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CHICAGO, Jan. 21, 2021 /PRNewswire/ -- According to a research report"Hardware encryption Market By Product Type (External HDD, Internal HDD, Solid-state drive, Inline Network Encryptor, USB flash drive), Application (consumer goods, aerospace and defense, transportation, healthcare, and others) And Region Forecast To 2025", published by MarketsandMarkets, the overall Hardware Encryption Market is expected to be valued at USD 262 million in 2020 and reach USD 313 million by 2025, growing at a CAGR of 3.6%. The primary reasons for this rise in demand are the increasing demand for smartphones, online and digital content, which is attracting the market for hardware encryption products and solutions.

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The solid-state drive product segment is expected to grow at the fastest CAGR in the forecast period

The solid-state drive product segment accounted for the growth at the fastest CAGR in the forecast period. SSDs have become a basic product for storing data for both commercial and domestic applications. Many IT firms use SSDs for storing their significant data as this product is portable in nature and provide security at the optimum level.

Consumer electronics application is expected to share the largest market share in 2019

The consumer electronics application accounted for the largest share of the hardware encryption market in 2019. This is because of the growing demand for encryption enabled products in consumer electronics such as laptops, tablets, and smartphones, due to increasing concern over data security and confidentiality in these devices.

Browsein-depth TOC on"Hardware Encryption Market"119 Tables 44 Figures187 Pages

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US in North America by country, share the largest market share in 2019 the forecast period

The US accounted for the largest share of the hardware encryption market in North America in 2020. The country is home to many hardware encryption companies that manufacture hardware-encrypted enabled products. Furthermore, with growing investments in research and development happenings, the exigent demand for encryption-enabled products is expected to witness in the US in the coming tenure.

Key players in the hardware encryption market include Western Digital Corp. (US), Samsung Electronics Co. Ltd. (South Korea), Micron Technology Inc. (US), NetApp (US), Kingston Technology Corp. (US), Seagate Technology PLC (Ireland), KIOXIA (Japan), Kanguru Solutions (US), Intel (US), WinMagic Inc. (US), Maxim Integrated Products, Inc. (US), Thales e-Security (US), Mcafee (US), Broadcom (US), IBM (US).

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Hardware Encryption Market worth $313 million by 2025 - Exclusive Report by MarketsandMarkets - PRNewswire