Cryptocurrency Hardware Wallet Market Expected to Reach USD 1328.7 Million and CAGR 26.9% by 2028 – Brandessence Market Research – PR Newswire
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Nov 16, 2022, 05:30 ET
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LONDON, Nov. 16, 2022 /PRNewswire/ — The Global Cryptocurrency Hardware Wallet Market is anticipated to reach a valuation of USD 1328.7 million by 2028 from USD 250.7 million in 2021. The industry is further slated to expand at a CAGR of 26.9% over the forecast period of 2022-2028.
Cryptocurrency Hardware Wallets are described as physical devices that are predominantly used to store the digital keys pertaining to any crypto based asset. It enables users to securely the critical information needed to authorize any sort of outing transaction on the blockchain network. These devices enable crypto owners to facilitate the buying and selling of crypto assets from any location by accessing the private key stored inside it. These wallets further allow users to use and manage multiple accounts while also permitting them to connect to their google and Facebook accounts. Hardware wallets can be securely stored inside a microcontroller.
The beginning of Covid-19 has worked as the main catalyst for the Cryptocurrency Market’s development and heightening demand for cryptocurrency hardware wallets. The worldwide cryptocurrency hardware wallet market has been struck by numerous disputes because of the adoption of a lockdown and a halt in manufacturing and selling activities. This resulted in a scarcity of raw materials and skilled labor, as well as contractual commitments and project delays or cancellations. Likewise, the current advent of various cryptocurrency storage devices is expected to boost the cryptocurrency hardware wallet market during the post-pandemic period.
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Global Cryptocurrency Hardware Wallet Market Outlook (2022-2028)
The increasing popularity of Cryptocurrencies, Widespread internet proliferations, along with technological advancements in the field are primarily augmenting the outlook of this business vertical.
Further, increasing cognizance about NFC (near-field communication) technology in cryptocurrency wallets, rising R&D activities in this sector, along with the growing adoption of smart devices across the globe are supplementing the growth of this marketplace. Also, the rising integration of AI and Machine Learning in the digital currency vertical is adding momentum to the development of this industry.
Besides, the shifting inclination of fintech industries and other financial institutions towards cryptocurrencies to facilitate secured contactless payments is fuelling the progression of global cryptocurrency hardware wallet market. On the contrary, high installation costs, rising concerns regarding user data privacy, along with the lack of proper technological infrastructure across various regions are hindering the remuneration scope of this industry vertical.
The prominent players characterizing the competitive terrain of the global cryptocurrency hardware wallet market are Ledger, Trezor, KeepKey, Digital BitBox, Coinkite, BitLox, CoolWallet, CryoBit, and Others.
Cryptocurrency Hardware Wallet Market Segmentation:
The global cryptocurrency hardware wallet market is segmented based on type, application, and geography. Based on type, the global cryptocurrency hardware wallet market is segmented into USB connectivity, Bluetooth connectivity, NFC connectivity, and others. On the basis on applications, the cryptocurrency hardware wallet market is segmented into individual and professional.
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Comparing the Historical outlook and ongoing Trends of this Market
The marketplace has been witnessing commendable growth owing to the influence of various expansion propellants.
There has been an elevating demand for transparency in payment systems. Financial organizations have shifted their inclination towards the enhancement of their transaction systems by improving their data transparency and independency. The adoption of crypto hardware wallets across these organizations enables them to store customer details securely while preventing the chances of data breach and other form of cyberattacks. These factors in turn are stimulating the overall dynamics of this business vertical.
The growing popularity of NFC (near-field communication) technology in cryptocurrency wallets is paving new growth avenues for this marketplace. This technology not only offers a secured means of storage, but also allows the flexible use of cryptocurrencies like bitcoins. Moreover, NFC also enables users to make normal payments using cryptocurrencies by linking them to a mobile application. This is adding traction to the overall development of global cryptocurrency hardware wallet market.
Which is the top performing region in this industry?
North America is reckoned to capture a substantial market share over the forecast duration of 2022-2028. This is ascribed to the widespread digitalization, increasing trends of contactless payments, along with the growing integration of advanced technologies like AI in the field of cryptocurrency.
Alongside, surging digital literacy among the masses, increasing R&D investments, coupled with favourable government initiatives to encourage digitalized payment modes are contributing to the growth of this regional market.
What is Asia Pacific’s position in the Global Cryptocurrency Hardware Wallet Market?
Asia Pacific has been expanding with a significant CAGR over the assessment timeline owing to the rapidly evolving technological infrastructure, growing awareness about the benefits of crypto-based payment methods, along with the rising need to secure crypto based assets due to the surging rates of cyberattacks.
Which is the fastest growing type of segment in this business vertical?
The NFC Connectivity segment has been amassing notable gains over 2022-2028. This is credited to the ability of NFC technology to facilitate normal payments using cryptocurrencies by linking the hardware wallets to various mobile applications.
Which application segment currently dominates the industry?
The individuals segment presently leads the market in terms of volume share due to the widespread internet proliferation, long term investment benefits offered by digital currencies, along with rising digital literacy among the masses.
This industry is quite competitive in nature due to the entry to numerous companies. They are focussing to accrue profitable returns by enhancing their product/service portfolio and amplifying their geographic presence. These players are further gaining a competitive edge by involving in mergers & acquisitions, R&D investments, collaborations, and partnerships, among others.
In June 2021, Ledger secured a funding of USD 380 million from a series C financial round, taking its final valuation to USD 1.5 billion. It was primarily led by 1oT Holdings.
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