Asia Pacific Hardware Encryption Market Forecast 2019-2028
The Asia Pacific hardware encryption market is predicted to harbor a CAGR of 27.44%, during the forecast period of 2019 to 2028. The market growth is accredited to factors such as the increasing corporate data breaches, the availability of raw material and cheap labor costs, the increasing household income, and the rise in the middle-class population.
The Asia Pacific hardware encryption market growth is assessed through assessing the countries, namely, India, Indonesia, China, Thailand, Vietnam, Australia & New Zealand, Japan, South Korea, and the rest of the Asia Pacific. The entry of global retailers into the Indonesian electronics division is the major driving force attributed to its positive growth. Factors such as the expanding middle-class population, high consumer confidence, and rising personal income have directed several foreign vendors into the country’s market. Moreover, local telecom providers and smartphone manufacturers are projected to benefit from Indonesia being one of the largest mobile markets in Asia.
In November 2019, Samsung held the highest market share of more than 24%, among all mobile vendors, followed by China’s smartphone producers, Xiaomi and Oppo. Since these companies manufactured their gadgets based on Android’s operating system, Google’s operating system accounted for nearly 93% of the market share. Conversely, the market appears highly competitive, in terms of mobile networks. For instance, Simtel and Telkomsel are among the key players in the country. However, owing to the anticipated growth, enterprises like Smartfren and Hutchinson are expected to establish themselves. Thus, the growing demand for smartphones is predicted to increase the demand for external hard disks and augment the country’s market growth.
Toshiba Corporation, Samsung Electronics Co Ltd, SanDisk Corporation, Maxim Integrated Products Inc, Imation Corp, Gemalto NV, etc., are among the distinguished companies operating in the market.
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