Hardware Wallet Market Size is projected to reach USD 1.72 billion by 2030, growing at a CAGR of 24.2%: Straits Research

New York, United States, July 25, 2022 (GLOBE NEWSWIRE) -- Hardware wallets are specialized cryptocurrency wallets to keep users' private keys on a safe, encrypted hardware device. To protect sensitive data, hardware wallets are designed to let users store private keys in a secure location on a microcontroller. A software wallet's data may be stolen or damaged by computer viruses, whereas hardware devices are designed to be immune to these threats. The user can authenticate the entire functionality of the gadget using the hardware wallet running open-source software.

Due to the increase in demand for trading in cryptocurrencies and digital currencies, this gadget is widely used on a business basis. Additionally, the wallet programs are built with an improved theft-free and hacker-proof module to make devices vulnerable to potential threats. During the projection period, it is anticipated that the increased security provided by these devices over software, paper wallets, and web wallets would promote market growth.

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Transparency of Distributed Ledger Technology Propels the Global Hardware Wallet Market

A cryptocurrency public ledger system is a record-keeping system. The distributed ledger technology is designed to record transactions of assets and its detail in multiple places simultaneously. This system is intended to maintain transparency among users to reduce human errors, financial loss of data, or machine errors. Furthermore, the public Ledger maintains data related to identities anonymously, its cryptocurrency balance, and records genuine transactions to reduce manipulation during the transaction process, which is anticipated to drive the growth of the cryptocurrency market, thereby influencing the development of the hardware wallet market.

Underlying Market Opportunities Across Developing Economics

The surge in demand for cryptocurrencies such as bitcoins, dogecoin, and Ethereum across the developing economies such as India, China, and Brazil is expected to offer a significant opportunity for the growth of the hardware wallet market, owing to the rise in inflation and potential for safe-haven assets. For instance, developing countries such as India, China, Japan, and Brazil possess some of the largest IT populations and are experiencing a surge in digital currency trade. This has led to a rise in awareness levels of cryptocurrencies, which is expected to create remunerative opportunities for expanding the global hardware wallet market during the forecast period.

Report Scope

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Regional Insights

Asia-Pacific holds the highest market share and is projected to grow at a CAGR of 24% during the forecast period. The growth of the hardware wallet market in Asia-Pacific is driven by the trend for secure encrypted pin wallets and theft-free technology. In addition, the rapid surge in multiple cryptocurrencies worth in the recent decade is anticipated to significantly contribute to the growth of the hardware wallet market during the forecast period.

North America is the fastest-growing region. The ever-increasing demand for cryptocurrencies in the commercial sector in North America is one of the prime factors driving the growth of the hardware wallet market. The US and Canada contribute significantly to the hardware wallet market in this region, owing to government initiatives to legally adopt and monitor cryptocurrency systems across their commercial sectors. The US is leading in providing a legal and regulatory framework for monitoring cryptocurrency, which is further expected to offer significant opportunities for the growth of the hardware wallet market in this region.

Europe is the second-largest region and is projected to reach USD 625 million, growing at a CAGR of 25.7% during the forecast period. The European hardware wallet market is one of the leading adopters of cryptocurrency across the commercial sector, owing to a surge in various initiatives by governments and prime players in this region. For instance, according to a Reuters report, the European Union is expected to put in place a comprehensive framework to adopt distributed ledger technology and crypto-assets in the European Union financial sectors, which is anticipated to offer growth opportunities for the hardware wallet market in the coming years. 

Key Highlights

• The global hardware wallet market was valued at USD 245 million in 2021. It is projected to reach USD 1,725 million by 2030, growing at a CAGR of 24.2% during the forecast period (2022–2030). 
• Based on type, the global hardware wallet market is fragmented into Hot and Cold Wallets. Hot Wallet is the highest contributor to the market and is estimated to grow at a CAGR of 25.3% during the forecast period.
• Based on connection type, the global hardware wallet market is segregated into Near-Field Communication (NFC), Bluetooth, and USB. The USB connection type is the highest contributor to the market and is estimated to grow at a CAGR of 23.4% during the forecast period.
• Based on end-user, the global hardware wallet market is bifurcated into Commercial and Individual. The Individual segment is the highest contributor to the market and is estimated to grow at a CAGR of 24.6% during the forecast period.
• Based on the distribution channel, the global hardware wallet market is fragmented into Online and Offline. The Online distribution channel is the highest contributor to the market and is estimated to grow at a CAGR of 25.5% during the forecast period.
• Region-wise, the global hardware wallet market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. Asia-Pacific holds the highest market share and is projected to grow at a CAGR of 24% during the forecast period.

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The key players in the global hardware wallet market are

• ARCHOS
• BitLox
• CoolBitX Technology Ltd.
• ELLIPAL Limited
• Ledger SAS
• OPOLO SARL
• ShapeShift
• Satoshi Labs SRO
• Shift Crypto AG
• Sugi (zSofitto NV)

Global Hardware Wallet Market: Segmentation

By Type

• Hot Wallet
• Cold Wallet

By Connection Type

• Near Field Communication
• USB
• Bluetooth

By End-User

• Commercial
• Individual

By Distribution Channel

• Online
• Offline

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Hardware Wallet Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Type Overview
   1. Introduction
      1. Market Size & Forecast
   2. Hot Wallet
      1. Market Size & Forecast
   3. Cold Wallet
      1. Market Size & Forecast
5. Connection Type Overview
   1. Introduction
      1. Market Size & Forecast
   2. USB
      1. Market Size & Forecast
   3. Bluetooth
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Type
         2. By Connection Type
      3. Canada
         1. By Type
         2. By Connection Type
      4. Mexico
         1. By Type
         2. By Connection Type
      5. Latin America
         1. By Type
         2. By Connection Type
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Type
         2. By Connection Type
      3. France
         1. By Type
         2. By Connection Type
      4. U.K.
         1. By Type
         2. By Connection Type
      5. Italy
         1. By Type
         2. By Connection Type
      6. Spain
         1. By Type
         2. By Connection Type
      7. Rest of Europe
         1. By Type
         2. By Connection Type
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Type
         2. By Connection Type
      3. China
         1. By Type
         2. By Connection Type
      4. Australia
         1. By Type
         2. By Connection Type
      5. India
         1. By Type
         2. By Connection Type
      6. South Korea
         1. By Type
         2. By Connection Type
      7. Rest of Asia-Pacific
         1. By Type
         2. By Connection Type
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Type
         2. By Connection Type
      3. South Africa
         1. By Type
         2. By Connection Type
      4. Kuwait
         1. By Type
         2. By Connection Type
      5. Rest of Middle East & Africa
         1. By Type
         2. By Connection Type
7. Company Profile
   1. ARCHOS
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. BitLox
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. CoolBitX Technology Ltd
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/hardware-wallet-market/toc 

Market News

• In April 2022, Swan Bitcoin, a well-known Bitcoin onramp, and Invity.io, the company that provides the in-wallet trading platform for Trezor hardware wallets, announced new cooperation from the Genesis Stage of the Bitcoin 2022 conference to add recurring, direct-to-custody Bitcoin purchases to Trezor wallets. The easiest option for non-technical individuals to start accumulating value with Bitcoin while retaining complete control over their funds is through automated purchases within a cold wallet.
• In January 2022, Trezor, the original hardware wallet, received a new desktop application. The former Trezor Wallet interface has been completely replaced. The new program, Trezor Suite, is a significant advancement that helps protect cryptocurrency users against phishing attempts, one of the most pressing issues in modern crypto security. All Trezor users are advised to download the Trezor Suite desktop application and begin using the most incredible tool for their long-term security by SatoshiLabs.

News Media

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