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.
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.
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.
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.
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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.
Profiling Key Players: International Business Machines (IBM) Corporation, Kingston Technology Company, Inc., McAfee, LLC, Micron Technology, Inc., NetApp, Inc., Samsung Electronics Co., Ltd., Seagate Technology LLC, Symantec Corporation, Toshiba Corporation, and Western Digital Technologies, Inc.
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