Hardware Wallet Market to See Competition Rise

Hardware Wallet Market: Exponential Growth in Cryptocurrency Transaction Worldwide is expected to augment the market at a healthy CAGR of ~ 24.4% during the forecast period of 2021 to 2030.

According to a comprehensive research report by Market Research Future (MRFR), “Hardware Wallet Market: By Connection Type, By End User, By Distribution Channel, By Region – Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 22.5% to attain a valuation of around USD 1,449.2 Million by the end of 2030.

Hardware Wallet Market Overview

According to MRFR analysis, the global Hardware Wallet Market is expected to register a CAGR of ~ 24.4% from 2021 to 2030 and hold a value of over ~USD 1.2 billion by 2030.

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Hardware Wallet Market Competitive Analysis

The list of leading contributors across the global market for Hardware Wallet Market includes companies such as:

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

The hardware wallet market refers to the industry that produces and sells physical devices designed to securely store cryptocurrencies. These devices are also known as “cold wallets” or “offline wallets,” as they are not connected to the internet and are therefore less vulnerable to hacking or theft. Hardware wallets typically resemble USB drives or small calculators, and they use advanced encryption techniques to protect the private keys that enable cryptocurrency transactions. They may also require a physical button press or other verification method to authorize transactions, adding an extra layer of security. The hardware wallet market has grown rapidly in recent years as the popularity of cryptocurrencies has increased. Some of the leading players in the market include Trezor, Ledger, and KeepKey, although there are many other companies offering similar products. As more individuals and institutions look to invest in and hold cryptocurrencies, the demand for secure storage solutions is likely to continue to grow, which could drive further innovation and competition in the hardware wallet market.

A hardware wallet is a high-security cryptocurrency wallet that has operators’ access to a personal key for getting and commercializing crypto assets. Compared to a software package billfold, hardware wallets function as cold storage to safeguard pins from hackers. On the opposite hand, the software package wallets may be recognized as extracting smartphone application that digitally protects non-public keys. Hardware apps include Ledger, Keep Key, Pro key, as well as Trezor. The growing medical aid across numerous verticals and also the legalization and approval of the acquisition, sale, and trade of many virtual amounts of money such as Bitcoin, Ethereum, and Cardano, signify key factors primarily driving the market growth. COVID-19 has acted as a foremost driver for the growth of the cryptocurrency market, boosting the demand for hardware wallet devices. The market is projected to witness relatively high growth till the end of 2021. However, the global hardware wallet market was chiefly hit by several obstacles owing to the implementation of lockdown and halt in manufacturing &selling activities. This, in turn, led to the absence of availability of raw materials & skilled workforce, contractual obligations, and development delays or cancellations. Moreover, the appearance of multiple cryptocurrency storage devices in the recent decade is anticipated to drive the hardware wallet market during the post-pandemic period. 

Hardware Wallet Market Market Segmentation

The global Hardware Wallet Market has been segmented into Type and End-users

Based on Type, the global Hardware Wallet Market has been segmented into Hot Wallets and Cold Wallets. The hot wallet segment is dominating the market, in terms of revenue share, and will follow the same trend during the estimated period.

Based on End-Users, the global Hardware Wallet Market has been segmented into Commercial and Individual. The individual segment is garnered the highest share and is anticipated to grow at a high CAGR from 2022 to 2030.

Hardware Wallet Connection Type Outlook:

  • Near-Field Communication (NFC)
  • Bluetooth
  • USB
  • Others

Hardware Wallet End-User Outlook:

  • Individual Users
  • Businesses

Hardware Wallet Distribution Channel Outlook:

  • Online
  • Offline

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Hardware Wallet Market Regional Analysis

North America dominates the crypto hardware wallet market owing to the legalization policies of cryptocurrencies within the region. Asia-Pacific is anticipated to witness significant growth during the forecast period of 2021 to 2030 because of the adoption of cryptocurrency and rising digital economy acceptance in the region.

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