Cryptocurrency Hardware Wallet Market Expected to Reach $3.6 Billion By 2031: Allied Market Research
Allied Market Research
8 min read
Allied Market Research
Surge in the use of NFC in cryptocurrency wallets, increase in need to enhance the security of cryptocurrency hardware wallets, and increase in the adoption of artificial intelligence (AI) and machine in the digital currency industry are expected to drive the growth of the global cryptocurrency hardware wallet market. Exponential surge in internet penetration, increase in investing activities among people across the globe, and rapid adoption of cryptocurrency by banks and financial institutions during the pandemic had a positive impact on the market.
Portland, OR, Sept. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cryptocurrency hardware wallet market generated $442.6 million in 2021, and is projected to reach $3.6 billion by 2031, growing at a CAGR of 23.7% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Hardware Component, Security Method, Type, and Region
Drivers
Surge in the use of NFC in cryptocurrency wallets
Rise in internet penetration across the globe
Opportunities
Increase in the adoption of artificial intelligence (AI) and machine in the digital currency industry
Increase in need to enhance the security of cryptocurrency hardware wallets
Restrains
Extortionate cost of installing
Lack of knowledge and limited to specific people
COVID-19 Scenario:
A lot of economic and financial issues were faced by the people due to the rise in unemployment, and hence people increasingly became inclined towards the booming cryptocurrency industry for not only investments but also in need for secure payments. This positively impacted the market.
Stringent social distancing restrictions were imposed by the government, which enabled people to stay indoors, and then ultimately contributed to the growth in internet penetration.
The COVID-19 pandemic has significantly fuelled the growth rate of the cryptocurrency hardware wallet market, owing to the significant rise in adoption of cryptocurrency by banks and financial institutions.
In addition, banks and fintech industries were showing more interest in crypto currencies for enhancing their business processes and providing secure contactless payments to speed up their payment transaction process. These factors create remunerative opportunities for the growth of the industry.
The report offers detailed segmentation of the global cryptocurrency hardware wallet market based on hardware component, security method, type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on hardware component, the ASIC segment held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The FPGA segment, on the other hand, is expected to cite the fastest CAGR of 25.9% during the forecast period.
Based on security method, the pin segment held the largest market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The biometric security segment, on the other hand, is expected to cite the fastest CAGR of 25.7% during the forecast period.
Based on type, the USB connectivity type segment held the dominating market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The NFC connectivity segment, on the other hand, is expected to cite the fastest CAGR of 25.7% during the forecast period.
Based on region, the market across the Asia-Pacific region held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The North America region, on the other hand, is expected to cite the fastest CAGR of 26.2% during the forecast period.
The key players analyzed in the global cryptocurrency hardware wallet market include BC VAULT, BitLox, CoolWallet, Cryptomeister, CryoBit LLC, Etherbit Private Limited, Keystone, Ledger SAS, OpenDime, SafePal, SatoshiLabss.R.O., SecuX Technology Inc., ShapeShift, Shift Crypto AG, Sugi, OPOLO SARL, and ELLIPAL LTD.
The report analyzes these key players in the global cryptocurrency hardware wallet market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
Key Benefits For Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cryptocurrency hardware wallet market share from 2021 to 2031 to identify the prevailing cryptocurrency hardware wallet market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cryptocurrency hardware wallet market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global cryptocurrency hardware wallet market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cryptocurrency hardware wallet market trends, key players, market segments, application areas, and market growth strategies.
Cryptocurrency Hardware Wallet Market Key Segments: By Hardware Component:
ASIC
GPU
FPGA
Others
By Security Method:
Pin
Two-factor Authentication
Biometric Security
Others
By Type:
USB Connectivity Type
Bluetooth Connectivity Type
NFC Connectivity
Others
By Region:
North America (U.S., Canada, and Mexico)
Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
LAMEA (Latin America, Middle East and Africa)
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About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
