Hardware Wallet Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Hardware Wallet Market: By Type (Hot Wallet, Cold Wallet), By Connection Type (Near-field Communication, Bluetooth, USB), By End User (Commercial, Individual), By Distribution Channel (Online, Offline), and Geography

 

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Report

Description

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.

Hardware Wallet Market

MARKET SUMMARY
-
21.5%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 21.5%
  • Largest Market– Asia Pacific
  • Fastest Growing Market–  North America

Hardware Wallet Market

  • The hardware wallet market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The hardware wallet market is segmented based on based on by type, connection type, distribution channel, end user and geography.
Key Players
  • ARCHOS (France)
  • BitLox (Hong Kong)
  • CoolBitX Technology Ltd. (Taiwan)
  • ELLIPAL Limited (Hong Kong)
  • Ledger SAS (France)
  • OPOLO SARL (Luxembourg)
Hardware Wallet Market Dynamics

Due to the substantial increase in transaction volume, cryptocurrency is one of the trendiest topics. Several businesses worldwide already accept cryptocurrencies in various forms as payment for goods and services. In recent years, the value of cryptocurrencies has reached new heights, resulting in a tremendous Hardware wallet Market capitalization. According to the most recent data, the worldwide crypto market cap is USD 2.61 trillion, a 3.86% increase over the last few days. Everyday transaction is worth billions of dollars and is growing by the day. Furthermore, as the volume of transactions grows, so do the malware assaults linked with it, which can be described as the most significant hazard. Because software-based wallets are the most vulnerable to threats, hardware-based wallets are gaining favor to protect cryptocurrency-sensitive keys.


North-America Got Significant Share

Hardware Wallet Market

The Hardware wallet market in North America is likely to hold the highest revenue share in 2021, and the same trend is expected over the forecast period due to government measures to legally embrace and supervise cryptocurrency systems across their economic sectors, the United States and Canada contribute considerably to the region's hardware wallet market. The United States is a leader in creating a legal and regulatory framework for cryptocurrency monitoring, projected to provide considerable prospects for expanding the hardware wallet industry in this region.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The hardware wallet market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Hardware Wallet Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The global hardware wallet market is expected to reach a valuation of USD 1,001.5 million.

Factors such as rising concerns concerning the safety of valuable physical assets, growth in perceived threat levels, increase in retail and commercial banks, and rise in security awareness drive the development of the Hardware Wallet market.

ARCHOS (France), BitLox (Hong Kong), CoolBitX Technology Ltd. (Taiwan), ELLIPAL Limited (Hong Kong), Ledger SAS (France), OPOLO SARL (Luxembourg), Satoshi Labs SRO (Czech Republic), ShapeShift (US), Shift Crypto AG (Switzerland), Sugi (zSofitto NV) (Belgium) are the key players of the global hardware wallet market.

The commercial sector Segment holds a dominant position throughout the forecast period.


Report

Company Profile

  • ARCHOS (France)
  • BitLox (Hong Kong)
  • CoolBitX Technology Ltd. (Taiwan)
  • ELLIPAL Limited (Hong Kong)
  • Ledger SAS (France)
  • OPOLO SARL (Luxembourg)
  • Satoshi Labs SRO (Czech Republic)
  • ShapeShift (US)
  • Shift Crypto AG (Switzerland)
  • Sugi (zSofitto NV) (Belgium)
  • Coinkite Inc. (Canada)
  • SHIFT Cryptosecurity (Switzerland)
  • Penta Security Systems Inc. (South Korea)
  • CoolWallet (China)
  • NGRAVE (Belgium)
  • SecuX Technology Inc. (Taiwan)

Description

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.

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