The market for Secure USB Drives Market is expected to reach US$ XX Mn By 2027.
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. Secure USB drives have numerous benefits, such as being easily transportable, more secure, easy to access, integrated controls, and others that 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 is 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.
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 is 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%.
The rising security compliance to enhance North America growth.
North America accounted for a major share of 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 of 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 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.
This study report represents an analysis for each segment from2017 from 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)
Hardware Interface (2017–2027; US$ Mn)
Capacity (2017–2027; US$Mn)
Application (2017–2027; US$ Mn)
Geography (2017–2027; US$ Mn)
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.
The market for Secure USB Drives Market is expected to reach US$ XX Mn By 2027.
The Secure USB Drives Market is expected to see significant CAGR growth over the coming years, at 23.9%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Kingston Technology Corporation, ADATA Technology Co., Ltd., Transcend Information, Inc.Transcend Information, Inc., DataLocker Inc. are some of the major players in the global market.