According to the latest report by IMARC Group, titled “Global Hardware Wallet Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global hardware wallet market reached a value of US$ 251.6 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,148.50 Million by 2027 exhibiting a CAGR of 27.20% during 2022-2027.
Hardware wallets refer to the high-security cryptocurrency wallets that provide users access to private keys for purchasing and trading crypto assets. Hardware apps, such as ledger, keep key, pro key, trezor, etc., offer complete privacy between the private keys and easy-to-hack computer or smartphone applications. In addition to this, compared to software wallets, they are placed in protected microcontrollers and act as cold storage to preserve pins from hackers for preventing them from exposing information to the internet.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Hardware Wallets Market Trends and Drivers:
The increasing investments in cryptocurrency-based devices for fast and secure transactions are primarily driving the hardware wallet market. Additionally, the growing utilization of near-field communication (NFC) for wireless data transferring is further catalyzing the market growth.
Besides this, the widespread adoption of wireless hardware wallets, owing to their various associated benefits, such as direct control, long-term storage, flexibility, security, etc., is acting as another significant growth-inducing factor.
Moreover, numerous other factors, including the emerging trend of digital and cashless payments, the rising integration of distributed ledger technology and blockchain for ensuring transparency by minimizing the risks of hacking and other fraudulent activities, the launch of hardware wallet apps for simplifying cryptocurrencies exchange, etc., are also positively influencing the global market.
Apart from this, the introduction of bitcoin lite and bitcoin cash is anticipated to fuel the hardware wallet market over the forecasted period.
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Global Hardware Wallets Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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).
The report has segmented the market on the basis of region, type, connection type, distribution channel and end user.
Breakup by Type:
- Hot Wallet
- Cold Wallet
Breakup by Connection Type:
- Near-field Communication (NFC)
Breakup by Distribution Channel:
Breakup by End User:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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