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Hardware Wallet Market

Hardware Wallet Market Forecasts to 2028 – Global Analysis By Connection Type (Bluetooth, USB), Type (Cold, Hot), Hybrid Setting (Hardware, Human), Attack (Payment, Privacy Loss), End User (Enterprise, Individual) and By Geography

4.7 (65 reviews)
Published: August 2021 ID: SMRC20871
4.7 (65 reviews)
Published: August 2021 ID: SMRC20871

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Hardware Wallet Market is accounted for $213.78 million in 2020 and is expected to reach $1,465.10 million by 2028 growing at a CAGR of 27.2% during the forecast period. Increasing investments in cryptocurrency and a growing focus on security are the major factors propelling the market growth. However, limited consumer awareness is hampering market growth.

A hardware wallet is a specialized cryptocurrency wallet intended to store user private keys in a secure encrypted hardware device. Consequently, the hardware wallets are meant to enable users to store private keys at a protected area of the microcontroller while protecting confidential information.

Based on the connection type, the near field communication (NFC) segment holds the largest share in the market. NFC technology enables the flexible usage of cryptocurrency by providing means of storage. By utilizing NFC, payment is allowed even if either the payee or payer is not connected to the internet, depending on the type of payment request.

By geography, the Asia Pacific is going to have lucrative growth due to the increasing implementation of cryptocurrency. The region is also innovating NFC hardware wallets, which are also emerging in the global market.

Some of the key players profiled in the Hardware Wallet Market include ARCHOS, BitLox Limited, Coinkite Inc, CoolBitX Technology Ltd, Ellipal Limited, KeepKey LLC, Ledger SAS, OPOLO SARL, Penta Security Systems Inc, Satoshi Labs SRO, ShapeShift, Shift Crypto AG, Sugi, and Sunmi Technology Co Ltd.

Report Coverage

Details

Published Year:

2021

Estimated Market Size in 2020:

USD 213.78 million

Estimated Period:

2020

Compound Annual Growth Rate (CAGR)  from 2020 to 2028:

27.2%

Predicted 2028 Value:

USD 1,465.10 million

Forecast Years:

2021-2028

Tables, Graphs & Figures

168

Chapters Covered:

Connection Type, Type, Distribution Channel, Hybrid Setting, Attack, End User and Region

Core Drivers and Opportunities:

  • Development of new technology
  • Transparency of distributed ledger technology

Restraining Factors & Market Threats:

  • Lack of consumer awareness regarding buying & selling of cryptocurrencies
  • Implementation of various government regulations against cryptocurrencies


Connection Types Covered:
• Near Field Communication (NFC)
• Bluetooth
• Universal Serial Bus (USB)
• Multi-Mode

Types Covered:
• Cold Wallet
• Hot Wallet

Distribution Channels Covered:
• Online
• Offline

Hybrid Settings Covered:
• Hardware Protocol
• Human Protocol
• Client Protocol

Attacks Covered:
• Address Generation Attack
• Payment Attack
• Privacy Loss
• Chain Attack

End Users Covered:
• Enterprise
• Individual
• Commercial
• Real Estate
• Banking, Financial Services and Insurance (BFSI)

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Hardware Wallet Market is majorly driven by the increasing investments in cryptocurrency and a growing focus on security.

The online segment is growing at the highest CAGR due to its effortlessness of delivery over a long distance while saving time.

The Asia Pacific dominated with a significant market share due to the increasing trend of the digital and cashless economy.

Asia Pacific market is growing at the highest CAGR owing to the growing adoption of cryptocurrency.

Key players in Hardware Wallet Market include ARCHOS, BitLox Limited, Coinkite Inc, CoolBitX Technology Ltd, Ellipal Limited, KeepKey LLC, Ledger SAS, OPOLO SARL, Penta Security Systems Inc, Satoshi Labs SRO, ShapeShift, Shift Crypto AG, Sugi, and Sunmi Technology Co Ltd.

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