 2018, and it is predicted that this trend will continue during the predicted time span. This is due to the growing usage of secondary storage HDD as it provides high storage capacity at lower prices which drive overall growth. Nonetheless, during the forecast period, the category Solid State Drives (SSD) is expected to be the highest CAGR, due to an upsurge in data violations and the relentless expansion of digital material.
Consumer Electronics segment accounted for XX% of the nation’s volume in 2019. Healthcare segment is poised to grow at the highest CAGR during the forecasted period
Us Hardware Encryption market is segmented by application into Healthcare, Automotive & Transportation, Consumer Electronics, Aerospace & Defense, Government &Public Utilities, BFSI, IT & Telecom, and Others. It is due to the proliferation of bringing your own devices in a variety of organizations, the need for hardware coded protection is anticipated to arise. Nonetheless, over the projected period, the healthcare sector will grow at the highest CAGR. This is because the risk of data brackets is increased and government attempts to expand the use of hardware encryption for the healthcare sector. The market for hardware encryption, for instance, is driven by federal regulatory policy such as the Health Insurance Portability and Accountability Act (HIPAA), the Centers for Medicare & Medicaid Services (CMS).
Increase in trend of BYOD
Many organizations are focusing on bringing your own device, this gives access to the company’s network and system bringing the company’s security at stake. The use of Hardware encryption plays a major role in eliminating such threats.
Regulatory enforcement for data protection
The growth of the market is driven mainly by the rise in regulatory enforcement concerning the security of private and confidential data and a decrease in hardware encryption products costs. Also, the market is growing due to such factors as increasing data security and privacy concerns, the expansion of consumer electronics like smartphones and tablets, and an upsurge in complicated data violations and breaches in data services.
Lack of awareness
The major concern for the market growth is the lack of awareness. Many organizations are struggling with data breaches and threats to security because of insufficient knowledge. The most organization connects to open network unknown of the threats it can cause. The knowledge of every encryption device should be known to the organization and multilayer protection should be provided. Moreover, due to high capital investment, most of the organizations find themselves reluctant in using such services which may further hamper the market growth.
The present situation drives the growth of the US hardware encryption market through factors such as decreased cost disparities between hardware encrypted products and non-hardware encrypted products, multiple and difficult regulatory and enforcement requirements. Various encrypted hardware producers aim to develop encrypted keys at lower costs; they are customized to meet end-user specifications. In several countries around the world, government policies and legislation have been implemented in favor of the use by businesses and consumers of hardware-encrypted items. Moreover, the introduction of cloud-based services and the advancement of IoT technologies have also led to the growth of the market. Increasing internet spread, as well as rising demand for smartphones and tablets, have also contributed to growth especially in US market
Hardware encryption key players operating in the United States have seen strong hardware encryption operating profit opportunities, especially due to the growing number of cyber-attacks in the region. This research covers analysis, patterns, and potential predictions of the demand for hardware encryption for eventual investment shelves.
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