Portland,OR, July 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hardware wallet market was estimated at $0.22 billion in 2020 and is expected to hit $1.02 billion by 2028, registering a CAGR of 24.00% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in investment in crypto currency, development of new technology, and increased transparency in distributed ledger technology drive the growth of the global hardware wallet market. On the other hand, lack of consumer awareness regarding buying & selling of crypto currencies and implementation of various government regulations against the same impede the growth to some extent. However, high market growth potential across developing economics has been beneficial for the market.
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Covid-19 scenario-
- The outbreak of the pandemic led to several obstacles including disruptions in manufacturing & selling activities. It gave way to lack of availability of raw materials & skilled workforce, contractual obligations, and project delays or cancellations, thereby impacting the global hardware market negatively.
- Nevertheless, emergence of multiple cryptocurrencies storage devices in the recent decade is projected to boost the hardware wallet market during post pandemic period.
The global hardware wallet market is analyzed across type, connection type, end user, distribution channel, and region.
Based on type, the hot wallet segment accounted for more than two-thirds of the total market revenue in 2020, and is expected to lead the trail by the end of 2028. The same segment would also cite the fastest CAGR of 25.10% during the forecast period.
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Based on connection type, the Bluetooth segment garnered the major share in 2020, holding more than two-thirds of the global hardware wallet market. The near field communication segment, on the other hand, would manifest the fastest CAGR of 31.00% throughout the forecast period.
Based on region, Asia-Pacific would contributed to the highest share in 2020, generating nearly two-fifths of the global market. At the same time, the market across North America would showcase the fastest CAGR of 26.5% throughout the forecast period.
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The key market players analyzed in the global hardware wallet market report include BitLox, CoolBitX Technology Ltd., Sugi (zSofitto NV), ELLIPAL Limited, ARCHOS, OPOLO SARL, Satoshi Labs SRO, Ledger SAS, ShapeShift, and Shift Cryto AG. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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