A hardware wallet is a specially designed cryptocurrency wallet made to store customer privacy keys in a protected and end-to-end encrypted hardware device. Hence, the hardware wallets are known to let the users to store the privacy keys at a much secured zone of the microcontroller where securing the important and very private data. Hardware devices are meant to be known as immune from the computer viruses that may destroy the data in software wallet.
The Hardware wallet market was valued at US$ 227.1 Mn in 2021 and is forecast to reach a value of US$ 1426.50 Mn by 2030 at a CAGR of 24.9% between 2022 and 2030.
Figure 1: Global Hardware Wallet Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030
Asia Pacific held a dominant position in the Global Hardware Wallet Market Share in 2021
Asia Pacific held a dominant position in the global hardware wallet market in 2021, accounting for 38% share in terms of volume.
Figure 2: Global Hardware Wallet Market Share (%), By Region, 2021
In January 2019, ARCHOS collaborated with Blockchain Foundry Inc., a leading supplier of blockchain related business solutions and the consulting services to provide its ARCHOS SAFE-T, a range of the hardware cryptocurrency wallets and the blockchain protected solutions over Canada and U.S
In September 2018, ARCHOS revealed the approval of Safe-T touch, the first protected hardware wallet with a touch screen, showing an android interface an integrated services platform, for those who already use crypto-currency or who are interested to open an account with the help of crypto-assets in it.
|Base Year:||2021||Market Size in 2021:||US$ 227.1 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||24.9%||2030 Value Projection:||US$ 1426.50 Mn|
Major companies operating the global hardware wallet market are ARCHOS S.A., ELLIPAL LTD., LEDGER SAS and OPOLO SARL
|Restraints & Challenges:||
The unexpected increase in the Bitcoin cryptocurrency value in the present decade has led to rise in the spending in crypto currency. Bitcoin is the largest cryptocurrency with a market value of billions of dollars over the surge in the adoption of cryptocurrency by the market key players such as PayPal and Xbox which are anticipated to drive the growth of the global hardware wallet market.
The Ethereum crypto is the other largest cryptocurrency that has increased by 750% from 2020. Thus, the surge in the rise of the hardware wallets technology to let the trader or the supplier to store or keep the key protectively, whereas storing the personal data. These factors are anticipated to project the growth of the global hardware wallets market.
Shortage of the knowledge about the buying and selling of the cryptocurrency is one of the factor that is hindering the growth of the global hardware wallets market. Though the customer awareness regarding the cryptocurrency is rising at a very fast rate.
The seventh INK International survey for the novel technology in Europe observed that 82% of the European respondents had an idea regarding the cryptocurrency associated to buy and then sell the cryptocurrency which has influenced the market worldwide and this factor is anticipated to hinder the growth of the global hardware wallet market.
Rise in the requirement of the cryptocurrency such as the bitcoins and the dogecoin and many more over the rising economies such as India, China and Brazil are anticipated to provide notable opportunity for the development of the global hardware wallet market due to the increase in inflation and the strength for the safe-haven assets.
The rising countries such as India, Japan, and Brazil are some of the biggest IT population and are facing a surge in the digital currency trade. This is the factor that led to the increase in the knowledge levels in cryptocurrencies that are anticipated to offer the compensative opportunities for the increase of the global hardware wallet market within the future.
Market Key Takeaways/Trends:
Hardware wallets are made to store the private keys offline in a hardware device and hence, it needs electronic components to secure the private keys and when linked to an electronic device it becomes very warm and it may cause destruction to the data stored if it is overheated. Anyhow the hardware device is generally linked when there is a transactions between the user and the agent with the cryptocurrency.
The increase in the concerns that are related to the digital theft and the hacking which has led to the requirement for a much secured and protected hardware wallet with much durability of the electronic components that is anticipated to propel the growth of the global hardware wallet market in the upcoming years,
The hardware wallet market is able to witness the notable development over the predicted period due to the increase in the need of the huge transparency of the distributed ledger technology over the commercial sector. Moreover, the notable development is anticipated to fuel the development of the novel technology over the digital currency and a quick surge in the count of the investment in the cryptocurrency that is dependent upon the device that is fueling the growth of the global hardware wallet market.
The ledger method is intended to regulate and maintain transparency amidst the user to decrease the human errors, and the financial loss of the information or the errors of the machine errors, moreover, the public ledger regulates the data that is associated to the identities anonymously it’s the cryptocurrency balance, and the records genuine methods to decrease the manipulation over the transaction process that is anticipated to fuel the development of the global hardware wallet market.
The RBI issued a recent novel rules and regulations in the circular that named in the Statement on the Growth of the Regulatory Policies to obstruct the dealing in the cryptocurrency and anyhow, on March 1 2020, the Supreme court of India has took the ban on the cryptocurrency to make it an authorized to trade which is anticipated to hinder the growth of the global hardware wallet market.
The increase in the disposable income, in the era of the IoT, is acting as a main reason for the cryptocurrency market and the improvised device such as cold and hot wallets that are let with the features such as securely and protectively, reliability, private keys and the storage which is anticipated to drive the need of the global hardware wallet market.
Key features of the study: