Hardware Wallet Market to Hit USD 1,121.5 Million by 2028 at a CAGR of 25.6% – Report by Market Research Future (MRFR)
Hardware Wallet Market to Witnesses Robust Market Demand
New York, US, Jan. 10, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Hardware Wallet Market information by Connection Type, by End User, by Distribution Channel and Region – forecast to 2028” market size to reach USD 1,121.5 Million, growing at a compound annual growth rate of 25.6% by 2028.
Market Scope:
The global hardware wallet market is witnessing rapid revenue growth. Of late, digital currency and crypto assets are growing in mainstream popularity. On the other hand, crypto wallet security is becoming a paramount concern among the bitcoin developers and traders banking on their holdings. These, alongside the global impact of the cutting-edge intersection of finance, technology, and Bitcoin, impact the market growth positively.
Dominant Key Players on Hardware Wallet Market Covered are:
- 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)
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Market USP Exclusively Encompassed:
Market Drivers
Exponential growth in cryptocurrency transactions worldwide is a key driving force. Additionally, the rising demand for semiconductor-based wallets that can provide contactless hardware offering security and ease of use to Bitcoin and other cryptocurrency users substantiates the market size. The rise in security concerns among online wallets creates a vast demand for offline wallets.
Offline hardware wallets are the safest option to store private keys as they are not connected to the internet, and therefore they reduce the risk of security being compromised. Also, offline hardware wallets cannot be infected by computer viruses as private keys don’t come in contact with network-connected devices or potential vulnerability of software.
Crypto investments remain robust, which appeal to criminals. Under these circumstances, offline/hot wallets or software that attempt to protect funds and private keys on an online server offer less sophistication.
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Segmentation of Market Covered in the Research:
The hardware wallet market is segmented into connection types, end-users, distribution channels, and regions. Of these, the connection type segment is bifurcated into near-field communication (NFC), Bluetooth, USB, and others. The end-user segment is bifurcated into individuals, businesses, and others. Further, the distribution channel segment is bifurcated into online and offline. The region segment is bifurcated into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
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Regional Analysis
The Asia Pacific region dominates the global hardware wallet market. The region witnesses significant growth in cryptocurrency transactions, especially in the developing nations, which is expected to boost the market size. The strong presence of prominent vendors such as CoolBitX Technology Ltd., BitLox, ELLIPAL Limited, Penta Security Systems Inc., and CoolWallet drives the regional market growth. Besides, surging malware attacks among online wallets in the region foster the market shares.
Countries such as Japan, South Korea, China, India, and Australia are major markets for hardware wallets in the region, whereas, Southeast Asian countries such as Malaysia and Singapore also have emerged as profitable hardware wallet markets in recent years. Moreover, the presence of several bitcoin traders creates a noteworthy demand for hardware wallets in the region.
COVID-19 Impact on the Global Hardware Wallet Market
The onset of the coronavirus pandemic stirred the hardware wallet industry significantly. Cyber security issues increased exponentially, shifting users’ inclination on offline wallets. This, as a result, prompted that the crypto economy undoubtedly needs better security for wallets.
This, alongside the restricted spending patterns of users, encouraged vendors to take on innovative steps to stay afloat in the market. They focused on developing tamper-resistant secure chips with firmware that brings digital security and cryptographic functions and other cryptographic enabled devices to provide a scalable security framework.
These chips can provide configurable cryptographic services for authentication, data confidentiality and integrity check by proactively taking responsibility with high KYC standards and supporting local law enforcement to combat such crimes. Customer demands for solutions to control crypto heists, ensuring criminals aren’t using the platform to resell stolen crypto boosted market revenues.
Competitive Analysis
The hardware wallet market witnesses increasing strategic initiatives, such as collaboration, expansion, mergers & acquisitions, and integration of advanced technologies. Industry leaders make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Dec. 13, 2021, Mobilum Technologies Inc., a leading provider of digital payment infrastructure and digital asset management solutions, announced the signing of an agreement to integrate into Ledger Live Platform and gateway for digital assets & web3. Through its digital payment infrastructure and asset management technologies, Mobilum makes traditional finance accessible online.
Ledger is a leading global platform for digital assets and Web3, and it has developed a variety of products and services, including hardware wallets line. Ledger is one of the largest hardware wallet ecosystems in the world. The partnership would enable Mobilum to provide gift card solutions to Ledger’s hardware wallets users with more options to convert their crypto back into fiat.
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