Hardware encryption market is gaining popularity for protection of the sensitive data on portable devices such as USB flash drive and laptops. Additionally, specific need for a choice of specific encryption solutions is influencing on the adoption of the end-use industries.
Rising concerns over the privacy of data security and tremendous demand for digital content is anticipated to propel the growth of the global hardware encryption market. Additionally, several advantaged due to use of the hardware encryption is boosting the global hardware encryption market. However, rising concerns over data security and growing attack on security are hampering growth of the global encrypted hardware market. Nevertheless, growing penetration of the economic and compact hardware technique coupled with the growing adoption of the cloud computing and other cloud-based services is expected to offer lucrative opportunities for the growth of the global hardware encryption market over the forecast period. Additionally, growing regulations on the data security is expected to propel growth of the global hardware encryption market.
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Asia Pacific is expected to be the most lucrative region in the hardware encryption market owing to robust development in the IT. Additionally, growing demand from the developing countries of the Asia Pacific such as China, India, Malaysia, and South Korea is propelling the growth of the global hardware encryption market. However, North America is expected to witness a fast and healthy growth over the forecast period owing to the presence of a large number of players and early adoption of the advanced technologies in the region.
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Some of the key players operating in the global hardware encryption market are Netapp, Toshiba Corp., Maxim Integrated Products, Inc., Gemalto NV., Samsung Electronics Co. Ltd., Micron Technology, Inc., Kanguru Solutions, Winmagic Inc., Thales (E-Security), Kingston Technology Corp., Seagate Technology PLC., and Western Digital Corp. The global hardware encryption market has highly competitive vendor landscape.