Hardware Wallet Market is estimated to be valued at USD 256.9 Million in 2021 and is poised to grow at a significant CAGR of 21.5% over 2022-2028. A hardware wallet is a cryptocurrency wallet that uses an encrypted hardware device to hold a user’s private keys. As a result, hardware wallets allow users to store private keys in a specific microcontroller section while protecting confidential data. Hardware devices are designed to resist computer viruses that could steal or corrupt data in a software wallet. The hardware wallet, which runs on open-source software, allows the user to authenticate the entire device’s functionality. The hardware wallet gadget uses near-field communication and Bluetooth to communicate with electronic applications. Because of the increased demand for digital currencies or cryptocurrencies for trade, this gadget is widely employed on a business basis. Furthermore, the wallet programs are built with an enhanced hacked and theft-free module to protect devices from potential risks. The increased security provided by these devices over software, paper wallets, and web wallets will likely drive market growth throughout the forecast period. Based on the connection type, the global hardware wallet market is segmented into Near-field Communication, Bluetooth, and USB. The NFC segment is anticipated to grow at a significant CAGR over the forecast years. NFC technology allows for the flexible use of cryptocurrency by giving a way of storage. More crucially, it will enable crypto assets in everyday purchases. Using this technology, cryptocurrency may be transformed into a simple payment method, and it works simply by connecting with a mobile app. Payment can be made with NFC even if the payee or payer is not connected to the Internet, depending on the type of payment request. This strategy benefits visitors who do not wish to pay excessive roaming fees or are in areas where Internet connection is unreliable or non-existent. Rising concerns about the safety of valuable physical assets, an increase in perceived threat levels, an increase in retail and commercial banks, and an increase in security awareness are key factors driving the expansion of the Hardware Wallet market.
Recent Market Developments:
In July 2019, International blockchain security company CoolBitX, creator of the CoolWallet Pro, the Bluetooth hardware wallet for DeFi users, declared a partnership with Crypto.com, the world’s fastest-growing crypto platform. CoolWallet’s official website has integrated Crypto.com Pay, a robust payment solution that offers cashback and other rewards to users for paying and receiving payment in cryptocurrency and also provides integrated support for the CRO token.