Hard drive encryption is a technology that scrambles the data stored on the hard drive by using mathematical functions which cannot be decrypted without the correct key or password.
The global encrypted hard drive market is majorly segmented based on storage capacity and types.
Based on the storage capacity, market is segmented into under 500GB, 500GB to 1TB, above 1TB to 2TB, above 2TB. Hard drives with less than 500 GB capacities comprise of 100GB, 220GB, 320GB, and others. These hard drives are used for storing less amount of data such as images and videos that are compatible in size. Security concerns related to portable storage capacities are likely to drive the encrypted hard drive market growth in the segment.
Based on the type, market is segmented into Solid state drive (SSD), Hard Disk Drive (HDD) and Flash drive. These hard drives which are commonly used as storage devices are expected to influence the market growth due to its effective cost and accessibility. With rapid advancement in the hard disk drive is therefore expected to enhance the market growth positively in near future.
Based on end user the market is segmented into government and defense, private enterprises, individual customers. Government networks are more likely susceptible to cyber threats or attacks for which it's looking forward for alternatives to secure the critical data, services, & infrastructure and restrict access to non-certified users. These factors are expected to drive market growth during the forecast period.
Geographically, the global encrypted hard drive market is segmented into Europe, North America, Asia Pacific, and Latin America, Middle East & Africa (LAMEA).
North America encrypted hard drive market is expecting a significant growth during the forecast period. Strong presence of leading companies in the region with well-established infrastructure and immense investment are expected to be the factor fueling the market growth. Technological developments have fueled the growth of market.
Europe accounts for the second largest regions followed by North America. Rising penetration of internet and growth in the online e-commerce industry has been playing a major role in boosting the growth of encrypted hard drive market. Increase in e-commerce adoption especially among the younger generation majorly in Denmark, UK and Netherlands have contributed significantly to driving the market growth.
Asia-Pacific is estimated to be the fastest growing region in global encrypted hard drive market. Growing factors in encrypted hard drive market include increasing popularity of social media, rise in next-generation connected devices, expanding Information Technology (IT) budgets, and growing need for high-capacity storage devices are expected to drive the global encrypted hard drive market across Asia-Pacific.
LAMEA holds the least share in the market owing to the less growth in IT and Technology Sector, additionally, poor infrastructure and lack of funding in the research and development have also affected the market growth. However, the increasing demand for gaming laptops in UAE with growing internet penetration has fueled the market growth.
Some of the most prominent players in encrypted hard drive market are Apricorn Inc. (U.S.), Bnl Technologies Inc. (U.S.), Datalocker Inc. (U.S.), Integral Memory plc. (U.K), IStorage Limited (England), Lenovo Group Limited (Hong Kong), Rocstorage, Inc. (Switzerland).