Hardware Wallet Market-Global Industry Analysis and forecast 2023-2029

Global Hardware Wallets Market size is expected to reach nearly US $ 1270.08 Mn by 2029 with the CAGR of 26% during the forecast period.
Hardware Wallet Market Overview:
Hardware wallet are an electronic device designed solely for the purpose of securing cryptocurrency. In a secure hardware device, it stores the user's private key. For cryptocurrency transfer, a hardware wallet must be connected to a computer, laptop or mobile phone. Hardware wallet aim to provide the masses with a safe, simple, and enjoyable solution for crypto management. The device has an impressive capability to simultaneously handle 100 crypto assets. Also supports wide support altcoins including Ethereum, Litecoin, Dogecoin, Zcash, Dash, Ripple and most ERC-20 tokens.To know about the Research Methodology :- Request Free Sample Report

A key driving factor for the hardware wallet market is the rise in cryptocurrency use for quick and stable transactions, primarily for global trading. With the assistance of blockchain technology, cryptocurrencies use a peer-to - peer decentralized system to perform transactions. There is no centralized body to oversee or authorize transactions, such as banks or servers. The blockchain platform allows network nodes to automatically record transactions within a distributed ledger and track them. A miner that confirms the transactions controls every node on the network.

Furthermore, rising cryptocurrency investments have accelerated the global demand for hardware wallet. Circle Internet Financial Limited, a U.S.-based corporation, invested US$ 60 million in cryptocurrencies in 2022, for example. Likewise, in 2022, Ripple Labs, a US-based firm, invested US$ 55 million in cryptocurrencies. One of the key factors directly impacting the demand for hardware wallet is a lack of general understanding and knowledge of cryptocurrencies. These digital currencies are not seen by a significant number of consumers as a long-term investment but a risk to achieve short-term earnings.

Based on type market is segmented by USB, NFC and Bluetooth. NFC dominated market due to the high frequency band used by most of the organizations due to the demand for NFC-enabled devices is increasing at an incredible pace, and the change from traditional ways of transferring data to smart technology will further fuel market growth over the next five years. Some of the major factors driving the market around the world are the dropping prices of NFC chips, the adoption of mobile commerce, the rising volume of cashless transactions, and the increasing adoption of smart appliances. Based on Distribution Channel, Online is the leading segment to dominate the market during the forecast period due to the increased e-commerce platform adoption by end-users pushing to the market growth. The key drivers are growing fast track digital data and enable to achieve insight into user behavior which motivates market development.

The market in North America is anticipated to account for the highest revenue share contribution and projected to maintain its dominance in the target market during the forecast period. The attributing factor is due to the presence of major players with the advance technologies. For instance, In December 2017, SatoshiLabs SRO introduced and expanded cryptocurrency support in Trezor firmware 1.6.0. The Asia Pacific region is projected to register the fastest growth rate in the target market due to surge in penetration of smartphones and digitalizing the infrastructure in the region.
Hardware Wallet Market Competitive Landscape:
The objective of the report is to present a comprehensive analysis of the Global market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global market dynamics, structure by analyzing the market segments and projects the Global market size. Clear representation of competitive analysis of key players by Type, price, financial position, Raw material portfolio, growth strategies, and regional presence in the Global market make the report investor’s guide.
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Global Hardware Wallet Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 251.90 Mn.


Forecast Period 2023 to 2029 CAGR:
26%
Market Size in 2029:
US $ 1270.08 Mn.


 Segments Covered:
by Distribution Channel
Offline
Online


by Type
USB
NFC
Bluetooth


by Wallet Type
Hot Wallet
Cold Wallet


by Connection Type
Near-field Communication
Bluetooth
USB


by End User
Commercial
Individual



Hardware Wallet Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Ledger SAS
2. SatoshiLabs s.r.o. (Trezor)
3. Yubico
4. KeepKey
5. Coinkite Inc.
6. CoolBitX
7. Shift Crypto AG
8. BitLox
9. ELLIPAL
10. Sugi (Sofitto NV)
11. CoolWallet
12. SafePal
Frequently Asked questions
1. What is the market size of the Global Hardware Wallet Market in 2022?
Ans. The market size Global Hardware Wallet Market in 2022 was US$ 251.90 Million.

2. What are the different segments of the Global Hardware Wallet Market?
Ans. The Global Hardware Wallet Market  is divided into Distribution Channel, Type, Wallet Type, Connection Type, and End User.

3. What is the study period of this market?
Ans. The Global Hardware Wallet Market will be studied from 2022 to 2029.

4. Which region is expected to hold the highest Global Hardware Wallet Market share?
Ans. The Asia Pacific dominates the market share in the  market.

5. What  is the Forecast Period of Global Hardware Wallet Market?
Ans. The Forecast Period of the market is 2023-2029 in the market.