"Growing digital content worldwide will boost the 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 2019 to 2027, starting from US$ 456.5 Mn in 2018.
The global secure USB drives market is majorly driven by the rapidly growing digital content and a surge in cloud computing adoption. In 2018, the global IP traffic from cloud data centers was estimated at nearly 10.6 zettabytes. Furthermore, 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. In addition, the surge in need for secure USB drives in numerous industries such as defense, financial companies, enterprises, and others is 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 are projected to support market growth over the forecast period. Furthermore, 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 & to Windows and is available in different capacity options.
Market Synopsis
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Application Analysis
"Growing financial transactions to spur the segment growth."
The finance segment was dominant in the global secure USB drives market in 2018. 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 future years. The rapid surge in online transactions is another major factor presumed to drive the segment growth. According to a recent report, global online payment transactions are increasing enormously, with a year-on-year growth rate of more than 10%.
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Regional Analysis
"The rising security compliance to enhance North America growth."
North America accounted for a major share in the global secure USB drives market in 2018. North America contributed 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'sAmerica's 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 2018, 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 breaches and data theft cases in the region are some of the major factors for regional growth. Furthermore, 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.
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Key Industry Developments:
- In January 2019, DataLocker, Inc. introduced PortBlocker for SafeConsole. The endpoint protection agent for USB mass storage devices can be used on a Workstation. It will help in data breaches and keep malware out of the workstation. It is easy to deploy and can be remotely managed.
- In February 2020, Kingston Technology Company, Inc. announced that its Ironkey-D300 encrypted USB flash drive series had received NATO Restricted Level Certification. With the certification, the Ironkey-D300 encrypted USB has been listed in NATO Information Assurance Product Catalogue NIPAC).
- In 2018, DataLocker, Inc. launched the industry'sindustry's first OLED Display Encrypted Keypad Flash Drive Sentry K300. The flash drive will feature an alphanumeric keypad, enhanced security features, and a capacity of up to 128 GB.
- In December 2018, Apricon, Inc. introduced Aegis Fortress L3 USB Drive with FIPS validation encrypted USB 3.0 and above. The aforementioned device comes with Apricon, Inc. encryption chipset for high write speed up to 150 percent faster and reads the speed of up to 180 percent faster.
List of Companies Covered:
- Kingston Technology Corporation
- Western Digital (SanDisk)
- Toshiba Corporation
- ADATA Technology Co., Ltd.
- Kanguru Solutions
- Transcend Information, Inc.
- DataLocker Inc.
- Apricorn Inc.
- Integral Memory Plc
- iStorage-UK
- Verbatim Corporation
- Axiom Memory Solutions
Historical & Forecast Period
This study report represents analysis for each segment from2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.Segmentation
Type (2017–2027; US$ Mn)
- Software-based Secure USB Drives
- Hardware-based Secure USB Drives
Hardware Interface (2017–2027; US$ Mn)
- USB 2.0
- USB 3.0 and above
Capacity (2017–2027; US$Mn)
- Below 4 GB
- 4 GB to 16 GB
- 16 GB to 64 GB
- 128 GB and Above
Application (2017–2027; US$ Mn)
- Individual
- Finance
- Government/Military
- Enterprises
Geography (2017–2027; US$ Mn)
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)
- Asia Pacific (Japan, China, India, Rest of Asia Pacific)
- Rest of the World (Latin America, Middle East & Africa)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall secure USB drives market better. In addition, the global report also comprises a graphical representation of the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
