The global hardware wallet market reached a value of US$ 251.6 Million in 2021. Looking forward, the publisher expects the market to reach a value of US$ 1,148.50 Million by 2027 exhibiting a CAGR of 27.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A hardware wallet is a high-security cryptocurrency wallet that provides users access to a private key for purchasing and trading crypto assets. In comparison to a software wallet, hardware wallets function as cold storage to protect pins from hackers. On the other hand, the software wallets can be identified as extracting smartphone application that digitally protects private keys. Hardware apps comprise Ledger, Keep Key, Pro key, and Trezor.
Hardware Wallet Market Trends:
The increasing digitalization across various verticals and the legalization and approval of the purchase, sale, and trade of several virtual currencies, such as Bitcoin, Ethereum and Cardano, represent key factors primarily driving the market growth. In line with this, market players are launching hardware wallet apps for simplifying cryptocurrencies exchange. Furthermore, the integration of blockchain and distributed ledger technology for ensuring transparency by minimalizing the risks of hacking and other fraudulent activities is another growth-inducing factor.
In line with this, the escalating prevalence of cybercrime and the growing usage of e-commerce platforms, along with steadily increasing data vulnerability are stimulating market growth. The market is further driven by the fueling demand for market capitalization and the introduction of bitcoin lite and bitcoin cash.
Additionally, the widespread adoption of wireless hardware wallets due to direct control, long-term storage and security is contributing to the market growth. The rising utilization of near-field communication (NFC) for wireless data transferring is also propelling the market toward growth. Other factors, such as the emerging trend of digital and cashless payments, especially in the developing regions, are driving the market toward growth.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Archos, BitLox Limited, Coinkite Inc., CoolBitX, ELLIPAL Limited, Ledger SAS, OPOLO SARL, Penta Security Systems Inc., SatoshiLabs s.r.o., ShapeShift, Shift Crypto AG and Sugi (Sofitto NV).
Key Questions Answered in this Report:
How has the global hardware wallet market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global hardware wallet market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the connection type?
What is the breakup of the market based on the distribution channel?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global hardware wallet market and who are the key players?
What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction 4.1 Overview 4.2 Key Industry Trends
5 Global Hardware Wallet Market 5.1 Market Overview 5.2 Market Performance 5.3 Impact of COVID-19 5.4 Market Forecast
6 Market Breakup by Type 6.1 Hot Wallet 6.1.1 Market Trends 6.1.2 Market Forecast 6.2 Cold Wallet 6.2.1 Market Trends 6.2.2 Market Forecast
7 Market Breakup by Connection Type 7.1 Near-field Communication (NFC) 7.1.1 Market Trends 7.1.2 Market Forecast 7.2 Bluetooth 7.2.1 Market Trends 7.2.2 Market Forecast 7.3 USB 7.3.1 Market Trends 7.3.2 Market Forecast
