“Growing digital content worldwide will boost market growth”
The global secure USB drives market is growing tremendously, projected to expand at a CAGR of 23.9% during the estimated period from 2023 to 2030, starting from US$ 783.8 Mn in 2021.
The global secure USB drives market is majorly driven by the rapidly growing digital content along with a surge in the adoption of cloud computing. In 2018, the global IP traffic from cloud data centers was estimated at nearly 10.6 zettabytes. The growing data breach cases and rising security and privacy concerns across the globe by various security agencies such as HIPPA, GLBA, FERPA, FINRA, SOX, GDPR, and others are further projected to enhance the global secure USB market growth. The surge in need for secure USB drives in the numerous industries such as defense, financial companies, enterprises, and others are anticipated to support the market growth during the forecast period.
The surge in demand from European and Asian countries is another major factor anticipated to further drive the global secure USB drive market in years to come. The secure USB drives have numerous benefits such as easily transportable, more secure, easy access, integrated controls, and others which is projected to support market growth over the forecast period. The introduction of more advanced secure USB drives coupled with rising expansion activities by market players are further presumed to enhance the market growth throughout the forecast period. For instance, in December 2019, Kanguru Solutions launched OS Agnostic, along with Fingerprint Access Hardware Encrypted Flash Drive and remote management capability Kanguru Defender Bio-Elite30 Fingerprint Hardware Encrypted Flash Drive. With AES 256-Bit hardware encryption the aforementioned flash drive can be used virtually on any machine from MacOS & Windows and available in different capacity options.
“Growing financial transactions to spur the segment growth”
The finance segment was dominant in the global secure USB drives market in 2021. The finance segment accounted for more than 30% of the market share in the same year. The growing number of financial transactions along with a surge in the global finance industry are major growth factors for the segment. The global financial services industry was estimated at more than US$ 22 Tn in 2018 and projected to expand at a CAGR of nearly 6% in years to come. The rapid surge in online transactions is another major factor presumed to drive the segment growth. According to a recent report, the global online payment transactions are increasing enormously with a year-on-year growth rate of more than 10%.
“The rising security compliance to enhance North America growth”
North America accounted for a major share in the global secure USB drives market in 2021. North America contributed to more than 40% market share in the same year. Early technology adoption and growing security concerns are the major factors for regional growth. The presence of major market players such as Transcend Information, Inc., DataLocker, Inc., Apricorn, Inc., and others is another major factor for regional growth. The U.S. dominated North America secure USB drives market in 2018 with more than 80% market share in the same year.
“The growing demand for secure USB drives to boost Europe growth”
In 2021, Europe accounted for a substantial share in the global secure USB drives market. The surge in demand for secure USB drives owing to growing data breach and data theft cases in the region are some of the major factors for regional growth. The expansion by market players in the European region is another major factor for the regional growth in years to come. For instance, in February 2018, Kanguru Solutions announced a new distribution partner CI Distribution in the U.K. With the partnership, Kanguru Solutions is projected to expand its geographic presence in European Countries.
Key Industry Developments:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Secure USB Drives market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
