Portland, OR, Feb. 18, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the U.S.hardware encryption market was pegged at $28.08 billion in 2018, and is expected to hit $259.12 billion by 2026, manifesting a CAGR of 32.4% from 2019 to 2026. The report offers an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, and business performance of key market players.
Increase in consumer electronics such as smartphones and tablets, decrease in prices of hardware encryption devices, surge in regulatory compliances regarding protection of private & sensitive data, and rise in complexity & volume of data breaches and brute force attacks fuel the growth of the hardware encryption market. However, high capital investment and limiting use of encrypted devices in the U.S hamper the growth to some extent. Nevertheless, widespread adoption of Internet of Things (IoT) technology and cloud services and technological advancement in encryption chip are anticipated to usher a plethora of opportunities for the market players in the near future.
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Covid-19 scenario-
- The lockdown across various countries encouraged companies to opt for work from home culture. This increased the need for organizations and individuals to focus on data protection, storage, and recovery.
- Adoption of hardware encryption facilities during such unprecedented times enabled governments across the globe to quickly respond to the pandemic situation in a secured manner.
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The U.S. hardware encryption market is segmented on the basis of algorithm & standard, architecture, product, application, and end use. Based on application, the market is divided into consumer electronics, IT & telecom, automotive & transportation, aerospace & defense, healthcare, and others. The consumer electronics segment held the largest share with nearly one-third of the market share in 2018.
On the basis of algorithm and standard, the market is segmented into Rivest, Shamir, and Adelman (RSA), Advanced Encryption Standard (AES), and others. The Rivest, Shamir, and Adelman (RSA) segment held highest market share in 2018. On the other hand, the Advanced Encryption Standard (AES) segment is anticipated to manifest the highest CAGR during the forecast period.
Based on end use, the market is divided on the basis of industrial, commercial, residential, and government. The commercial segment dominated the market with the highest revenue share in 2018. At the same time, the industrial sector is expected to grow at a considerable CAGR during the forecast period.
The key market players profiled in the report include Micron Technology, Inc., NetApp, Inc., Samsung Electronics Co., Ltd., Seagate Technology LLC, International Business Machines (IBM) Corporation, Kingston Technology Company, Inc., McAfee, LLC, Symantec Corporation, Toshiba Corporation, and Western Digital Technologies, Inc.
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