Hardware Encryption Market is Expected to Reach $296.4 Billion, Worldwide, By 2020

A new report by Allied Market Research titled, “World Hardware Encryption—Market Opportunities and Forecasts, 2014–2020” forecasts that the world hardware encryption market would garner revenue of $296.4 billion by 2020, registering a CAGR of 54.6% during the forecast period of 2015–2020. Hard disk drives are the most widely encrypted devices, accounting for the highest market share throughout analysis period. Asia-Pacific is the largest revenue generating region for hardware encryption, followed by North America and Europe.



Hardware encryption is considered as the most effective form of data protection against unauthorized access. To address the grave issue of the increasing number of complex cyber-attacks, governments across the globe are coming out with stringent regulations pertaining to data protection; a factor that further supplements the demand of hardware encryption as a key data security technology.

The hard disk drives (HDD) segment is the highest revenue generating segment, constituting 57% of the total market revenue in 2014. The segment is expected to maintain its dominance throughout the analysis period. The segment of encrypted USB flash drives is forecast to grow significantly and register highest CAGR of 58.8% during the forecast period. The increasing demands of robust memory storage devices that are highly compact, offer maximum storage and render better security of data are key factors, which would drive the growth of this segment.

To request more information about the report, visit the website at : http://www.asiapacificsecuritymagazine.com/hardware-encryption-market-is-expected-to-reach-296-4-billion-worldwide-by-2020/