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(Wireless-NewsWire.Com, November 05, 2015 ) As per the report the hardware encryption market would garner a revenue of $296.4 billion by 2020, registering a significant CAGR of 54.6% during the forecast period.
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Hard disk drives account for the maximum market share among different hardware encrypted devices constituting 57% of the total market share in terms of revenue in 2014 and would continue to do so throughout analysis period. On the basis of geography, Asia-Pacific would generate the largest revenue for hardware encryption, followed by North American and European region. The Asia-Pacific region would grow at 56.9% CAGR over the forecast period, driven by factors such as high economic growth, large-scale developments in enterprise IT infrastructure and the massive outsourcing of BPO operations to countries such as India China, and Malaysia.
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Increasing complexity of complex cyber-attacks, different government’s organizations are framing regulations related to data protection, which have boosted the growth of the market.
There is an increased demand of encryption devices across key sectors such as military & aerospace, healthcare, and IT & telecom amid the forecast period.
The world hardware encryption market is segmented on the basis of usage, applications, end-users and geography.
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On the basis of usage, encrypted USB flash drives would grow significantly and registering maximum CAGR of 58.8% amid the forecast period. The factors contributing to the growth of the significant growth of the above segments are increasing demands of high-end & compact memory storage devices and the adoption of high security data. . Healthcare form the largest contributor among the various verticals accounting for around 23.8% of the total market revenue in the year 2014 and would generate the maximum revenue throughout the analysis period. The stringent government regulations, high security standards along with enterprise inclination towards adopting BYOD devices are the key factors propelling the demand of hardware encryption across the healthcare sector. The military & aerospace sector would grow at a significant CAGR rate during the forecast period. In order to reduce cyber-attacks and enhance data protection features, governments across different regions are promoting the use of hardware encrypted devices. Key strategies adopted by various market players are acquisition, product launches and agreements to strengthen their presence in the market.
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