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.
A hardware wallet refers to a high-security specialized cryptocurrency wallet designed to store user private keys in a secure encrypted hardware device. It is used for purchasing and trading crypto assets as it functions as cold storage to protect pins from hackers. Some common hardware applications include Ledger, Keep Key, Pro Key, and Trezor. A hardware wallet is intended to be immune from computer viruses that can steal or damage data in software wallets. It utilizes near-field communication and Bluetooth to connect with electronic applications that offer enhanced hack- and theft-free modules, making devices invulnerable to potential threats.
|Base Year: 2021|
|Forecast Year: 2022-2027|
Hardware Wallets Market Trends and Drivers:
The global hardware wallet market is primarily driven by the surging demand for digital currencies or cryptocurrencies for trading. Besides this, the increasing digitization and the legalization and approval of sale, purchase, and trade of various virtual currencies like Bitcoin, Ethereum, and Cardano, are fueling the market growth.
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This is also facilitating the need for high transparency of distributed ledger technology integrated with blockchain to minimize risks of hacking and other fraudulent activities. In addition to this, the rising prevalence of cybercrime and the growing use of e-commerce platforms are escalating data vulnerability, which is propelling the demand for hardware wallets.
Furthermore, the use of near-field communication (NFC) for wireless data transferring is anticipated to create a favorable market outlook in the upcoming years.
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.
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).
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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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