The latest report by IMARC Group, titled “Hardware Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global hardware wallet market size reached US$ 251.6 Million in 2021. Hardware wallets are cryptocurrency wallets that store private keys of users to authorize their ongoing transactions on the blockchain network in a secure hardware device. Hardware apps comprising Ledger, Keep Key, Pro Key, and Trezor provide complete privacy between the private keys and easy-to-hack computer or smartphone applications. Compared to software wallets, hardware wallets are stored in protected microcontrollers and cannot be transferred out of the wallet, making them highly secure. They also act as cold storage to protect the PIN from hackers to prevent them from extracting private keys and exposing information to the internet.
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 Wallet Market Trends:
The rising trade of virtual currencies, such as Bitcoin, Ethereum, and Cardano, represents the primary factor driving the market growth. Nowadays, the rising number of investments in cryptocurrency-based devices for fast and secure transactions is another major growth-inducing factor. Besides this, the growing demand for high transparency of distributed ledger technology across the commercial sector is fueling the market growth. In addition, companies are producing hardware wallets due to the growing trend of digital payments. In addition, the flexibility offered by these solutions as compared to software, web and paper wallets is also significantly impacting the market growth. Moreover, the rising digitization, along with the utilization of near-field communication (NFC) for wireless data transferring, is escalating the demand for hardware wallets. Furthermore, the increasing development of new technology in digital currency or cryptocurrency is also creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 1,148.50 Million by 2027, exhibiting a CAGR of 27.20% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into hot and cold wallets.
- On the basis of the connection type, the market has been classified into near-field communication (NFC), Bluetooth, and USB.
- The market has been categorized based on the distribution channel into online and offline channels.
- On the basis of the end user, the market has been segregated into commercial and individual.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Archos SA, BitLox Limited, Coinkite Inc., CoolBitX, ELLIPAL Limited, Ledger SAS, OPOLO SARL, Penta Security Systems Inc., SatoshiLabs s.r.o., ShapeShift Global Limited, Shift Crypto AG, and Sugi (Sofitto NV).
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal